June Fowler leads the Barbados Investors and Policyholders Alliance (BIPA)

BU was informed by a source last week that fees paid to Deloitte’s Judicial Managers to date have amounted to the tidy sum of 7.2 million. However based on a recent communication (posted below) it appears that figure is about a million understated. It is an angle to the CLICO Mess which has not attracted much discussion. Perhaps the time has come to place the matter of Judicial Manager’s fees under the radar   – Barbados Underground

The policy holders and investors in CLICO will be shocked to discover the goings-on since that company has been put under Judicial Management with Deloitte Consulting Inc in Barbados.

I was going to write a long story with all the facts but I reconsidered and thought the the below evidence is sufficient to shock the public to the core:-

  1. BNB Cheque #XXXX in the amount $480,000.00 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 30/05/2011.
  2. BNB Cheque #XXXX in the amount $356,213.00 drawn to Deloitte Consulting and signed by Toppin / Marshall and dated 06/07/2011.
  3. BNB Cheque #XXXX in the amount $400,000.00 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 28/06/2011.
  4. BNB Cheque #XXXX in the amount $336,050.00 drawn to Deloitte Consulting and signed by Toppin / Marshall and dated 27/09/2011.
  5. BNB Cheque #XXXX in the amount $450,000.00 drawn to Deloitte Consulting and signed by Jordan / Marshall and dated 14/10/2011.
  6. BNB Cheque #XXXX in the amount $1,292,357.53 drawn to Deloitte Consulting and signed by Jordan / Marshall and dated 27/10/2011.
  7. BNB Cheque #XXXX in the amount $1,248,081.56 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 29/11/2011.
  8. BNB Cheque #XXXX in the amount $1,149,152.00 drawn to Deloitte Consulting and signed by Jordan / Marchall and dated 14/12/2011.
  9. BNB Cheque #XXXX in the amount $480,000.00 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 30/05/2011.
  10. BNB Cheque #XXXX in the amount $927,815.25 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 20/01/2012.
  11. BNB Cheque #XXXX in the amount $1,609,855.75 drawn to Deloitte Consulting and signed by Jordan / Toppin and dated 24/02/2012

Based on the above it would appear that by time the Judicial Manager is finished with CLICO the policy holders and investors will be 10 – 20 million the poorer.

  1. Elizabeth Pilgrim Avatar
    Elizabeth Pilgrim

    Who are the rapists? Don’t know. Why not ask BAFBFP, a member of the BU Family? Apparently, he has both experience of and strong positive opinions about rape …

    “Rape is fun, you really must try your hand at it … Its a real adrenalin thing, takes a while to get over… sort of like an orgasm that a female pig experiences, only those things last for days as I understand it.”

    BAFBFP, uh member o de BU fambly on March 15, 2012 at 9:25 PM


  2. @ Observing.
    The very terse answer to your question is NO ! ” It is the bright day that bringeth forth the adder and that craves wary walking ” .


  3. @ An Observer re your comment at 1.16 p.m
    My understanding is that the JM report to Courts of Barbados and then the Court will share the report with whom they wish.
    iI my memory serves me right following the first interim report BIPA was only allowed to read the report at a designated place as suggested by the Minister of Finance. Subsequently BIPA petition the Court to be allowed to have unlimited access/copy and the court granted their request as they were deemed as persons with interest in the CLICO affair, hence I believe that is how the Nation had access to a copy. I doubt the report was leaked as suggested by others.
    This now brings me to be position/situation of the Prime Minister. The JM was appointed by the Courts at the request of the Government through the Supervisor of Insurance an arm of the Ministry of Finance.
    The JM must report to the Court ,who do you think should be the next person to have access to the report ? Not the SOI (but I understand that she was sent on leave ) . I donot see the MOF not getting or requesting a copy which he should then take to Cabinet. How can a report of this magnitude and interest not go before Cabinet at the earliest opportunity.Just hope this is not a case like the Alexandra report.

  4. Observing (definitely not to be confused with observer) Avatar
    Observing (definitely not to be confused with observer)

    Then wait we shall. Think I might change my moniker to Observing and waiting 🙂


  5. @ An Observer “I have affore drawn attention to the discussion surrounding the appropriateness of Mr Toppin / Deloitte being appointed as judicial managers . The discussion has generally been centred around the requirement that ” justice should not only be done but should manifestly and undoubtedly be seen to be done “. The view has been expressed that there will always be room to question if this can indeed be achieved if the judicial managers remain who they are” .
    If not Deloitte who then ? Does not appear to be many trained in this area in our neck of the woods.
    I tried googling Judicial Managers and Deloitte keeps coming up, I can only conclude that they are the expertise in this field.
    Note that it was Deloitte Canada that conducted the forensic audit.
    I too agree that justice should not only be done but should manifestly and undoubtedly be seen to be done and is why I suggested earlier that D&T/ICAB need to do some PR and/or educating of the public in this exercise.

