CL Financial’s “Barefoot Billionaire” Lawrence Duprey enjoying Monaco Grand Prix

Smiles come easily when spending OPM – other people’s money.

Lawrence Durprey - Barefoot Billionaire in Monaco 2007

Readers throughout the Caribbean deserve to see these photos and read the story of Lawrence Duprey and friends visiting the 2007 Monaco Grand Prix. After all – our grandchildren will be paying for Mr. Duprey’s crimes until they die. And yes, that is a US$100 “per cigar!” Cohiba in one of the photos. You can bet the wine isn’t from Tesco either.

Enjoy… but first a word about where this material comes from: Monaco Revue and DiversityCanada Foundation.

Although we are using this material under the Fair Use provisions of copyright because we are commenting upon the material and it is also public evidence of the crimes of Mr. Duprey and his gang, and therefore contains an overriding public interest in its publication at BFP, we ask each of our readers to visit Monaco Revue HERE to read the original material.

It looks like DiversityCanada Foundation and Monaco Revue have worthy goals and we encourage each of you to at least visit their websites and give them consideration.

We do note that according to the article, former Trinidad government minister Carlos John (and then “advisor” to Lawrence Duprey) is the “compatriot” of Monaco Revue’s editor.

Colman Commission evidence?

We also see that what was once an article about the elites having a good time in Monaco is now certain to be of interest to the Colman Commission inquiries into the CL Financial Fraud. Especially as the commission looks into the close relationship between Duprey and Ministers and former Ministers of the Trinidad & Tobago Government. This 2007 article is evidence of crimes and has a compelling public interest. Therefore we have been advised that the Fair Use provisions of copyright are exceptionally strong and allow us to publish the material here at BFP.

We hope that DiverstyCanada Foundation and Monaco Revue have the journalistic integrity to leave this information published at Monaco Revue.

Now on to watching Mr. Duprey and his friends spending your money on a good time…

CL Financial collapse: Colman Commission hiding facts from the public

“Sir Anthony Colman needs to be watchful of the wily attorneys, who may seek again to tempt him to agree to conceal some more financial information which might be awkward for their clients.

The fact is that all those companies are now being funded by the Treasury and we have a right to know what caused this huge mess.”

The Colman Commission – The Importance of Money

by Afra Raymond

The Colman Commission was established about a year ago as a Public Enquiry into the failure of the CL Financial group, some of its subsidiaries, and the Hindu Credit Union.  The Commission is also mandated to report on the causes of these costly failures, so that it can make recommendations for possible prosecutions and the regulatory or systemic changes needed to avoid further collapses.

There has been a lot of fresh information revealed at the Commission and that is good, since the public now has a much better view of the various episodes behind the scenes.  The sole Commissioner, Sir Anthony Colman, has now made a statement which outlines his progress in this huge and complex matter.  Colman expects to take at least one more year and will be continuing his examination of the HCU matter when the CL Financial stage is completed.

Despite all the evidence about staggering sums of money and the heated public discussion that has sparked, I am perturbed by the way the essential information is being handled.

Since it is a Public Enquiry into a huge financial collapse, the financial information has to be front and centre if we are to get at the facts.

It is common knowledge that the link between performance and pay is essential in obtaining quality results in any competitive situation.  That basic fact, with which most people would agree, is now seriously challenged by some of the key events in the global financial meltdown.  It is beyond the scope of this article to delve into the new learning emerging from this global crisis, suffice to say that the old learning has literally been ‘tested to destruction’.

An unhealthy relationship between pay and performance would be a problem for any company, but in a financial company the issue is worse.  That is because the investors expect those companies to endure and prosper, so that they can collect the expected returns.

The Colman Commission will be unable to fulfill its mandate if it does not uncover the relationship between pay and performance in the failed companies.  Colman will also need to consider the motives and behaviour of the investors, who must also form a significant part of the story.  Without their participation and investments, the failed companies would have had no money to lose.

There is a strong interest in keeping the real figures and circumstances out of the news and some of the main items are –

• The Accounts
• The true levels of salaries, fees, dividends and bonuses
• The identities and sums of money returned to those who have benefited from the bailout
• The delinquent borrowers who owe the failed companies huge sums of money
• The extent to which the failed companies and their chiefs complied with our tax laws

In ‘The Colman Commission – Cloudy Concessions’, published here on 1^st September, I pointed out the danger of allowing the HCU claimants to testify without stating the amounts invested for the public record.  It was my view that those concessions represented the ‘thin edge of the wedge’ in terms of the entire exercise being a Public Enquiry into a series of financial collapses.

In this recent, third session of evidence Hearings, we have had three examples of the ‘widening wedge’ in respect of financial information.

Colman Commission secret meeting about Afra Raymond

“Natural Justice is not negotiable.”

