A story that is a blight on the landscape of Barbados and will never grows old – Blogmaster
Dear Mr. Leacock,
I am a citizen and taxpayer of Barbados. I am also a pension actuary.
My fundamental responsibility, as an actuary, is to provide services skilfully and competently, to operate with integrity, and to uphold and protect the public trust. I believe your chosen profession has imposed similar responsibilities upon you. By definition, therefore, whenever the public trust is involved, your objectives and mine are always convergent.
For the past couple of years, I have watched in dismay as pieces of information doled out for public consumption revealed how a major life insurance company operating in Barbados was stripped of almost four hundred million dollars of its assets.
Barbadian observers have recoiled in sheer disgust and anger as evidence from reliable sources suggest that our laws were systematically and disdainfully trampled by a group of persons, some of whom masqueraded as executive managers of the ill-fated insurance company, and some of whom pretended to be statesmen.
Many citizens deeply believe that any villains involved in this sordid raid of a life insurance company’s assets should be brought to justice. They also believe that a serious effort should be made to recover as much of the diverted policyholders’ premiums as possible. I share the views and concerns of those citizens, but so far, I have noticed that the boisterous and unified cries clamouring for justice appear to be falling on deaf ears.
Sir, I know that you are a very busy man, presumably dealing with far heavier legal matters than this one, who probably have not found enough time to tackle this problem as yet. Nevertheless, I have decided to construct and package some of the major arguments advanced from various quarters, which support the prosecution of this case before the law courts. I now attach and present them to you, along with the errors that would naturally flow from a mind with no legal training whatsoever.
I fervently hope that your reply to me will give an indication as to whether you believe the ‘evidence’ in this case to be lacking in substance, or whether you think it is credible enough for your department to pursue legal action against the wrongdoers.
We need to reach out to the United States, the United Kingdom, and Canada, our major international trading partners, to make them aware of the extent to which our traditional Barbadian values of respect for law, honesty, and hard work are being relentlessly eroded at the corporate and political level. We also must alert them to the fact, that, when it comes to combating white-collar criminality and corruption, Barbadian citizens currently feel that they will have to rely on international assistance in one form or another, since no help ever seems to come from the local governmental agencies.
BACKGROUND
In 2009, Mr. Lawrence Duprey, head of the largest regional insurance company in the Caribbean, approached the Central Bank of Trinidad & Tobago and asked for a loan to assist his company with paying its bills. That request, and the implied financial horror associated with it, emitted scandalous shockwaves that reverberated throughout the West Indian financial and retirement communities. By the time the dust had settled, Trinidadian taxpayers were forced to part with TT$22 billion to restore some semblance of stability to the Colonial Life Insurance Company (CLICO) of Trinidad & Tobago.
Recognizing that the value and security of the life insurance policies purchased by their citizens from CLICO Barbados were now exposed to the dangers of systemic risk, the Prime Ministers of the other Caribbean islands became quite solicitous and agitated. Mr. David Thompson, on the other hand, as Prime Minister of Barbados and Minister of Finance, was actually enjoying a lucrative but shady relationship with the subsidiary CLICO Barbados group of companies. To safeguard whatever personal and financial benefits he was surreptitiously receiving through his unscrupulous business dealings with Mr. Leroy Parris and other executive members of CLICO, the Prime Minister of Barbados had to invent a charade which would also quell the rising fears and doubts of his fellow Prime Ministers from the Windward and Leeward Islands.
In response to the nervousness and uneasiness coming from Caribbean leaders and citizens, the Thompson-led Barbados Government assured everyone that there was a qualitative difference between CLICO Trinidad and CLICO International Life Insurance Limited (CIL) of Barbados. CIL was being managed well, declared the government’s propaganda machinery. Most interestingly, the Governor of the Central Bank at the time went on to inform Barbadians that CIL had not asked for any assistance, but the Government of Barbados was going to “ put its money where its mouth is” by giving BDS$10 million to the insurance company.
The charade had now masterfully crafted a one-way conduit so that $10 million of Barbadian taxpayers’ money could flow into CIL’s account. Generally speaking, once money entered the CIL account, Mr. Leroy Parris’ first step was to take control of it. Next, with the assistance and facilitation of executive management, he diverted it away from the insurance company and channelled it towards whatever uses he deemed fit.
Of course, the whole narrative related to CIL being a well-managed insurance company was merely a convenient fabrication. So much so, that no one was really surprised when CIL, drained of significant amounts of its assets, eventually collapsed into the arms of Court-appointed Judicial Managers.
