Tag Archives: Leroy Parris

CL Financial Fraud: 31 months of government control and no accounts yet!

UPDATED: November 9, 2011 – 6pm

Afra Raymond testified today at 2pm before the Colman Commission into the CL Financial collapse. No word if the video or audio of his testimony will be made available.

CL Financial bailout – The Final Solution?

by Afra Raymond

The new bailout formula was approved, as two new Acts, by Trinidad and Tobago Parliament on 14th September, 2011…

The Central Bank (Amendment) Bill, 2011

The Purchase of Certain Rights and Validation Bill, 2011

The first one prevents any lawsuits against the Central Bank by claimants, while the second gives the Minister of Finance the right to borrow up to $10.7Bn and places the Republic Bank Ltd. (RBL) shares formerly held by CLICO into a new investment vehicle, NEL 2.

A perversion of our Treasury

These seem to represent what I am calling the Final Solution, in that the clamour and protest which had marked the last year seems to have been fading away.  There have been queries from the various ‘Policyholders’ groups’, but those have been limited.

Whatever one thinks of the actual bailout, which I maintain is a perversion of our Treasury, there are valuable lessons to be learned from all this.  The main lesson for me is the Power of the Few. 

In that although only about 16,000 investors were affected, they were able to mount a successful campaign to improve their position.  We need to note that lobbying and campaigning can be effective in gaining benefits for limited groups.  To all the weak-hearts who say nothing ever changes, please take note. Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Offshore Investments

New car for CLICO crook Leroy Parris?

By now I think that everybody on the island has heard the rumour that CLICO’s Leroy Parris purchased a brand new Jaguar XJ. Nice car!

One thing I don’t understand though: where did Leroy get the time to shop for a new auto? I thought he’d be spending all his free moments looking for those hundreds of millions of dollars of missing CLICO assets.

Oh Dear! Barbadians know that Parris will never be held accountable for the missing assets because it probably involved former Prime Minister David Thompson who was CLICO’s lawyer for the decade when they broke the law and failed to file annual accounts.

Freundel Stuart’s DLP Government doesn’t want to touch that situation at all.

You know, as a CLICO policy holder I think I at least deserved dinner, a show and a couple of drinks from Leroy before he did what he did to me. At least with dinner and a show I’d be able to say I got something out of the relationship.

submitted by RLL

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law

Victor Stewart on Sam Lord’s Castle and how CLICO pillaged our island

As part of the family that owned Sam Lord’s Castle before the Marriotts, and as a current landowner at Castle Close, I find the whole CLICO subject to be somewhat ridiculous.

Isn’t it obvious what is going on??? CLICO came into Barbados with the support of powerful people in government, and proceeded to pillage our fair Island.

One of the obvious and terrible casualties was my family home (and what our family had raised to equal status with then-nacent Sandy Lane in the late 1960s and early 1970s as a premier resort hotel) that was part of our national heritage. Apparently nobody cares about tradition any more, but Barbados has a long and honoured tradition of respecting the rule of law and more particularly English common law and equity principles of how to conduct business with the people in your community. All of this has been apparently lost in the fight for political power, but I will make a prediction that sooner or later the people of Barbados will rise up and demand an explanation for what has been done in their name.

I can only pray that the burned-out shell that used to be my family’s and this Island’s delight might one day be reconstituted, unlike the sad arson memorial that is Farley Hill. Only time will tell.

Victor E. Stewart
Castle Close, St. Philip

Further Reading

BFP: October 22, 2010 Sam Lord’s Castle as an over-valued asset in the CLICO – CL Financial pyramid fraud

BFP: October 21, 2010 Sam Lord’s Castle burns to the ground thanks to Barbados DLP, BLP, CLICO, Leroy Parris

BFP: April 11, 2009: How CLICO Ruined A Barbados Heritage Site: Sam Lord’s Castle

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Filed under Barbados, Barbados Tourism, Consumer Issues, Corruption, Crime & Law

40 cents on the dollar for Clico victims? Michael Goodman says “Take that offer and shove it!”

by Michael Goodman

As a former Director of the Board of The Barbados Association of Retired Persons and a Clico Policyholder, I am absolutely horrified to read in the Saturday Sun of October 1st, that Douglas Skeete, apparently speaking on behalf of 27,000 BARP members (without having consulted them) suggests that liquidation of Clico is a preferable solution and that it would be “far better” for policyholders to settle for the likely return of just over 40 cents on the dollar from liquidation, than to wait five years for a new company and a promise of 100 per cent returns.

The Government of Barbados has already subjected thousands of Clico policyholders, many of whom are BARP members, to two and a half years of anxiety, depression, silence and arrogant dismissal, something about which BARP did absolutely nothing, until ‘joining forces’ with the active and effective Barbados Investors & Policyholders Alliance a few weeks ago…

… continue reading Mr. Goodman’s thoughts at Bajan Reporter’s What is going on at BARP? Former Director of BARP stressed at New CLICO Suggestion

Photo courtesy of Bajan Reporter

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments

US Embassy Sources: Prime Minister David Thompson was offered CL Financial Board Seat

– Confidential Embassy Cable discusses David Thompson / Leroy Parris conflicts of interest

– “Economic ties between CLF and the PM also reportedly included an offer of a board seat, according to Embassy sources.”

