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:
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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?
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Both political parties have contributed to the weak regulatory framework which governed the insurance industry in the pre-CLICO British American collapse period
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Why did former Prime Minister Owen Arthur ignore a cease and desist order issued by the Supervisor of Insurance to CLICO?
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From a cursory examination of information in the public domain President of CLICO Barbados engaged in expansive decision-making which bear thorough explanation
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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?
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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)
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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
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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
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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!
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Tony Marshall, a former director of CLICO and until last week Chairman of the NIS Fund, the country’s most important fund.
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Who is Mara Thompson?
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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?
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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?
The blogmaster invites you to join the discussion.