At present, no one knows how much taxpayers’ money will be needed to bring some stability and confidence back to the Barbadian insurance market. What everyone knows, however, is that the despicable and horrendous behaviour of the principal actors in this scandal has caused irreparable damage to the international reputation and brand of Barbados.
INFORMATION IN THE PUBLIC DOMAIN:
In December 2008, an invoice for BDS$3.333 million was submitted for payment by the law firm of Thompson & Associates to CLICO Holdings (Barbados) Limited (CHBL) purportedly for the provision of legal services. The invoice, making its first public appearance on a political platform two days before the 2013 General Election in Barbados, was approved by Mr. Leroy Parris who was Chairman of CHBL.
Mr. Leroy Parris used his corporate position to get CIL to issue a cheque for BDS$3.333 million dollars payable to Thompson & Associates. The cheque publicly appeared on the same date, and in the same fashion, as the invoice. One of the signatures on the CIL cheque belonged to Mr. Terrence Thornhill, an accountant by profession, and President of CHBL.
Mind you, CIL was not involved in the transaction, did not receive any legal services, and therefore had no accounting or legal right to pay Thompson & Associates for the provision of such services.
The invoice from Thompson & Associates showed a charge of $250,000 for some legal work done by Mr. Maurice King. Mr. King reportedly denied doing such work. In the face of such a denial, the $250,000 which was removed from the assets of CIL would have been removed under false pretences. This false claim would have been initiated by Thompson & Associates.
It should be noted that in 2008, Mr. David Thompson, perceived head and owner of Thompson & Associates, was also Prime Minister of Barbados and Minister of Finance. Mr. Leroy Parris was the Chairman of CHBL and CIL. Mr. Terrence Thornhill was a professional accountant, and President of CHBL.
All over the world, Value Added Tax (VAT) administrators have to struggle against the scourge of carousel fraud, a criminal technique used by groups of businessmen and their businesses to complicate, hide, erase and offset transactions as a method of evading payments of VAT.
The transaction between CHBL and Thompson & Associates for the provision of legal services in 2008 would have attracted VAT at the rate of 15%. Therefore, the invoice from Thompson & Associates should have shown an amount of $499,950 as VAT due.
It did not.
Bear in mind that Mr. David Thompson, as Minister of Finance, would have also been the political head of the VAT department in 2008 and therefore had a legal obligation to protect government’s revenue. Furthermore, Prime Minister Thompson ought to have been concerned that money was being so easily diverted from a life insurance company to pay bills for another entity.
Mr. Leroy Parris, when he approved the invoice as Chairman of CHBL ought to have known that the transaction would have attracted a VAT rate of 15%.
Mr. Terrence Thornhill, as a professional accountant, must have known that an amount of $499,950 in VAT was due to the Government of Barbados as a result of the transaction.
Collusion had now taken place among CHBL, CIL, and Thompson & Associates as companies, and among Mr. Leroy Parris as Chairman of CIL & CHBL, Mr. David Thompson as Prime Minister of Barbados and Minister of Finance, and Mr. Terrence Thornhill, as a professional accountant and President of CHBL. The effect of this collusion would have been to keep VAT revenue amounting to $499,950 out of the hands of the Government of Barbados.
The way our VAT system works, the first transaction involving the invoice and payment for legal services was a terminal and independent transaction. There was no more value to be added once the company of Thompson and Associates was paid for its legal services.
It has been asserted by others that, although the check was written to Thompson & Associates, the 3.333 million dollars ended up in the hands of Mr. Leroy Parris as partial payment of a gratuity.
However, if the assertion is true, then it must be stressed that neither Thompson & Associates as a company, nor Mr. David Thompson as Prime Minister of Barbados, was in any position to legally pay Mr. Leroy Parris a gratuity. Under such circumstances, partial payment of a gratuity would have to be viewed as a false and illegal reason offered by Thompson & Associates, Prime Minister David Thompson, and Mr. Leroy Parris to cover up a multi-million dollar racket.
One cannot help but notice the depth of planning and collusion as the second phase of this scheme was put into action.
It must be emphasized that as far as VAT is concerned, this was a completely new transaction now taking place.
Since there were no physical goods involved, VAT legislation would have assumed that a service was provided by Mr. Leroy Parris in order for Thompson & Associates, or anyone for that matter, to pay him $3.333 million.
