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As with Bankers and Insurers, there’s no honour amongst thieves. Yet I can’t help but to think race is a factor here. LOL
It is a very interesting position by CIBC especially when we read that 3 other banks have reacted similarly to opening an account for Parris. What gives!
ill gotten gains, hard to hide and live happy with , Another Crook one at a time, look at his good friends , they are next.
What’s this about …?
Reblogged this on CARIBBEAN VIBE – Whats News.
Paris chickens coming home to roost big time one should feel sorry for him but the man’s arrogance even as a green verb expert leaves him with few sympathizers.
David please explain in plain English what the above is about.
@ Ruffin
You hit the nail on the head when you raise the consideration of colour . Note how black Barbadians go out of their way to vilify Leroy Parris who as Clico boss successfully ran THIRTEEN branches of the company throughout the Eastern Caribbean but would award a man like ALAN FIELDS of Shipping & Tradindg with a Knighthood. Small wonder that the white people still ruling we in spite of our exposure to free education .
Of course , the above should be @ ADRIAN HINDS and not RUFFIN a chip of the block.
@Hants
The story is featured in the Roy Morris lead Nation newspaper.
It is a simple story line: CIBC has taken a firm position to close three accounts owned by Leroy Parris believed to carry a total balance of about 8 million. Parris and his lawyers have stated that by CIBC taking such a position, its right to close an account notwithstanding, it implies that Parris’ money was derived from dark sources and therefore suggests he is of a shady character.
Perhaps he should try the Sermac Laundry of Baxters Road.
Pay the man his money in hard cash. And notify all of those who have been fleeced by him and his cohorts, the place, time and date that he will be exit-ing that bank. Those who have been also fleeced by Trade Confirmers, and CCCB are invited to come along and lend support.
It was just a matter of time before the money laundering machine broke down and the international financial police decided to inspect the source of the blockage.
From C L to DT Assocs to PSI to LP: That’s how the laundering was done
Why did the Bank accept such large tranches of monies as deposits to accounts held at its branches without the due diligence in accordance with the rules and regulations as required under Section 8 of the Anti-Money Laundering Act?
Was the necessary declaration made and appropriate income tax paid by the final beneficiary of the transaction(s)?
We wonder if the ‘estimable gentleman’ of exceptional business acumen and held in high moral adoration still has pals in high places?
the fact that 3 other banks refused to accommodate Mr Parris’ account says to me that they along with CIBC knows something that CIBC is not sharing nor probably do not have to share with the public, about his business. also the fact that the magistrate has turn down his lawyer’s application says too, that she was privy to this knowledge and probably based her decision on that. for this reason i am pretty sure that the magistrate, CIBC and the other 3 banks have uncovered something that could be damaging to their image. Glad it has happened. the fact too that he could feel comfortable going to the PM, Sinckler and the governor of the Central Bank should tell Barbados’ policy holders in CLICO, that any hopes of them getting what money is owed to them from CLICO is a lost dream since the ones who should be pioneers in ensuring that they are protected, are the very ones who this thief is in bed with….but then again we ALL knew that, didn’t we?
@Truly Amazing
What is truly amazing is how these Clico people thief hardworking darker peoples $$$$$$$$$$$$$$$$$$$$$$$$ and none of them serving 25yrs + hard time! That is what could be truly proof of RACISM! Dark victims = no crime?
Anybody ever heard of the legal concept of Lifting the Corporate Veil..? you can Google Re Darby Ex Parte Brougham….guess when you are a member of the Untouchables..nobody is willing to act …real banana republicanism here ….. but I keep hearing the leper chant…… Guess this Bank don’t want this kinda friend 8 million or not….FCIB St. Lucia where are you on this one?
