Lawrence Duprey Says, "I did Nothing Wrong"

Former Executive Chairman of CL Financial, parent company of CLICO

The following report extracted from the Trinidad Express summarizes a 50 page statement by former CL Financial chairman Lawrence Duprey which was submitted to the Commission of Inquiry.

Former CL Financial chairman files 50-page witness statement at Commission of Enquiry
By Ria Taitt Political Editor
Story Created: Oct 23, 2012 at 11:03 PM ECT
(Story Updated: Oct 23, 2012 at 11:03 PM ECT )

Former executive chairman of insurance giant CL Financial, Lawrence Duprey, has said that as far as he was concerned, he has done nothing wrong.

Although the failure of the financial conglomerate seriously threatened to destabilise the economy and to date the rescue mission has cost taxpayers $21 billion, Duprey in his witness statement to the Commission of Enquiry which was filed on Monday described himself as “a hardworking and dedicated citizen who worked hard to create wealth for all and was instrumental in the creation of thousands of jobs”.

Read full report

27 thoughts on “Lawrence Duprey Says, "I did Nothing Wrong"

  1. Here is an article about the Florida deal:

    Policyholders: Probe $1.9B Florida deal

    By Andre Bagoo Monday, October 22 2012

    Peter’s point: Peter Permell of the Clico Policyholders Group calls for a probe of a Florida deal during a press conference at Cascadia Hotel, St Ann’…
    Peter’s point: Peter Permell of the Clico Policyholders Group calls for a probe of a Florida deal during a press conference at Cascadia Hotel, St Ann’…

    A UNITED STATES court case against Lawrence Duprey and a group of people, calling for millions worth of damages in relation to the $1.9 billion Green Island Florida real-estate project which was embarked upon by CL Financial (CLF) subsidiary British American Insurance Company Limited (Bahamas), will now move forward.

    The head spokesperson for the Clico Policyholders Group (CPG) Peter Permell yesterday disclosed that a motion to throw out the lawsuit, which was filed in the United States Bankruptcy Court for the Southern District of Florida last November, was dismissed on September 28.

    The lawsuits were filed by the court-appointed managers of BAICO (Bahama,168108.html

  2. @ David | October 25, 2012 at 6:37 AM |

    Has BIPA sued the directors and auditors of the CLICO business enterprises in Barbados?

    This BIPA is just a pack of jokers. They like being screwed around. The JM has already soaked them for millions of premium contributions and expected to around $12 million by year end. Real Estate assets held by the holding company are being sold the proceeds of which will go to pay other bills including exorbitant payroll costs for the likes of Terrence Thornhill and the balance of Parris’s gratuity.

    Now the silly person in charge of BIPA is looking forward to Stuart meeting with them. To do what? Ask them if they know who stole the report he has not yet read?

    The government can’t even find the money to pay its own monthly bills far less the CLICO EFPA gamblers. What he needs to do is to commit to the floating of an investment bond to compensate those investors holding pension and life insurance and annuities but let the EFPA gamblers cut their losses. The bond could be snapped up by other corporate investors and individuals with excess cash sitting in the bank earning 1% or so interest. This might give him a chance to “buyback” some votes from among that 30,000 aggrieved lot.

  3. @Miller

    BIPA is reported to have met with the BLP, what was that all about? Do you think Fowler is the most effective person to lead the organisation? What about one of the many prominent lawyers or bankers?

  4. @ David | October 25, 2012 at 7:49 AM |

    June probably met to give a ‘block vote’ in return for taxpayers’ bail out money.
    FS got wind of it and decided to match or outbid OSA. Hence his sudden interest in meeting with them. Something he should have done months ago when he first received the report instead denying it all along and then having it stolen by some accused BLP operative.

    June has to be careful playing this two timing prostitution game between politicians. A promise is a comfort to a fool. And both parties have made so many promises to many fools. Just rehash those made by Sinckler and you will see the outcome of those well-kept promises. Any compensation to CLICO investor must have the prior blessings of the IMF and rating agencies since this decision would have serious ramifications for the country’s fiscal position and long-term debt profile. Don’t expect any financial support from the governments of those affected countries in the OECS.

    Many of the prominent people (lawyers and bankers) are holders of the tainted EFPA’s as vehicles to launder funds and hide from the tax authorities. They would not want to “sully their ‘clean’ image or be made to look like the greedy crooks they really are.
    Maybe June is getting sufficient advice and guidance “in-house”.

    One can’t help but notice how Lawrence Duprey has taken a leaf out of Freundel’s book.
    Absolving himself of any of CLICO’s misfortunes and distancing himself from any decisions taken by the subsidiaries, especially in Barbados. The same way FS says the report exonerated David Thompson and himself and the DLP government of any CLICO involvement. But dead men can’t talk and the Leroy is still his friend with his back well supported.

  5. I could not believe my ears when I heard Lawrence Duprey said yesterday that he is not responsible for the collapse of CLICO.

    After paying yourself 90 million dollars a year, taking up the policyholders’ monies and buying up properties in Florida in his wife’s name just as the dead king and Leroy Parris did in Barbados and investing in shady businesses, how could you not be responsible, Mr Duprey????