That service would have attracted $499,950 in VAT.
Therefore, the two independent transactions aimed at diverting $3.333 million from CIL into the personal account of Mr. Leroy Parris, should have brought $999,900 of VAT revenue into the coffers of government. Unfortunately, the actions of the principal participants in these transactions left a VAT department too petrified by fear of political victimization to act.
This information in the public arena shows clearly that Mr. Leroy Parris had no legal right to the $3.333 million of policyholders’ money that was paid into CIL as premiums.
This leads us to the following question: How can $3.333 million dollars end up in an account belonging to Mr. Leroy Parris, with no credible legal or accounting explanation being given for its arrival?
This feat could only have been achieved through one mechanism – money laundering. Money laundering is a crime in Barbados.
How many illegal and fictitious transactions were conceived and entered into by the principal actors, in order to quench the insatiable thirst of Mr. Parris, and others, for the premiums paid by CIL’s policyholders? How much of these transactions resulted in a transgression of our tax and money laundering laws? How much of the premiums paid by poor hard-working Barbadians and other West Indians to purchase insurance protection from CIL ended up in Prime Minister Thompson’s estate as kickbacks? How much of it supported the lavish and jet-set lifestyle of Prime Minister Thompson, Mr. Leroy Parris, and other executive members of CIL and CHBL?
It would be an extremely serious mistake for you to believe that these two transactions were random and isolated events. The truth of the matter is that, over time, significant sums of money (almost $400 million) were taken from CIL and diverted for the use of CHBL, its subsidiaries, and executive membership.
I am sure you would be shocked if you were to discover that no advance Board approval was given or secured for the divergence of these funds from CIL. Recognizing that Mr. Terrence Thornhill was a professional accountant and an executive member of CHBL, I am also confident that you would be absolutely appalled if you were to discover that no accounting documents could be readily found or made available to support or explain the divergence of almost $400 million from CIL.
Life insurance is a highly technical and esoteric business. At any point in time, the value of the total premiums paid on a policy by the policyholder, minus the total cost of insurance protection that he or she has received, represents a ‘reserve’ amount which must be calculated by an actuary and held by the insurance company. Insurance regulators worldwide establish levels of statutory reserves which insurance companies must keep on hand to ensure that benefits to policyholders can be paid as they fall due. These reserves are established by using extremely conservative actuarial assumptions which focus primarily on ensuring the solvency of the insurance company, and protecting the interests of policyholders.
Additionally, an insurance contract protects the interests of policyholders by making non-forfeiture options available to them whenever they decide to terminate a policy. One of these non-forfeiture options involves the calculation and payment of the policy’s cash value.
Establishing an adequate level of statutory reserves, determining when premium income is currently earned, and using policyholders’ premiums to pursue a prudent investment strategy aimed at matching the nature of assets with the nature of liabilities are some of the basic roles and responsibilities of the executive management of a life insurance company.
By failing to timely file reports on the reserve situation of CIL to the accommodating regulatory authorities in Barbados, and by habitually and illegally diverting assets away from CIL to other accounts, Mr. Leroy Parris and the executive membership of CHBL effectively destroyed the viability of CIL as an insurance company. In doing so, they brought immense financial and economic hardship to bear upon thousands and thousands of policyholders and life insurance agents across the Caribbean. As CIL thrashed about spasmodically in its death throes, terminating policyholders, despite being protected under the law, could not get the cash value of their policies as promised by their contracts.
There is one final twist to this strange eventful history.
In August 2009, the office of the Supervisor of Insurance issued a cease and desist order to CIL aimed at preventing the life insurance company from issuing new policies. Believing that their unholy alliance with the Prime Minister of Barbados rendered them untouchable by the law, Mr. Parris and some of the executive management of CIL and CHBL chose to treat the order by the office of the Supervisor of Insurance with the same level of contempt with which they treated the tax laws, insurance laws, corporate laws, and money laundering laws of Barbados.
In June 2010, Ms.Vernese Brathwaite, the Deputy Supervisor of Insurance, filed an official complaint urging the Commissioner of police to probe the illegal sale of over 800 life insurance policies which were sold despite the regulatory order issued the year before.
Any policyholder resident in the USA, Canada, Britain or any other overseas jurisdiction who received solicitations from CIL by mail, e-mail, or any other means after August 2009 urging them to purchase a life insurance policy, should take the evidence to their respective governments. Mail fraud would have been committed.