Truly amazing. | December 8, 2013 at 10:44 AM |
“…You hit the nail on the head when you raise the consideration of colour . Note how black Barbadians go out of their way to vilify Leroy Parris who as Clico boss successfully ran THIRTEEN branches of the company throughout the Eastern Caribbean…”
U know full well that leroy parris could not even spell or read when he became big honcho at CLICO, he did not even know how to write a cheque, yet 13 business was run by him? lol grow up. along with that if they are successful, why is it that the policy holders in Barbados CANNOT get their money? why all the furor in the other islands in the Caribbean? stop burying ur head in the sand. the public is also questioning why Sandals was given so much concessions for doing nothing but bringing a name. the very persons who gave Sandals concessions are the very ones who Parris ran to for assistance with CIBC. the same ones who during this year’s elections, could be found having the same Parris on their platform. so get ur facts straight, leave the bajan public out of this one and direct ur anger to CIBC u surely must be utterly retarded and blinded at the same time. ur misplaced anger says a whole lot about u since it was the same DLP who gave Allan Fields knighthood
Courts can issue a freezing order (previously Mareva injunction) against the assets of someone likely to have a judgment against him if there is risk that liability will not be met. The Criminal Justice Act 1988 section 77, prevents a person dealing with assets which are liable to be confiscated as the proceeds of crime. Such an order can extend to cover assets not owned by the person, but a company controlled by him.
@ Money brain
Judicial managers appointed by the court have completed their investigations surrounding the CLICO demise . It would serve you well to read a copy of their report and see where they have found Parris to be guilty of any wrongdoing. A reading of the report should also help you to rid yourself of the hate jealousy and envy which a number of you harbour without justification. As a matter of information , I have read the report .
@Truly Amazing
Where is the report?
@ David
Are you tryng to say that you were unaware that it was published in the Nation?
@ David
“It is a simple story line: CIBC has taken a firm position to close three accounts owned by Leroy Parris believed to carry a total balance of about 8 million. Parris and his lawyers have stated that by CIBC taking such a position, its right to close an account notwithstanding, it implies that Parris’ money was derived from dark sources and therefore suggests he is of a shady character.”
HOW WAS “lp” ALLOWED TO HOLD $8mil IN BANK ACCOUNTS AND CLICO SHAREHOLDERS ARE OUT OF POCKET TO THE TUNE OF MILLIONS AS WELL? Amazing!
In Barbados, $$$$$$$ talks – (everywhere else I am sure)
But, apparently, the Sheriff of Nottingham Forest has the “RITE” to take PRINCE JOHN to court over the ill-gotten gains embezzled, pilfered and misappropriated from the POOR and other sources which are clearly DUBIOUS…
And withal this CRAP going down right in the public square – NOBODY AIN’T GOIN’ TO JAIL?
Does the GOV’T have precedence to “SEIZE” this money? Be interested to see how this evolves!
But then, we all know that in “our world”, the more $$$$$$ a person has, the less likely they are to go to jail!
@Truly Amazing
Are you referring to the report sealed by the Court?
It was leaked to the press and WE ALL READ IT !!!
The inevitability of the situation is so pronounced that old Mrs Bancroft sitting on her back porch and sipping wine that is making her eyes cloudy could see it coming. One is not surprised by the outcome.
What does Bernie Madoff and Alan Stanford have in common with Leroy Paris? It is your guess not mine.
What does Bernie Madoff and Alan Stanford not have in common with Leroy Paris? I can answer that. Life in a US prison for investor fraud where justice is kept to high standard and not ruled by policitcs and favor.
It is amazingly shocking how on one hand 4 journalists can be charged for a soft porn photo with faces hidden followed by a police article that was for the ages, and on the other hand, a blind eye to this debacle without a word from the athorities. 4 milion US dollars in one bank leaves me to wonder how much more US dollars we have no idea about in other banks.
If Parris did nothing wrong then God bless him, but if on the other hand, the rat I smell is really him, then tribulation on him as he gets old.
@Truly Amazing
Where did I state anything about LP???
I stated Clico which is based in Tdad.
Furthermore, the results of any investigation is often dependent on what or WHO IS PAYING/ or in Political CONTROL and what they want to see.
Ever heard of turning a Sow’s Ear into a Silk Purse, well there are very “fine” gents/ ladies who specialise in such pursuits at a rather lofty intellectual level.( lawyers, accountants, economists, consultants et al all very eponymous for a price, usually equally lofty)
@Miller
No doubt what you state was part of the report that our good friend Truly Amazings refers to? Especially the sequence of the ML chain??? LOL
@DR The H
Pleeeeeeezzzz you forgot to mention that the old girl has Cataracs that are ripe! lol
Recent video report from the Real News Network below:
It’s not directly related to this thread’s discussion, but thought BUers should be aware.