    You expect people now to have pity on you now you are claiming that you are sick? May you rot in hell with the dead king.

  6. The multi millions of dollars which Duprey must have stashed likewise Parris guarantees this matter will be tangled in legal hoopla for years to come.

  7. David

    The problem here is that there are too many HUNGRY AND GREEDY politicians throughout the Caribbean. Since Mr Duprey et al have lined their pockets there is no way that they will be brought to justice and if perchance that they are hauled before the courts some loophole will be found for them to wriggle out of the charges.
    For instance in Barbados do not forget the photo ops with the MOF at Gold Cup and the PM’s speech that Mr Parris is his friend and will not be treated as a leper.
    In the OECS the PM of St Kitts said that Parris was his friend. Do you think that these persons currently holding office will do anything for their financial secrets to be discovered? I doubt!!
    Remember the $75,000.00 cheque to the former PM in 2003. It is my belief that if a cheque is written to me it is mine. If that money was really for the BLP it would have been written to the BLP. However as I have asked before why would CCB be giving the BLP $75,000.00 when the DLP under Mr Mascoll only got $30,000.00?
    Persons like Parris and his mentor Duprey have/ had it all expect political power therefore they were/ are seeking to influence the political landscape or outcome in these islands. Remember Parris said that he was Honorary Consul to Barbados for St Kitts. Therefore do not let us fool ourselves nothing will be done to these bandits or their friends.

    • @Watching

      You make a good point which is supported by Duprey in his statement to the Commission of Inquiry that a large percentage of fees paid to him were paid to political parties.

  8. @Miller
    This is not the first time that we’ve seen you slagging-off the BIPA. You write as if BIPA had any way of preventing the robbery of their funds by the Judicial Managers. Believe it or not, the Courts are supposed to be there to protect the citizens and in that respect the Court has failed miserably. If you think that BIPA are such poppets, why don’t you tell them how they should act and what they should do? Perhaps they should just fade away and let you come back and deride them for it. Come to think of it, I think that I have just hit on who is the poppet here!

  9. Watching,
    As far as I remember, the CCB was not owned by CLICO when the donation in question was made.

    Maxine McClean was on the board of directors of CCB. CLICO subsequently purchased CCB. Can we assume that bearing in mind that Maxine McClean who claimed to be impartial whilst she was a moderator, conveniently remembered this donation, hence it was dug up???

    Remember Maxine McClean and Justin Robinson co-authored the DLP bag of tricks in 2008.

  10. @ Peltdownman | October 25, 2012 at 3:08 PM |

    You might have been able to fool archeologist of yesteryear but you can’t come with that crap at get away with it.

    I want David Bu to be my witness on this one:

    I was the first to warn BIPA what was in store for them with regard to the JM fees.

    I was the first to point out that BIPA should have taken the legal route of suing the Directors and President of CLICO Barbados and even the Auditors.

    I was the one that, and still do, called for the dismissal of Terrance Thornhill from CLICO since he contributed and possibly still does to the financial mess and cover .
    Why should CLICO policy holders continue to inject premiums into an organization to pay big salaries and massive perks to person(s) who can be held responsible for the sad state affairs?

    What is he doing now that there is a JM in place and can provide their own accounting services? He has nothing more to contribute to the business other than be a major suspect to be interviewed by the police in a massive corporate fraud scheme.
    Have you heard how Lawrence Duprey spilled the beans on the management of the subsidiaries? It was the likes of Parris & Thornhill who did as they pleased to bilk the policy holders. If you wish to believe him!

    • To repeat, BIPA needs to beef up its frontline. BU’s sense is that it is not getting the respect it deserves partly due to Fowler not being perceived as competent in the same way her counterpart is in T&T. No disrespect to Fowler.

  11. If that’s what is meant by “no disrespect”, I would hate to be on the receiving end of “disrespect”.

  12. It seems Duprey was paid more than the president of the USA for fcuking up the policy holders. What can a man do with all that money? I will spit on his grave and hope he suffers a painful death for cheating people. And to think that people still call him their friend!

  13. Not only was Maxine McClean on the board but the white man that is Barbados representative in washinton. His position and Maxine position are all repayment by the crook that represented St. John., our dearly departed former Prime Minister David ” carry away all of clico money” Thompson

    • Comment received by email:

      Barbados Today (Oct 26, 2012) reports that the Governments of Barbados and the OECS islands are not willing to provide a guarantee to support a bond to repay CLICO policyholders

      Did not the late PM Thompson, current PM Stuart and Minister of Finance assure the public and CLICO policyholders that they would get at least the principal on their investments back?

      Now it certainly is not the case, seems as if the policyholders will lose a portion of their principal too page 6

  14. slandgal246 | October 25, 2012 at 9:46 PM |
    It seems Duprey was paid more than the president of the USA for fcuking up the policy holders. What can a man do with all that money? I will spit on his grave and hope he suffers a painful death for cheating people. And to think that people still call him their friend!
    And what a pity that we are not located in Central or South America, your wish to spit on his grave could be swiftly accelerated.

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