In February 2012, given the collaborative efforts between Ms. Vernese Brathwaite as Deputy Supervisor of Insurance, and Mr. Darwin Dottin as Commissioner of Police, charges were filed against Mr. Leroy Parris and Mr. Terrence Thornhill for violating the cease and desist order imposed by the office of the Supervisor of Insurance.
Ms. Vernese Brathwaite as Deputy Supervisor of Insurance, and Mr. Darwin Dottin as Commissioner of Police, have been unceremoniously removed from their desks. Neither explanation nor reason has been provided to the taxpayers of Barbados for the termination of the careers of these senior government officials.
As for the “cease and desist” case against Messrs. Leroy Parris and Terrence Thornhill, it has been adjourned without a set date after Mr. Parris failed to show up for his first scheduled court appearance.
Is Barbados on the road to becoming a banana republic?
@ac February 9, 2015 at 10:14 PM #
“like they say truth is not like milk it never sours…..”
And I agree with you whole heartedly. The CLICO forensic audit report revealed the FACT that David Thompson was listed as a “related party” of CLICO, and received payments from the insurance company in that capacity. The TRUTH remains that the audit also revealed that a fraudulent invoice in the sum of $3.333M was paid to Thompson & Associates on Parris’ behalf.
If there was not any TRUTH in that revelation, surely the JM would not be seeking to sue the estate of Thompson to recover some of those funds.
Additionally, due to the FACT that the court ruled in favour of the JM to have Parris’ assets frozen, there has to be some TRUTH in the allegations.
So, you are indeed correct, unlike sour milk, these TRUTHS and FACTS will be around for a long, long time.
@ ac February 9, 2015 at 10:32 PM #
“But listen bro the Higher court is where the Facts are unfolded not like as in the making of a John grisham novel or a made for T.V. perry mason episode.the facts are cold hard and relentless with two sides battling it out, get real,
you guys get up in the BU courtroom and build a case with limited and newspaper periodicals not good enough….”
You are definitely having a hard time trying to defend the indefensible.
No matter how you try to “spin” this issue and whether you like it or not, the TRUTH and FACTS revealed by the FORENSIC AUDIT “are cold hard and relentless”.
So, if you are suggesting the forensic audit report is “in the making of a John grisham novel or a made for T.V. perry mason episode” or that what is contained therein is untrue, then surely you must agree that your assumptions are “A MONSTROUS PERVERSION OF COMMON SENSE.”
I suspect Freundel came up with that phrase after reading your contributions to BU on behalf of the DLP.
here is how the lawyers working on behalf of clico intervenes on behalf of their clients ,
Lawyers seek to block CLICO report as evidence below articles indicates the steps which lawyers took to block having crucial evedience entered against Clico
Electronic mail dated March 8, sent to Carter from KPMG Forensic, stated, “Contractual obligations, professional standards and applicable Canadian privacy legislation restricted KPMG Canada and its partners and employees from disclosing any information regarding its clients to any third party, without our clients’ prior written consent or without receipt of a valid order issued by an Ontario or other provincial Court of Canada, compelling KPMG Canada from producing such documents.”
a letter was forwarded to KPMG Forensic on March 29, warning if the CLICO report was not forwarded by April 6, “alternative action will have to be taken by the commission to secure the material”.
KPMG LLP replied to that letter and repeated the confidentiality clause.
this is the other side which mia mottley pretends that she does not have knoweldge but goes about town talking horse manure as if these matters can be resolved instantaneously,
artexeres you are a good spin doctor however, however for what it is worth both sides of a picture are necessary to form the basis of a conclusion, i suggest you do follow up and unbiased stories to get a wider perspective as to how these matters are handle in the Highest court of the land and not drivel and political meanderings that go down a one way street , good nit bro,
ac February 9, 2015 at 10:23 PM #
“Benjamin said in CLICO’s terms and conditions, “CLICO says it will pay if the annuitant is living at retirement date. If the annuitant shall die prior to retirement date, the company will pay a death benefit.”
those are facts and hurdles which nno court can resolve,”
ac,
There are no facts or hurdles here for a court to resolve.
Let us say that you are age 60 and your retirement age under the CLICO annuity is 65.
If you die between age 60 and age 65, CLICO would call a pension actuary like me and ask for a calculation of the death benefit that should be paid to your beneficiary.
If you reach age 65, CLICO will start paying you a monthly cheque until you die.
