CLICO And British American Policyholders Organize, Finally!

Attorney Tariq Khan fielding questions from Policyholders & Investors at St Gabriel's - Photo credit: Bajan Reporter

The correct name for this Alliance is BIPA not BIPHA as put forward in the Video (BAICO is pronounced the same as the Ice Cream acronym, BICO but it is in fact – British American, a CL Financial subsidiary) – last time this Pressure Movement met at Divi Southwinds they were only a 100 strong – this following time, when they convened at St Gabriel’s Primary School there were at least 300 strong and they plan to reach at least 500 by July when they plan to not only take Legal Recourse via group-selected Attorney Tariq Khan, they also plan to bear down on the current Finance Ministry to ensure their original investments with CLICO do not disappear like a snow cone on an asphalt road in the noonday sun.

Full Article at Bajan Reporter

70 thoughts on “CLICO And British American Policyholders Organize, Finally!

  1. @ 6.43 of the video, Chris “Errant School Teacher” Mchale quotes a QC and past president of the Bar Association as saying that in Barbados the Judicial system is “hopeless, it doesn’t work”

    Miss Myrie right to go public …!

    But look how David send me over to Fat Ars’s web site ( I feel like I just get trick ..)

  2. “Tariq Khan says research has to be done to see and then decide how culpable either the SUPERVISOR OF INSURANCE or the FINANCE MINISTER(my emphasis) are in this whole financial disaster……”

    As I have said before they can not be let off the hook, they failed to do their jobs properly and must be held accountable.

  3. @BAFBFP – I can lose weight, if I chose and my size is just fine as it is since it does not stop my gathering info, but you are and always will remain… You, wow – now that’s a real pity!

    @David – Thanks for “Perestroika;” I have linked to more than one item of yours recently where appropriate. Maturity is deciding to stay where one is or to evolve and give respect of difference a chance, thanks!

  4. What are the Trinis doing?

    Don’t they have a some sort of one man commission of inquiry?

    … and isn’t the man a foreigner?

    The foreigner appointed had links to CLICO.

    The Trinis got rid of him quick.

  5. Isn’t Trinidad the source of the Cancer?

    Maybe we should be taking a leaf out of their book, …. although it pains me to say this.

    A foreigner with no links to CLICO is probably the most sensible way to proceed.

    CLICO and politicians are too inextricably interwoven for anything to work which seeks to bring those culpable to justice.

  6. @Ping pong.

    Any amount owed by those is paltry in comparison to corporate tax /vat owed. They should have started there. They only going after the small fries.

  7. The problem is that many of these companies don’t have the cashflow to meet their obligations. You pressure them and they have to close and of course you have the attendant issues.

  8. Which then bring the question. How many of our companies operate like this? Are the same companies that keep adding the debt over and over or is it a multitude of new companies ? If it is multitude of new companies then how can we say that we have a good business operating area if we can’t get the companies to pay the government owed tax.

  9. Some of the companies are big time guilty though and it doesn’t take much common sense to figure out which.

    It is the links that make common sense flee supposedly rational men and women.

    Same issue with CLICO.

  10. Who was the audit firm that was doing the audit?
    Were the audit done on an annual basis?
    Did the audit firm rotate the persons who were assigned to do the audit over the period of time?
    I must say that
    this particular audit firm needs to be call into question so please remember what happen to Enron and it managers.

    • @BAFBFP

      Individuals are responsible for their behaviour which should be a measure of a personal value system.

  11. @ David

    Good ol’ Fat Arse just throw an insult at me … I love a good spat but this is your blog … Come on man help me to help myself … I need for you to say ignore Fat Arse and move on … ’cause right now I salivating …!

  12. Man David

    my value system gun change depending on the situation and the individual that I dealing with… Man don’ lef it up to me … Tell muh shut ma mout’ … Can’ be dah difficult..!


    The Institute of Chartered Accountants of India (ICAI) has said that the concerned partner who signed on Satyam Computers’ balance sheet will be held responsible and not the audit firm Price Waterhouse.

    “We can initiate action against the partners, if they are found guilty of audit failure but not against the firm,” ICAI vice-president Uttam Prakash Agarwal told ET.