  6. Observing (definitely not to be confused with observer) Avatar
    Observing (definitely not to be confused with observer)

    More food for thought.

    Governor of the central Bank has his say on CLICO in Barbados Today…

    http://news.barbadostoday.bb/barticlenew.php?ptitle=Short%20on%20cash&article=15252&pdate=2011-08-31


  7. @ Watching.
    Your response indicates that you have at least formed the view that the issues raised by me are not vain imaginings . Please do not be misled by the title “judicial managers” to the extent that you think that they are a special breed of professional . A judicial manager is no more than what the literal meaning of the term imports ..a manager appointed through the judicial process ; he is in fact no more than a RECEIVER by another name ; he acts in place of the directors when once he has been appointed to manage the enterprise . That is why I have opined in a previous post that judicial managers owe the same duty to the company as its directors i.e TO ACT IN THE BEST INTEREST OF THE COMPANY.
    The fact that the forensic audit was done by Deloitte of Canada does NOT reduce the possibility of bias which is really only a PERCEPTION ; THERE NEED NOT BE ANY PROOF OF ACTUAL BIAS . That is why the aphorism that “justice must not only be done but should manifestly and undoubtedly be seen to be done” is so apposite . You yourself have expressed approval of this concept . The presence of Deloitte therefore , in whatever capacity, WILL TAINT THE WHOLE JUDICIAL MANAGEMENT PROCESS GIVEN THE FORMER ASSOCIATION OF ONE OF ITS PRINCIPALS , MR TOPPIN WITH CLICO . The situation would be the same if it were a branch of Deloitte from Timbuktoo . Now that the matter of the fees charged for the work done so far has become a live issue you should see the difficulty which Deloitte will face in providing us with a rational , justifiable explanation. In my view their job presents them with the unenviable task of defending the indefensible . And you have so far fallen far short of assisting them . Sooner or later you will accept that you have been engaging in an act of futility and will quietly walk away . In the meantime, peace my brother .

  8. millertheanunnaki Avatar
    millertheanunnaki

    @ David:

    Am I wrong if I say that I heard the Governor of the Central Bank state that the bailing out of the CLICO investors would NOT be too much of a FISCAL strain or burden on Government’s revenues or finances?
    What does he mean by this?

    Did he mention anything about the Barrack debt settlement?

    Just seeking clarification!

  9. millertheanunnaki Avatar
    millertheanunnaki

    @ David | March 17, 2012 at 5:00 PM

    Only goes to show that we should dismiss or take with a pinch of salt anything said or promised by politicians in and outside Parliament. Even if these commitments come from the PM or ministers of the Crown, just treat them for what they are worth: 5 minutes of hot air to soon disappear in the subsequently silent ether.

    Now here is a bureaucrat- or for want of a better sounding term, technocrat- making an almost 180 degree turn and putting aside the promises of a payout, if only the principal amount, made by top political officials in the de facto highest Court in the Land.

    One wonders if this same technocrat would be willing to make such a dogmatic presentation and bold-faced declaration to the political directorate and policyholders in the other OECS territories.
    But then again talk is cheap and there are no heavy taxes or penalties for verbal diarrhea when running your mouth at home.
    One wonders if the same technocrat can be so feisty as to make a similar pontification on the Al Barrack legally binding settlement. Can we expect the garden gnome mouthpiece to shout like a true town crier from the top of the CBB erection: “Al Barrack we will settle by way of Savings Bonds carrying an annual interest rate of 0.5%, maturing in 2050 but cannot be encashed before 2030.” Al boy, you better take it or go f** k yourself with a short payne-like tool from the long marshall in the St. Andrew & St. Joseph dale who has a cornwell suffering with pain in his behind.

  10. Observing AND waiting Avatar
    Observing AND waiting

    Kite flying season has begun. Kudos to Worrell for getting his to go up in the air.

  11. old onion bags Avatar

    Of verbal diarrhea, lies, deceit and pauses,no nothings of, extended silence, foul ups, bleeps and blunders, firings, thefts, protecting party criminals, sucking on the remains of the now CARCASS ,more importantly a down right don’t care ATTITUDE..a continued insult to the populace intelligence and smirking publicly about it…

    …sssshhhhhhhhhhhh….oNE TERM


  12. @onion

    Good morning bf. I see you flying yuh BLP kite high early this blessed sunday morning.

  13. old onion bags Avatar

    Hey ac girl…..sometimes you have got to remind…the illusionist.


  14. How is it that the bank can be mentioned, the amounts mentioned and not the cheque numbers… doesn’t seem very credible. Also, I agree with ‘Watching’ in that the Judicial Manager is appointed by the Court so any fees would have to be approved by the said Court. From what I have read it does say that the Judicial Manager is responsible for nine territories so perhaps any money received would have to be reflective of not only their fees but of the money needed to manage nine operations on a daily basis oh and lets not forget legal costs as the whole process is judicial after all. I’m just saying….