If CLICO collapses when you reach age 68, and anyone wants to know how much money CLICO owes you in a lump sum, they would call a pension actuary like me to have that amount calculated.
I work with this everyday. Clients accept the numbers and write the cheques. No need for the court to intervene.
ac February 9, 2015 at 10:58 PM #
“i suggest you do follow up and unbiased stories to get a wider perspective as to how these matters are handle in the Highest court of the land and not drivel and political meanderings that go down a one way street……”
How is it that you were able to quote from a newspaper article in which Thompson suggested the BLP is to blame for the CLICO debacle. Now, to you this is FACT, even though you neglected to adhere to “for what it is worth both sides of a picture are necessary to form the basis of a conclusion”. This is one of the “unbiased stories” since Thompson said so, it is true.
Ignorance definitely knows no bounds.
“On July 8, 2011 the Judicial Manager submitted an Application to the Court setting out the basis for its recommendation that a forensic audit of CIL be undertaken by the Forensic & Dispute Services team of Deloitte & Touche LLP in Canada (“Deloitte & Touche LLP”) to assist the Judicial Manager in identifying, securing and reviewing the documentation available to support the inter-company balances and to identify related party transactions. The Application was approved by the Court on September 20, 2011,…”
I have been “following the story” based on what has been revealed by the “Deloitte Forensic Audit of CLICO International Life Insurance Ltd. (under Judicial Management): Report as of December 5, 2011”.
By suggesting I should “do follow up and unbiased stories to get a wider perspective” indicates to any reasonable person that you are essentially saying the forensic audit report, which is a document of the court, is “BIASED DRIVEL AND POLITICAL MEANDERINGS THAT GO DOWN A ONE WAY STREET.”
What a “monstrous perversion of common sense”. Once again, you have proven your prime minister to be correct.
however no contractual provision is directed in favor towards the policy holder in the case of unforeseen circumstances which causes duress to the company giving the policyholder a right to collect before the policy matures , nothing in the agreement gives such or alternative provision
the contract is basic and stipulates time frame only at maturity, one can infuse or assumed but the lawyers do have a point which unless the court have sufficient evedience to the contrary has its hands basically tied to the same contract, however as you indicate that if some of these policyholders at time of collapse policy had matured maybe there might be some hope but with a lot of legal wrangling involve,
listen those are mr, thompson words ,unlike you and others i have not use any analysis to interpret what he said or meant. there has been an ongoing effort to poison the well with differing opinions as to what the articles pertain to,
please note “Again”that any articles i have posted were presented as evedience in the courts an given full discourse of law
ac February 9, 2015 at 11:45 PM #
“listen those are mr, thompson words ,unlike you and others i have not use any analysis to interpret what he said or meant. there has been an ongoing effort to poison the well with differing opinions as to what the articles pertain to…”
The more this particular AC articulates their self, the more I’m convinced it is Irene.
The mere fact you sought to use Thompson’s words in an effort to substantiate your point, indicates you obviously analysed and subsequently interpreted what he said to be true. Otherwise, if you did not believe them to be true, you would not have used them. Then again for you, truth and fact exist only in the halls of the DLP, the DLP is right and everyone else is biased and wrong.
You are out of your depth in this matter and have been proven weak in your defense of the DLP. You have failed to prove beyond reasonable doubt that the forensic audit report is untrue. So you have been making all sort of incoherent generalized statements, all in an effort to confuse the issue.
You have also been relentless in your effort in trying to make BU all about AC in all your contributions to EVERY single article presented to this forum for comment.
Anyone who profess to have knowledge of everything has exhibited a “monstrous perversion of common sense.”
Therefore, you may have the last word.
@Artax and Walter
Don’t you all see there is an expressed purpose why a few JAs on the blog post comments; to defend the indefensible. By responding you are causing others interested in good discussion to resort to the delete button. Some people will frame all arguments with a jaundice eye. We all see this manifesting daily. There is consensus even among ardent DLP supporters that a grave injustice was perpetrated on Barbadians.
speckled fowl if anybody have a jaundice eye it is you .noboy said that what happen with the clico collapse is right, however some comments take a different approach by pointing out the realities of the challenges involve for the policyholders going forward in pursuing justice,
again those are unavoidable facts which should be told instead of making stories out of intentional hopes and pipe dreams, Trinidad involvement and the variuos episodes contain in the legalities of Trinidad intervention captures and focus all these realities which are not made up of assumptions pontifications or thoughts and imaginations,
BU finds it interesting the JM has asked the court to unseal the JM reports. All those who are interested in pursuing truth and improving governance are encouraged to keep the pressure. The politicians are in it to protect their interest whether B or D, it is left to ordinary citizens to pressure for change.