Barbados Faces Debt Crisis as an Offshore Tax Haven
James Henry: Canadian companies use Barbados as a tax haven to reduce their taxes from 24 percent to 2.5 percent, leaving Barbados with revenue shortage
Seems this guy is privy to inside info.
Good move and congratulations CIBC. If it were the former National Bank this would not have come to light. Somebody hand/s would get wring up to conform to theft, bribery and corruption.
@Moneybrain
As a shareholder of the parent CIBC, you should bring up the question of LP at the next shareholder meeting, after the question of why they didn’t increase their dividends of course.:-)
The bank must have a good reason why they are closing LP’s accounts. Perhaps the source of the money is a mystery and the banks don’t want to be accused of laundering. It doesn’t look too good when his high in office friends are trying to influence the banks. This is making Barbados being one of the least corrupt country in the world look like a BIG JOKE! These accounts were in a firm’s name and not in LP name but he is the sole signatory. Now if that don’t look like SERMAC then I mussee got glaucoma!
@Green Monkey
A very infromative, non-aligned but alarming commentary on the Barbados economy. Sort of what is already known. But to hear it from an independent source that is not alligned to any of the political parties and being articulated with such clarity and simplicity, really puts someting of such magnitude in perspective. Wow and thanks for posting it.
However, I will be researching this gentleman as much as I can and if he is anyway tied to the BLP in a photo, handshake or a verbal, I will let you know and it will be exposed.
A lotta bull goes on in this 2 x4 Barbados now for too long.Too F-ing long man.Not a fella going to Dodds for stealing from the poor but people bold faced enough to say that they is DEM friend………..BARE BULL DEN !
Again this is an interesting case, banks are not generally known to refuse large deposits, and then you add 3 others. Tell us more please!
David;
Perhaps the application of International anti-money laundering rules by the Banks could explain the situation that Mr. Parris now finds himself in.
The real loaded info with the potential to be exceedingly embarrassing to the current Government is the suggestion in the newspaper article that there was an attempt by the GoCB to use his good offices to get the matter resolved amicably as well as the reputed sharing of information on the matter with the PM and the MoF. Surely the Nation and Roy Byer would not go to print on this at this time without iron clad written evidence about what they printed.
Looks like a bombshell balanced precariously on a knife edge and hanging over the heads of the Government.
@Adrian Hinds December 8, 2013 at 10:02 AM …”I can’t help but to think race is a factor here.”
I am the same colour as Leroy Parris and I bank with First Caribbean too, and they have not told me to take a hike, even though my account balance is generally less than $1,000 (or maybe it is because my account balance is generally less thatn $1,000
LOL!!!!!
Than being said I am not at all sorry for Parris.
As we say in Barbados “da fuh lick yuh”
@Hants December 8, 2013 at 10:31 AM “David please explain in plain English what the above is about.”
Hants you should know that lawyers don’t write plain English. LOL!!!!
If you want to know what it is about in plain English, check the plain English of Roy Morris on the front page of today’s Sunday Sun:
http://www.nationnews.com/articles/view/no-thanks/
Damn!! It must be real hard to have a lotta, lotta money and no place to park it.
And I used to wish that I was rich.
No more.
If the parent company in Trinidad CL Financial did not collapse, Clico here would be still flying high. Parris would probably be held in high esteem for the work he did in making Clico Barbados a force to be reckoned with. If he has accumulated millions during his years at Clico then I dont see what the problems is. He was CEO & Chairman I believe (even though for good governance he should never been both) and should be compensated for such roles.
@Askquith
Just as an FYI, this is what the Real News people have given as Henry’s bio posted just above the transcript for the same video on their web site.
James S. Henry is a leading economist, attorney and investigative journalist who has written extensively about global issues. James served as Chief Economist at the international consultancy firm McKinsey & Co and as an investigative journalist his work has appeared in numerous publications like Forbes, The Nation, and the The New York Times. He was the lead researcher of the recently released report titled ‘The Price of Offshore Revisited.’