    ICAI, an apex body for accountants and a quasi-judicial body, has already issued a notice to Price Waterhouse, seeking information on the partners and also copies of the accounts of Satyam that were audited by the firm, Mr Agarwal said. Price Waterhouse will be given a maximum of 30 days to respond to the notice. The disciplinary committee of the council will proceed on the matter if the firm doesn’t respond by then.

    The brazen falsification of accounts at India’s fourth largest IT company, Satyam, and the alleged failure by its statutory audit firm Price Waterhouse to detect the cover-ups has prompted both the ministry of company affairs and ICAI to take stringent steps.

    Reportedly, Price Waterhouse partner Srinivas Talluri had signed on Satyam’s balance sheet. Another partner S Gopalakrishnan had signed on the company’s 2006-07 balance sheet, a period that is also being looked into under the investigations.”

  14. Interesting reading:_

    The Barbados Labour Party Government knew from 2002 that all was not right with Clico but did nothing about it.

    Contrast that with the Government of India who moved speedily to correct an untenable situation at Satyam company.
    Former Barbados Labour Party Ministers must also be dragged across the coals for dereliction of duty. Had they move swiftly and decisively none of this would have happen. They were being paid to do a job which they refused to do.

  15. Bout time those people find some backbone and speak out. This is unconscionable. This gov’t has stood by , failed to act and was complicit in facilitating this rape of CLICO. REFUSED, REFUSED to protect policyholders; refused to take charge of Cluco to prevent further infelicuities and now failing to bring action against the dirctors for flagrant disregard of the regulations. At the centre of that sad, sorry cannot meet the test of good corporate governance is David Thompson and DLP. Mr. Thompson facilitated the access to a guarantee of 10m of policyholders money for a performance in the future. How many millions of Clico policyholders dollars was pumped into the DLP political campaigns. Heads want bashing.

  16. There would be some hope. The net of the sale would go toward paying off the annuities. How much did they get clico for is the big question.

  17. It is interesting that CLICO (Trinidad) owns about 15.3 million shares (the single largest shareholder) of ONE C’Bean Media, the owners of the Nation newspaper and Starcom.

  18. DAVID
    ruth arnetta

    It that egg I see on your faces?

  19. I thought this article by Pat Hoyos was worth a read.

    By Pat Hoyos | Sun, April 03, 2011 – 12:01 AM
    Finally, the Barbados victims of Clico International Life (CIL) and British American Insurance Company (BAICO) are coming together to make their stand, forming a lobby group to press their cause as investors in the two former giants of insurance which have ended up on the scrap heap of business failure, mainly due to abysmal management.

    I salute your coming together to form a non-profit organization to be called Barbados Investors And Policyholders Alliance (BIPA). But you are so middle-class, it hurts! Imagine that you have to apply to the same Government which has postponed, put off, avoided and watered down taking any action at all on these shining examples of corporate empire-building without a care for the long-term sustainability of their policies.

    Of course, the Government will let you form up, and then it will do everything in its power to ignore you.

    Simply put, until people start chaining themselves to the gates of the Public Buildings or undertaking similar acts of civil disobedience, which I do not for one moment recommend, I doubt much is going to happen for you.

    Before you came on the scene to press your members’ case, dear BIPA, the Government had been given some options by the Oversight Committee on how to deal with your members. I have mentioned them before but feel it is worthwhile to mention them again, so here goes:

    I do not have any figures to hand for BAICO, so its liabilities would have to be added to the Clico ones noted below.

    After leaving within CIL enough assets to cover its $303 million “traditional” life insurance portfolio, only $261 million, in mainly real estate assets, is available to service the $1/2 billion Executive Flexible Premium Annuities (EFPA) debt. The total EFPA debt therefore cannot be serviced from these assets, even if all were to be sold off at full market price.

    That is why the Oversight Committee chairman has recommended to assist just those individual investors, who were described as “small and unsophisticated”. There are $308 million worth of EFPAs held by them, people just like you hard-working folks who got together last week to start BIPA.

    The advice to the Cabinet was that the Barbados Government issue $44 million in bonds of up to $25 000 for each small investor, payable at an interest rate of two per cent per year for five years. However, “individuals who need cash immediately would be able to sell the bonds”, states the report.

    That is basically it, because any sums over $25 000 invested in Clico International Life’s EFPAs, would not earn any interest at all, and you would get back your principal sometime between 2015 and 2025, assuming the sale of CIL’s assets go through.