From: Afra Raymond
To: judith gonzalez, Colman Commission
Sent: Wednesday, September 21, 2011 9:02 AM
Subject: To the Colman Commission

To – Judith Gonzalez, Secretary to the Colman Commission

Dear Ms. Gonzalez,

I was perturbed to learn, only recently, that the Commission had convened a meeting on Friday 8th July at which one of the items discussed was whether my various submissions should be admitted as evidence and if so, what should be the ‘status’ accorded it.

Here we had the situation of a Public Enquiry into a matter of Public concern, convening a private meeting which discussed as one item of business my inclusion as a witness.  As a participant in the Enquiry, not a party, I was excluded from the discussion as to whether my evidence should be omitted…I was not invited to that meeting and only found about this afterwards, almost in passing. 

I also understand that the various parties are to be given the opportunity to make submissions on those issues on my testimony, on which the Commissioner can make a ruling.

My work on this matter of grave public concern has been a solo exercise, except for the occasional assistance of friends. I am without legal representation at this important forum.

Given the substantial parties involved – all of whom are represented by attorneys – and the limits placed on my input by the Commission’s decision to deny me the status of a party, one can scarcely imagine a more lop-sided scenario than this one. Natural Justice is not negotiable.

All that said, the meeting in question has already taken place, so I am requesting that you give proper consideration to inviting my participation when this matter is next to be discussed.

Thank you for your consideration.

Afra Raymond (www.afraraymond.com)

Colman Commission ignoring the smell of dirty money?

Afra Raymond asks where the money came from in the first place

Auntie Moses says that all money has a smell. Honestly-earned money smells clean and dishonest money stinks to high heaven. If you put too much of that dirty money in your purse, you start to stink too. So says Auntie Moses and she’s generally correct about those kinds of ethical issues.

Our friend Afra Raymond has noticed a little problem over at the Colman Commission into the CL Financial – CLICO debacle. I’ll let Afra explain it…

“There also seems to be a strange situation on CL Financial, since I am told that none of the affected people are willing to come forward to testify.  I am not very surprised at that and it is yet another indication of the extent of that toxic ‘Code of Silence‘.

What a shame!  25,000 policyholders said to be affected by the failure of CL Financial, yet only one is willing to testify.  Only One!   I wrote before in this space about the probability that a high proportion of those EFPA monies had never been screened by rigorous Anti Money Laundering (AML) procedures.  I suggested to the Minister of Finance that provisions be made in the payout agreements for the applicants for bailout monies to have the source of their funds vetted for compliance with VAT, PAYE, Income and Corporation taxes.  The Minister did not adopt those proposals.

So, what we now have is the spectacle of the Colman Commission set up by the government to examine the causes of the collapse and finding that few want to speak, very few.  I don’t know if it’s dirty money, or ‘keeping it in the family‘ or what…but I do hope that Colman takes a robust approach by using his powers to sub-poena people to appear and testify.”

Read the whole dirty story at Afra Raymond Colman Commission considerations

Retirement planning by CL Financial Directors & Officers: They got their money!

Florida: Just one of the Duprey family mansions

When did CL Financial & CLICO insiders know that the group was heading for collapse?

by Afra Raymond

When you consider increasing lifespans, inflation and the greater likelihood of major medical expense, it is clear that proper retirement planning should be a major factor for most people.

Central to the growth and long-term success of the CL Financial group was its ability to mobilise the retirement savings of the Caribbean people in pursuance of its wider commercial objectives.  I have been writing on how it all went wrong and who is to blame.

In preparing my submissions for the Colman Commission it occurred to me that the retirement planning of the 3 CL Financial chiefs is central to understanding the entire fiasco.  It is rich in irony.

Fiduciary Duty of Directors and Officers

When did the Directors and Officers of CL Financial (CLF) know that the group was heading to collapse? 

When did the Directors and Officers of the failed subsidiaries know? 

What did they know and when did they know it? How much warning did their management controls give them?

The questions are pertinent and the time-line is instructive –

Colman Commission ignores Afra Raymond’s request for standing

CL Financial & CLICO Scandal

At the last sittings on 6th and 7th April, five new parties were announced and Afra Raymond was not among them. It doesn’t look like the Colman Commission wants someone so knowledgeable to have official standing.

Can’t have someone like Afra Raymond asking questions because who knows where that would take the Commission. Why, the big boys would lose control and we can’t have that!

Here’s Afra’s latest article…

CL Financial bailout – A crucial choice

by Afra Raymond

There were several important developments in the Colman Commission at its sittings during the week of April 6th, with the widely reported appeals of Sir Anthony Colman QC for the Central Bank to change its position with respect to the presentation of accounts to the Enquiry.

From my own attendance at the opening session of the Colman Commission on Friday 11th March and the various reports, it seems that there are various moves afoot to restrict or stop the enquiry.  I expected this sort of scenario in declaring the main players to be part of a ‘Code of Silence’ – it is no surprise to me.

Code of Silence kicks in at Colman Commission

People doing their level best to shut down the Inquiry into CLICO/HCU collapse

VIDEO: Morning Edition Interview – 11 Apr 2011

Afra Raymond sits with host, Fazeer Mohammed on the Morning Edition television show to discuss further developments in the Colman Commission into the CLICO/HCU collapse. Video courtesy TV6

Programme Air Date: 11 April 2011
Programme Length: 0:32:40

Colman Commission into CL Financial scandal: Sunlight or whitewash?

“When the Prime Minister announced this Enquiry on 1^st October 2010, she promised to release details of who received the monies disbursed after the CL Financial Group collapsed.  That list of names and who received what sums would be an absolutely explosive one.”

“You can be sure that the people in the top layer will do anything in their power to protect themselves from the stern scrutiny…”

CL Financial bailout – Sunlight Disinfectant

by Afra Raymond

If you think this title is for the latest brand of household cleaner, you would be wrong.  I drew that title from the famous statement by deceased US Supreme Court Justice Louis Brandeis, in reference to corruption and fraudulent dealings –

‘Sunlight is the best disinfectant‘

see The Sunlight Foundation

Of course, this is all about the impending Colman Commission of Enquiry into the failure of CL Financial and other companies (including CMMB) and the Hindu Credit Union.

We are attempting to understand our situation in this financial fiasco – how was the entire collapse caused?  Who is responsible?  What can we do to avoid a repetition?

Our House needs a serious cleaning and we need a new commitment to serious retrospection if we are to succeed in understanding this scandalous situation.

To set the stage, there are four principalities being represented in this Enquiry –

• CL Financial Chiefs – The people who had Direction and Control of the entire failed group – that would include the shareholders.
• The Regulators – The Supervisor of Insurance, Securities and Exchange Commission (SEC) and the Central Bank.
• The Auditors – PriceWaterhouseCoopers and Ernst & Young – the former being auditors for the CL Financial group and the latter acting for the Central Bank.
• The aggrieved Policy-Holders and Depositors – Several groups have been formed to seek the return of all the monies owed to these investors.

CL Financial – CLICO Bailout: Who will run from the Colman Commission submissions deadline?

Rape of the ordinary person: Privatized profits, Socialized losses.

That greed and fraud are prime causes in the collapse of the CL Financial / Clico house of cards is obvious to anyone. In Trinidad and Tobago, the Colman Commission is charged with getting to the bottom of the disaster – at least on the surface. Most of us believe it will be nothing more than a whitewash with all the big-boys doing their best to conceal their own roles and protect their fellow conspirators.

Let’s not forget the goals and strategies of people like Lawrence Duprey and Leroy Parris…

1. Maintain the Code of Silence.
2. Delay, delay, delay.
3. Secure their personal assets, well hidden away and/or transferred to proxies, family etc.
4. Argue that they were victims of the “world financial crisis” and events over which they had no control, and could not have been expected to foresee.
5. Destroy records, use legal means to avoid showing records, and do everything in their power to avoid having to answer direct questions in public.
6. Above all, first and last: Maintain the Code of Silence.

Caribbean news media maintains the Code of Silence

In his most recent article on the debacle, journalist Afra Raymond compares the US bailout with T&T and makes the stunning observation that, proportionately, the Trinidad and Tobago CL Financial bailout is TEN TIMES WORSE than the US situation. Paying this off will take food from the mouths of Caribbean children for generations.

Thanks to Lawrence Duprey, Leroy Parris and all the rest of the scum who did this to our future by Privatizing profits and Socializing losses.

Afra Raymond also makes a list of some people – including news editors – who should be making submissions to the Colman Commission. Oh yes… for years these people took big advertising revenues from CL Financial and Clico and ran “exclusive” news stories about the companies that were little more than advertisements. In exchange for advertising money and free content, the Caribbean news media pumped CL Financial, Clico and publicly worshiped Duprey, Parris and the rest while ignoring the many elephants in the room.

The news media has much to atone for…

by Afra Raymond

Smashing the Code of Silence

I have been preparing my submissions for the Colman Commission and took some time-out to start reading the Report into the USA’s financial crisis.

Of course I am referring to the Financial Crisis Inquiry Report, which was published at the end of last month, about a year after its first hearings – see http://c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_full.pdf.

Even though I have barely scratched the surface of this 662-page work, it has already been a deeply fascinating read, filled with cautionary insights.

The first conclusion of that Report is worth citing –

“We conclude this financial crisis was avoidable.