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=11145
@Truly Amazing “You hit the nail on the head when you raise the consideration of colour . Note how black Barbadians go out of their way to vilify Leroy Parris”
Tell that to my young friend who put $13,000 in CLICO and hasn’t got back a cent (She asked CLICO to hold it until she had enough invested to buy a piece of land) Tell that to my young colleague who put $8,000 in CLICO and ain’t get back a cent yet (She asked CLICO to hold it until she had accumalated enough to buy a house) Tell that to y teacher friend who put her $80,000 graturity in CLICO and ain’t get back a cent yet (this was to send her son to study medicine)
Tell that to these and hundreds of other BLACK women (and men) whose money disappeared in CLICO (while Leroy Parris was at the help)
And from the report in today’s Nation it appears that while the money of poor hard working black women was leaking out of CLICO’s bucket, the many bank accounts of Leroy Paris were growing fat, fat, fat and rich, rich,, rich.
And Leroy had David Thompson, Freundel Steward, Chit Sinkler and Delisle Worrell on speed dial.
I am sure that not one o’ dem fellas would take a call from Simple
Simon.
P.S. And now people like Adrian Hinds and Truly Amazing talking ’bout race. Wha’ happen? Poor hard working black women ain’t black enough fa wunna?
Poor hard working black women don’t deserve to keep their own money?
Askquith December 8, 2013 at 11:54 AM “What does Bernie Madoff and Alan Stanford have in common with Leroy Paris?”
Bernie Madoff and Alan Stanford are crooks and convicts.
Leroy Parris, and I am quoting MY PRIME MINISTER Freundel Stuart here, “the man is not a leper. HE IS MY FRIEND”
I bet that Alan and Bernie did not have Obama nor the Chairman of the Federal Reserve on speed dial.
@Simple S
Lash dem proper!
I was considering mentioning the fact that plenty DLP sold dem soul but since I dont have all the proof I will refrain. The henchmen, innocent and not so innocent pun here are in De Nile.
What does FCIB know that the rest of us don’t? Banks are generally conservative and they don’t like to be drawn into controversy as it doesn’t help their bottom line. Due to laws regulating financial matters they are also compelled to share information with State Agencies particularly the USA. e.g. because USA has a provision that all American citizens file an Income Tax return wherever they reside Banks in Canada can refuse to open an account for you if you happen to be a US citizen and object to their sharing of info on your account.
Getting back to the subject at hand, the local authorities would have the backing of Corporate HQ to undertake this action one imagines that it was the subject of ongoing communication before HQ authorised them to pull the plug because those funds had to be sitting there for a few years.
Oh to be fly on the wall at all the discussions going back and forth, one other thing given that CIBC is involved one remembers that some years ago a local Ontario MPP was implicated in some labour activity against the Bank and a VP sent him a letter advising him to take his account and mortgage etc. elsewhere. What the VP didn’t know that there was an obscure Ontario law forbidding the Bank to undertake such an action against an MPP and the poor CEO was called to the Bar of the Ontario legislature to explain himself. The VP had to eat humble pie and apologise to the MPP and reinstate all the accounts.
Parris doesn’t have that protection.
I gotta agree with Moneybrain here, because he is black does not mean he should be protected by no less than the office of the prime minister, minister of finance chris sinckler and governor of the central bank worrell, all whom by the way are being paid by the taxpayers of Barbados, included in that batch of taxpayers are the policy holders who lost millions of dollars….i also agree that the banks and the judge are privy to information we are not and the PM is still willing to protect this scum. Start locking up the white, black and other crooks on the island, then there will be no need to cherry pick who should go to jail when they commit crimes..even Dubai is cracking down on politicians who commit crimes and wealthy criminals, prison is for everyone.
Allan Fields was given his “sir” by the BLP & was also appointed non-resident Envoy to China. I was told by a BS&T Director that it cost BS&T $250,000.
I suspect that international banking laws coupled with inside information are responsible for FCIB action, recently I went to deposit $8,000.00 on my account at Rendezvous and had to fill out a form and have it approved by a supervisor
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