– Who are the confidential “Embassy sources” ???

US Ambassador Brent Hardt: “Collapse of Trinidad’s CL Financial Group Ripples Across The Pond To Barbados”

CLICO's lawyer, David Thompson, helped build the house of cards.

Thanks to WikiLeaks, Barbadians now know another reason why Prime Minister David Thompson and the DLP Government protected Leroy Parris, refused to place a Judicial Manager for CLICO and did not implement Integrity Legislation.

Bajans always knew the whole CLICO-CL Financial / Leroy Parris / David Thompson / DLP connection stank to high heaven, but it is still tremendously saddening to see more evidence that the Thompson/Stuart DLP’s commitment to Integrity and Conflict of Interest laws during 2007 Election Campaign was all a pack of lies.

I am saddened. I wanted to believe David Thompson, Freundel Stuart and the DLP.

Who the hell do I vote for next time?

DLP Integrity Promise was all a pack of lies…

“Thompson’s close personal ties to the head of CLICO and his professional role as chief legal counsel for CLF prior to taking office in January, 2008, have made him vulnerable to opposition charges of conflict of interest in the management of this crisis. Economic ties between CLF and the PM also reportedly included an offer of a board seat, according to Embassy sources. With ties this close it is little wonder that Mottley has held three press conferences in the last three weeks seeking to pin the blame for any fallout from the CLF collapse on the PM. The fact that Mottley,s tactics forced the PM to so quickly mount a televised response shows the danger that the collapse of CLICO poses to him personally.”

… from the March 4, 2009 US Embassy Cable: WikiLeaks 09BRIDGETOWN144

Read the full WikiLeaks US Embassy cable at the above link or here>>>>> Continue reading

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Filed under Barbados, Consumer Issues, Corruption, Economy, Political Corruption, Politics, Politics & Corruption

Tourist writes: “History, beauty… no longer relevant in Barbados”

Tourists come for history and beauty, riches you can’t build with concrete.

by Cindy Martell, American visitor to Barbados

I am so saddened to read of the senseless loss of Sam Lords Castle. My husband and I took our honeymoon in Barbados at Sam Lords Castle when it was a Marriott property 19 years ago. We treasured every moment and the tales of Sam Lord, evil as he may have been. Sam Lords dinner was a highlight of our trip and history of the castle.

I learned of its tragic fate while researching for a return to trip to Barbados for our 20th Anniversary. I’m quite certain we will find a new special place as the history and riches that took us to Barbados originally appear to no longer be relevant. Tourists come for history and beauty, riches you can’t build with concrete.

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Filed under Barbados, Barbados Tourism, History

Prime Minister Freundel Stuart to Barbados: I don’t care about conflicts of interest, Leroy Parris is my long time friend.

Lesson #492 why the DLP won’t pass Integrity Legislation and political financing rules. Ever.

Barbados PM protecting one of the DLP’s prime financial backers.

Like Finance Minister Sinckler, our accidental Prime Minister Freundel Stuart just doesn’t get it or doesn’t care about Integrity Legislation, Conflicts of Interest and the optics of senior Ministers of Government cavorting with someone who at the very least is at the center of a scandal involving billions of dollars missing, and who should be under serious investigation.

But it’s okay because Leroy Parris is “a long-time friend and a one-time client” – not to mention a major financial supporter of the Democratic Labour Party. Oh… Stuart didn’t mention that financial support to the DLP, did he?

Prime Minister Stuart says it doesn’t help the CLICO situation to try to exploit a photograph of Minister of Finance Chris Sinckler talking to Parris (photo above) at the just run Gold Cup horse racing event. Stuart doesn’t mention that the photo was taken at a private little gathering where ordinary folks weren’t invited. He tries to make it like they just bumped into each other on the street.

So according to Prime Minister Stuart, victims and taxpayers should just shut up about CLICO conflicts of interest and if they don’t, the PM will blame the victims when they receive pennies or nothing on their “investments”.

That’s quite a different response than taken by the Government of Trinidad & Tobago, that set up a Commission of Enquiry to look into the CL Financial – CLICO debacle: including the examination of how relationships, conflicts of interest and election financing concerns contributed to the collapse.

What is it that causes Mr. Stuart to tell ordinary Barbadians that the relationship between government and Leroy Parris is none of their business?

Is it “honour amongst thieves” and all that? Or is it that Leroy Parris and CLICO funded the DLP election campaign that saw David Thompson made Prime Minister? Is it a combination of factors all working together that causes Mr. Stuart to tell ordinary Barbadians that the relationship between government and Leroy Parris is none of their business?

Ladies and gentlemen of the Democratic Labour Party: please excuse us for bothering you. Please continue to enjoy your champagne, lobster pate and your close relationship with the people who stole our future. Sorry for mentioning it. Truly.

Here’s the latest slap in the face of ordinary Bajans from our Prime Minister, Freundel Stuart. Please read it at The Nation, but as usual we’ll reprint it here because they change history every so often at that newspaper… Continue reading

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Filed under Barbados, Corruption, Ethics, Political Corruption, Politics, Politics & Corruption