Submitted by Everton Cumberbatch
While Clico policyholders and the judicial managers might be going after Leroy Parris, He [Leroy Parris] has been going after Sir Richard Lionel Cheltenham Q.C and Larry Leslie Tatem in the high courts to recover half million dollars he spent on their behalf in Miami with the expectation that he would have gotten 25% share in a local company to buy land.
Parris represented by Thompson and Associates filed a law suite in April 2008 to recover his money and the matter has been pending judicial decision ever since.
This affair started with Parris authorising a loan from Clico which was signed for Cheltenham and Tatem to purchase land on the condition that in addition to his personal injection of US$500,000 paid from his private bank account in Miami he would have gotten a 25% share of the company. The principal in the company had no knowledge of the arrangement between Parris, Cheltenham and Tatem and refused to agree after the fact. No shares could have been issued to Parris without the principal’s authorisation and after some time Parris sued Cheltenham, the attorney for the company and Tatem to recover his money.
This action was subsequently joined by the court to an application for relief by the principal of the company calling for the removal of Cheltenham and Tatem from the company. Final judgement by the court is pending in the matter Suit #770 of 2008 after arguments objecting to Cheltenham being joined as a respondent has been heard.
Meanwhile Cheltenham and Tatem have repaid their loan to Clico just before the collapse but have not yet refunded Parris his US$500,000.