    In other words, there are no Suzuki vans driving around doling out cash refunds to EFPA certificate holders like they do hot meals on busy weekdays up and down this fair country of ours.

    I am sorry to be so blunt, but the situation should not be seen through rose-coloured glasses. It is pretty dire, for by the time you or your inheritors actually get back any of the principal, inflation would have eaten up a good portion of it and there would have been no interest added to offset those cumulative gouges.

    This is the bitter cup the investors in EFPAs are being asked to drink as the Government tries to salvage what it can of life savings destroyed by the policies (and politics) of unsustainable interest rates and insatiable lust for cold, hard cash, allowed for so many years to be practised by the management of Clico International Ltd.

    If the Barbados Government decided to take on the entire EFPA amount due ($507 million), the individual investors would still get their initial $25 000 bond as above, while another $167 million would have to be issued in Government bonds, along with the above-noted sale of CIL assets.

    That would make the process of repayment even longer and therefore even more vulnerable to inflation, but it would at least be fairer, as it would not discriminate against policyholders on the basis of who should have known better.

  20. CIL is who owes people their annuities via efpa . CIG is the part that was bought by the Sandridge Limited

  21. interesting revelation that CLICO (TRINIDAD) is the largest shareholder of One Caribbean Media, which owns the nation newspaper and starcom. We can now understand the lack of news coming forth from these two.


  22. With no judicial manager in place at CLICO as yet, as soon as Terrence Thornhill gets this money from Bernie Weatherhead, it will all be gone or hidden somewhere for Leroy Parris and Lawrence Duprey to get their hands on it ultimately.

    Mark my words, the policy holders will not see a red cent from this sale. Remember there is no Oversight Committee in place or a judicial manager. There will not be a cent of it available as dont forget the hearing hs been put back to May, 2011.

    Remember CLICO is a corrupt smart arse operation!!!

  23. @ Prodigal Son

    How dare you mention the word “corrupt” to describe the operations of CLICO? When did Leroy Parris and his gang join the BLP? According to Carson the only corrupt people in Barbados are members and supporters of the BLP, and his DLP are saints, can do no wrong.

    Wait a minute, is not tax evasion against the law in Barbados? Did I not see the name Verla DePeiza included in the list of 26 persons charged for non-filing of income tax? Is she a BLP too?

    Carson, where are you?

  24. We can laugh loudly, Josquin. Carson lives in La La Land.
    I wonder too why they did not suppress that info on Verla.

  25. It is very true that any CLICO doings, whether right or wrong, commenced way before 2008’s mandate to Barbados for a new regime under David Thompson…

    As for the Media’s seeming reluctance? Let us put it ALL in proper perspective! Free Press, here and my own site are truly independent entities with our own mores and aegises (?).

    Nation & Starcom as satellites of OCM and where that trail leads is as stated before; Barbados Advocate is equally at home with Hounds, Medes, Hares & Persians so long as one is in charge, then there lie them… CBC (whose News Editor has no love lost for Owen Arthur) must adhere to the diktat of every version of Bajan Government – the current incarnation like the previous Caliph are both friends and clients to Le Roi de Paris, if you catch my drift – is it any wonder the coverage based on these premises falls accordingly?

  26. The BLP people already starting to sing a different song.

    You guys are so amazing. That is why it is going to be so easy to defeat you at the next general elections. You people live in clueless Land.

    Owen”seethru”Arthur will be given his hat-trick of defeats at the hands of the Democratic Labour Party and there is nothing PRODIGAL SON, TRUTHMAN, JOSQUIN and other like minded can do about. You will just have to sit and weep for a third time.

    The Barbados Labour Party members and supporters will be paying for their sins.

  27. Is there still such a thing called a Supervisor of Insurance? Is he still paid with tax payers money? Is he new to the post because his predecessor was asked to vacate?

  28. Is it true that the Supervisor of Insurance no longer exists and that such insurance regulation will be handled by the Financial Services Commission?

    Is Leroy Parris using his company to file suite against CLICO for a FURTHER 12 million?

  29. British American policyholders could see some repayment soon

    “Former British American policyholders could be repaid some of the money they invested in the bankrupt Caribbean insurance company within the next five months.