  15. Current Opposition Leader, Owen Arthur says that the Democratic Labor Party (DLP) government has a moral obligation to fix the CLICO mess. Arthur and the Barbados Labor Party (BLP) perhaps have forgotten that the Barbados Water Author (BWA), a government owned corporation and sole provider of water services in 2009 was near bankrupsy. David Thompson and the DLP inherited the BWA problem from Arthur and the BLP. Arthur and the BLP were morally responsible for BWA problems totaling thirteen years. BWA problems FIRST appeared during the ruling of Arthur and the BLP, also Al Barrack. The Al Barrack mess FIRST appeared during the ruling of Arthur and the BLP. The court ruled in favor of Al Barrack, a little less than thirty five million, $34,490.518 to be exact. Barrack in 2008 received 2.5 million from the David Thompson administration. Al Barrack, since 2008 has not received payment from the Barbados government in any form or fashion. Building Contractor, Al Barrack built the government office complex in Warrens (St. Michael’s) but yet unpaid. The total amount NOW owed Al Barrack is far above 34, 490, 518. The Barbados national debt also is far above the 34,490,518 amount. Just recently, Arthur reported to Midweek Nation that “the REDjet Airlines might still be flying if the Barbados Government had honored its financial commitment to the collapsed airline”. Well Mr. Arthur, if the government during your rein had honored its financial commitment to Contractor Al Barrack, Barbados NOW would not owe him seventy five million.

    Owen Arthur would like us to forget the 75,000 cheque that was directed into her personal banking account NOT the war chest of the BLP for electroneering where it rightfully belonged. The BLP in 2008 lost power to its twin party, the DLP because of corruption. The late David Thompson was able to prove this. It was he David Thompson who produced the 75,000 cheque linked to Owen Arthur’s personal banking account. The DLP house, of course is not clean. The CLICO mess proves this. The BLP house also was not/is not clean. The 75,000 cheque proves this, likewise the Arch Cot Scrub land linked to Mia Mottley, the now opposition leader of the DLP. The Mottley family brought the Arch Cot Scrub land and couldn’t be built on and within six months got planning permission when the previous owner couldn’t. Barbados according to the United Nations has lots of thefts but relatively less violence than Jamaica and other Caribbean countries. This perhaps is memory of the 75,000 check linked to Arthur’s personal banking account, the Arch Cot Scrub land linked to Mia Mottley and now the CLICO insurance mess. A lot of things have surfaced before and since 2008. Both the BLP and the DLP are equally corrupt. Both are vampire identical twins.

    Bajans on January 16, 2008 awoke to a new ruling government, the DLP. The DLP, however made promises that were not kept. The DLP, additionally enjoyed a relationship with LeRoy Parris that was not squeaky clean. The DLP now in a hospital intensive care unit has seriously wounded itself with THAT DAMM CLICO MESS. If David Thompson were alive, it would be in his face. Thompson put the 75,000 cheque in Owen’s face. He did. The BLP left office in 2008 and should have kicked itself in the butt for poor leadership and corruption. The DLP possibly will depart office, January 2013 and should kick itslef in the butt for poor leadership and corruption. The BLP is a national embarrassment as is the DPL.

    Barbados is at moment amidst an economic crisis. Barbados, additionally has attained high unemployment. It has also attained quite a large debt that continues to grow. The Barbados S&P rating currently is BBB- with a negative outlook – not good. The S&P recently has expressed concern on the growing debt in Barbados and warned another downgrade. The current opposition leader, Owen Arthur says he believes he has the medicine to cure the Barbados economy problem. The economy in Barbados is a giant problem. Barbados sad to say has many of those giant problems. Arthur needs medicine to cure all of them: 1). Unemployment the economy 2). It’s growing national debt 3). The Al Barrack mess and another 4). CLICO.

    The Barbados S&P rating BEFORE the 2008 general election win by David Thompson and the DLP was continuously sliding down hill. The S&P had downgraded Barbados several times before the 2008 general election. The three, Kerrie Symmonds, Clyde Mascoll and Owen Arthur perhaps are not aware of this. Barbados during the ruling years of Owen Arthur and the BLP got a state of the art prison at Dodds in St. Philip and Kensington Ovel west of Bridgetown. They also got several S&P downgrades. The DLP in 2008 inherited a large national debt from Owen Arthur and the BLP. The BLP possibly will return to office in January 2013 and inherit a larger national debt.

    Both vampire twins, the BLP and the DLP have sucked blood from the Bajans; they both want recognition and power; both want the bajans to trust them AGAIN.


  16. The BLP says it has a proud and enviable record of keeping promises. Whatever happened in the past cannot be changed. . . . The DLP government is guilty of GREED and INCOMPETENCE. Truth is that both parties, the BLP and DLP had a party with greed and corruption.

The blogmaster invites you to join the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading