The CLICO Mess – A Kick In The Backside Of Barbadians

Finance Minister, Christopher Sinckler with Board members of the Financial Services Commission. Others, from left, are: Felton Burton, Professor Frank Alleyne, Lawson Yearwood, Virginia Mapp, Sir Neville Nicholls and Jefferson Cumberbatch - Photo Credit: Advocate

The unravelling CLICO Mess has the potential to reshape how business is done in Barbados and possibly the Caribbean. For the transformation to occur the Fourth and Fifth Estates must play a lead role. The facts of the this case must be presented to the public in an unbiased manner.

The political class in Barbados is in cover-your-ass-mode but here is some of what we know about the CLICO Mess so far:

  • If the Late David Thompson was alive he would have to answer a few ‘hard’ questions, for example, why did Thompson & Associates generate an invoice for 3.3 million dollars which a forensic report suggests Leroy Parris was the beneficiary?
  • Both political parties have contributed to the weak regulatory framework which governed the insurance industry in the pre-CLICO British American collapse period


  • Why did former Prime Minister Owen Arthur ignore a cease and desist order issued by the Supervisor of Insurance to CLICO?
  • From a cursory examination of information in the public domain President of CLICO Barbados engaged in expansive decision-making which bear thorough explanation
  • Why have prominent and learned professionals [Leslie Haynes QC, Tony Marshall, Dr. Basil Springer, Woodbine Davis, Anthony Ellis, Dr. Frank Alleyne] who performed as directors of CLICO companies renege on their fiduciary responsibilities?
  • There is the appearance of a conflict of interest by Patrick Toppin as one of the Deloitte’s judicial managers given his past role as receiver for Plantations Holdings, a subsidiary of CLICO Holdings Barbados or CL Financial (not sure)
  • Although anecdotal there is the belief that CLICO International Life and CLICO Holdings Limited funded both political parties with the DLP attracting the lion’s share
  • The incestuous relationship between government officials and CLICO e.g. Thompson and Parris wives invested hundreds of thousands of dollars in a company named MAFA. Minister of Finance bought a car from Leroy Parris, Parris and wife seen sipping from long glasses in Sandy Lane’s Box at the Garrison on Gold Cup Day in the company of Minister Chris Sinckler. Prime Minister Stuart referred to Parris as his ‘pal’. What about Senator Jepter Ince, a former CLICO Executive who headed the poorly performing CLICO Balanced Fund, became Chairman of the NIS Fund, is a parliamentary secretary and appointed DLP candidate for St. George North
  • The Nation newspaper’s agenda, June Fowler, head of BIPA and former employee of the Nation newspaper. Deloitte’s Forensic Report is conveniently leaked to the Nation before Prime Ministers and other key players. The Court under whose direction the Judicial Managers function should order an investigation!
  • Tony Marshall, a former director of CLICO and until last week Chairman of the NIS Fund, the country’s most important fund.
  • Who is Mara Thompson?
  • The role of the External Auditors through the years and in recent years PWC – is it true that Marryshaw of PWC is a board member of the BTA?
  • The need for transparency in decision making by financial regulators (insurance). The public must be told if an insurance company has contravened the regulations

The list is not meant to be exhaustive but in summary Barbadians need to wakeup and resist ‘the political manipulation of minds by the political class’. The CLICO Mess exposed the financial ignorance of Barbadians. Who wants to open fixed deposits with an insurance company? (An EFAP is no more than a cash deposit dressed up). Do Barbadians still invest cash in Brydens and Cave Shepherd?

0 thoughts on “The CLICO Mess – A Kick In The Backside Of Barbadians

  1. I remember the same thing that is being said about June Fowler (Fooler) was said about the present Editor in Chief of the Nation newspaper when there was a discussion that involved Owen Arthur and the Sec Gen of Caricom a few years ago. These traits are NOT spots like those on a leopard …! People improve they can change for the better … Please give our females a chance …! (smirk …)

  2. @ Carson C. Cadogan | March 22, 2012 at 12:17 AM |
    “Somebody pinch me, this cant be miller.”

    You mean for displaying my fair and balanced intellectual scales. I call see things as I see them. Not through a partisan, tainted, ‘doggedly’ dirty political lens like the type worn by you.
    But the poignant assessment of a very poor administration still holds true as underscored in the phrase “lame duck PM and his impotent Cabinet”.

    CCC, you are so rabidly blinded by the OSA bat disease that even if the man were to join tomorrow your dead pharaoh but on the western bank of the river Styx you will still blame him for everything incompetent and corrupt that is due to take place between April 2012 and January 2013. Like Banquo’s the ghost of OSA will live on in your nightmares. Haven’t you had your pound of OSA flesh?

  3. As a lil boy growing up my grandmother always told ….”what you put into life boy, you will reap out before death”….(reap what you sow)….with these words my actions were always set and conscience maintained…..somebody’s grandmother like they were not as vocal as mine…or somebody like dey hard ears..

  4. Miller
    Again right…those investing in th EPFA plan took a gamble can’t say the same for the pensioners and even life policy holders…..The latter only Govt has an onus to honor ..they rest..sorry

  5. Miller
    Since when you possessed by Gordon Greenidge and the likes of Tendukar….CCC get hit so hard for six….he left the blog..

  6. Hi folks! have u read the BARBADOS TODAY online Thursday 22Mar Edition? if not please read page 3 and tell me if the defendant have a case or not in the $2m lawsuit. the plaintiff is now dead. Seems like somebody has to pay back big bucks!

  7. the question is did the daughter have a right to withdraw the money! Sometimes it is amazing that with all their abailty to build a great company it is always the small things that tripped them up. Why on earth would someone put such a substantial amount of money in a joint account ! that is going to be a hard win. !

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