    Yesterday, a spokesman for the Registrar of Companies announced the official receivers, KPMG, would be able to make repayments to the former clients of British American this summer if policyholders agree on the format they have drafted.

    Details on how the $11.5 million in cash assets in Bermuda would be split between more than 5,000 policyholders were not provided.

    The news received mixed reviews from some of the former policyholders. ”

  30. CCC
    Ignorant as usual. What egg? Bermudans aint Bajans. My hopes did up when I here that Weetherhead buy Clico. Till my wife tell me read closely, it is the general insurance not the life insurance. Aaagghh!!!!


    “The debate of the 2011-2012 Estimate of Revenues and Expenditure started in the House of Assembly on March 14, 2011. In his opening statement, the Leader of the Opposition the Rt. Hon Owen S. Arthur, expressed concern that the Government had not accepted his offer of bringing the best minds in the country together including the Opposition, to help Barbados to rise above the difficulties in which it now found itself.”


    I can not help but say that Barbados Labour Party members and supporters have no shame.

    Bare face LIARS WITH NO MORAL AUTHORITY to tell anyone anything.
    How could “Seethru” in good conscience make such a statement and really expect Barbadians to take him seriously.
    David Thompson reached out him among others to be part of a committee of sorts to help guide Barbados out of the difficulties which were thrust upon it. HE FLATLY REFUSED and then headed to the airport to assist the Govt. and people of Atigua with their difficulties. He refused to help the people of Barbados but gladly helped the people of Antigua.

    Only some one who was drunk could make the above statement on the BLP blog in an effort to mislead the public.

  32. Acting?
    Was the previous act booed off the stage?
    Where has he gone?
    Can anyone be held accountable in this fiasco?

  33. This group had better make some noise and act quickly because no doubt by the time that a judicial manger is in place, all of the money from Bernie Weatherhead will be gone. Leroy Parris will find a way of making his lackies Terrence Thornhill and Jeffrey Brewster pay him some of it.

    I have afriend who finally got his money out. He told me he was relentless in calling Jeffery Brewster after Terrance Thornhill refused to talk to him. He is still battling for what he has in British American.

    This group will have to investigate FAMILIES FIRST account and see if they can get back some money from there too! That’s where David Thompson stored all of the ill gotten CLICO campaign monies.

  34. @Prodigal Son | April 6, 2011 at 9:59 AM |
    This group will have to investigate FAMILIES FIRST account and see if they can get back some money from there too! That’s where David Thompson stored all of the ill gotten CLICO campaign monies.
    You are right Prodigal Son. Do you think Carson Cadogan could ask his close friend “The Queen” to give Barbadians some information about ALL OF THAT CLICO MONEY siting in the FAMILIES FIRST ACCOUNT as well as the millions that were already spent? All those MILLIONS of campaign funds that Leroy “PAYPAL” Parris handed over to her Dead King?

    Guess we will NEVER know about these funds, right CARSON?

    Incidentally Prodigal Son, it is true that the matter of the JudicialManager has been adjourned to May, 2011, but I understand that there definitely will be further delay, because CLICO will appeal. I am not sure that they can legally do this, but it seems anything can happen with this case. LOOK AT HOW LEROY “PAYPAL” PARRIS GOT OUT OVER $3 MILLIONS FOR HIMSELF although there was a Memorandum Of Understanding signed between David Thompson’s Gov’t and CLICO that NO BONUSES, GRATUITIES ETC. would be paid to CLICO employees!!!

    So all of these strategised delays , in the absence of a Judicial Manager in place, will allow “PAYPAL” PARRIS and his cronies to further rape the company, until NOTHING is left for the Policy Holders! But then Freundel and Company will ask us, the Barbadian Taxpayers to come up with the money, while his “PayPal” buddy, will walk free.

    This is the worst ever Government we have had in Barbados CARSON! And furthermore, it nauseates me (like in lastnight’s primetime news), to see our Bullfrog Maguffy Minister of “FINE ANTS” being given nearly TWENTY MINUTES ON CBC DLP TV, TO GRIND BEHIND A WOMAN, and talk about YET ANOTHER PARTY …. Jamming, Jamming , Jamming, NON-STOP!

    Man these people sure know how how to party and drink champagne, but they haven’t a clue about properly managing a country!

    • You are making our point, the government maybe getting pushback because they are essentially dealing with a private company.

    • Do not forget that CLICO has been a hostile participant in the due diligence process concerning the sale of the problem company CIL.

  35. David the didn’t MOU expired on june 12 2010 when the oversight committee came to an end? That how clico was able to pay the parris the 4 $30,000 payments in 2010 isn’t it ?

  36. Humm offering the helping hand and getting pushed back ? I guess sue the holding company and get whatever money you can. Wait that what already going to happen.

  37. So what is left to do? liquidate it ? The sell the short term assets and then put forward resolution to either sell the property assets now or hold the asset until a better price can be got ? With possible buyout of less investor by the big ones if offer cash in hand ? Then what about paris and the board they must hold some responsibility for this mess.

    • By Mike King | Thu, April 07, 2011 – 12:07 AM

      CLICO’s alleged contravention of an August 2009 order by the Supervisor of Insurance to stop selling new business is headed for the Office of the Director of Public Prosecutions (DPP).

      Commissioner of Police Darwin Dottin told the DAILY NATION yesterday he had spoken with the Fraud Department head, the lead investigator, who is “just at the point where he is soon going to be referring the file to the Director of Public Prosecutions for guidance”.

      Dottin said there were several people to be interviewed in the probe where CLICO is alleged to have sold 800 life policies in the first two months of 2010.

      “It is certainly not the run-of-the-mill case. It is not every day that you get a case of that nature. There is high public interest in the matter, and we are seeking to have the investigation completed as soon as possible,” he said.

  38. I thought Chris McHale was astute? Obviously NOT as he seems to be one of the suckers who got taken by CLICO or BAICO or both, I wonder how much he lost? Greed is the undoing of so many people.

    The old saying is always true…………the return of principle is more important than return on principle. McHale thinks he is bloody QC yet if you listen too him good he really just regurgitates alot of non-sense told to him, presumately by lawyers.

  39. Nothing will come of this after it goes to the DPP. This will be just like the Bejerkham file the Commissioner of Police sent to the DPP for prosecution. Heard anything further of this case? Conclusion….. both persons/companies involved are staunch backers of the corrupt DLP.

  40. British American was a well run and managed company until those vultures Parris and Duprey got their hands on it. Then in their usual modus operandi style, they raped and plundered its resources.

    I have a friend who had a lump sum she got from a severance package invested in British American. She did not know that the company was taken over by CLICO until the “shit” hit the fan. I told her go and get your money as she was waiting to see what would happen after the dead king told Bajans that their monies were safe. It was only after her agent, who by this time had cursed Parris and left CLICO, told her to go and get her money, did she ask for her money. It took her a while but thankfully, she got it all.

    And you want to tell me that Duprey and Parris should not be behind bars.

  41. @Prodigal Son | April 8, 2011 at 10:05 AM | | Edit

    Nothing will come of this after it goes to the DPP. This will be just like the Bejerkham file the Commissioner of Police sent to the DPP for prosecution. Heard anything further of this case? Conclusion….. both persons/companies involved are staunch backers of the corrupt DLP.


    The Bejerkham matter has been adjourned until June 30, 20100. One wonders the reason this time i.e. if he is still getting treatment from Miami. Isn’t it amazing how Richard Cheltenham is able to get his cases to be protracted? Remember Jippy? It took 7 years for that case to get a result, and then there was the technicality.

  42. I think it’s disgusting what British American has gotten away with. At the Bermuda branch, the Agency Manager had never even worked in Insurance before so it’s a mystery how she got the job. While most of the staff were kicked out, she stayed on board drawing her large salary while helpoing with the winding up process. She is an ACCOUNTANT by trade with NO experience in the Insurance field and it’s all been hush-hushed.

    This company was introuble and sent out all sorts of statements that everything was fine so that policyholders would keep paying in. Yet staff were able to tip off family and friends who cashed in their policies. Isn’t that similar to insider trading? It’s disgusting what Britis American has gotten away with. The only people who have sufferred are the policyholders and minor staff. All the ‘big boys’ are still drawingtheir huge salaries. If you or I stole money, we’d be in jail yet these people have gotten away with STEALING from the little people and won’t even be held accountable. That is not right!!!

Leave a comment, join the discussion.