Interesting to hear acting Attorney General Michael Lashley making public this weekend that the law will be amended to allow lay persons to sit on the Disciplinary Committee. Let us keep the pressure up!
artexeres again you are confusing my intentions with what i have presented are unbiased comments (here) with no attempt on my part to interpret the words of anyone presented in the articles,
FYI what i presented are statements given by both sides in the pursuit of justice by the trinidad policyholders and at the root of theses comments are hardened facts and evedience which cannot be avoided if and when barbados policyholders and their representatives step up to the plate in pursuit of justice
Now one can talk all day about sympathy and callousness of the heart but what underscores all the twist and turns so far of the Clico story is the mismanagement and those who were put in authority (jm) to oversee the progress had failed miserably in doing so on behalf of the policyholders,
however that does not mean that every stone should not be removed in seeking justice ,however those who persist on traveling that road must also be aware of the many challenges and hurdles involved and should not made to believe that at the end of this process which can take many years of legal battles they will come out victorious,
It is looking like OSA departure from thw BLP was a blessing in disguise, unless it was/is a brilliantly crafted plot by the party sanctioned by Owen himself.
Question Where were the JM managers between the years of 2004 and 2007 when Clico was failing to live up to their statutory arrangements , It is truly amazing how the JM seem to exempt self from their role of negligence in the Clico collapse but have used the Houdini method in pursuit of justice,
Ignorance knows no bounds hear!
@ David
Don’t you all see there is an expressed purpose why a few JAs on the blog post comments; to defend the indefensible. By responding you are causing others interested in good discussion to resort to the delete button.
+++++++++++++++++++++++++
LOL
That was Bushie’s initial response, but on the other hand, nothing brings across to BU readers the complete asininity of the DLP’s political logic than AC’s contributions here on BU.
Were it not for AC, one would be at a loss to comprehend that in 2015 we could have such complete assholes among us …. far less for them to be in leadership positions.
The more AC writes, the clearer it becomes that this IS the voice of the DLP and surely this must bring a chill to the hearts of Bajans……
Perhaps you may recall that prior to the change in government in 2007, we had persons of similar intellect cussing, threatening Adrian and generally behaving JUST like AC…?
BOTH our political parties are gutter entities that attract dirt and low life scoundrels. Unless Bajans move NOW to change this reality, we will have no excuse for the fate we will suffer.
Artax, AWTY, and Walter are therefore perhaps doing us a great service in encouraging AC to expound on DLP policy…..
@Artaxerxes…”Therefore, if there was a deficit of the Statutory Fund,… then Thompson, as CLICO’s lawyer, was guilty of NOT advising his clients ON THEIR LEGAL RIGHTS AND DUTIES. As such, Thompson is … “aiding and abetting” in this matter.”
Indeed, sir. Therein lies the rub.
I expect that failure to meet the requirements of the statutory fund is a significant breach of the law.
So as you allude to so well, by Thompson’s actions as CLICO lawyer he was overseeing their law breaking activities and then as PM by continuing this act of illegal facilitation, with great hubris he perpetuated the disgusting act of contempt to the populace he pretended to love and care about so deeply.
Sir, you have been connecting these dots with relentless, painful (for me as a proud Bajan) accuracy.
“… as CLICO’s lawyer and Parris’ personal mate, Thompson would have had intimate knowledge of CLICO’s operations. … would have known of his [Thompson’s] childhood aspirations of becoming PM and would have done all he could to help his mate achieve his objective.
…Bearing in mind that one day Thompson may become PM, Parris would have also not endeavor to embark upon business transactions that would … but bring shame upon the office of PM (unless of course he was promised protection, if the dream was fulfilled).”
I pause..if indeed this was a novel (I prefer Baldacci myself) the clear implication of that thread would have been confirmed with the move to get the government to undertake to ‘take over’ or subsidize the CLICO short-fall.
The conspiracy would have been complete.
Having a check paid to your company for $3.3M for legal fees of which you only take $500K and disburse the balance to the person who originally wrote the check.
The treachery and corruption validated.
At some point in the narrative, there would have been either an assassination(s) or the demit from office. Well there has been a death.
But, this is not a novel. This is ‘high crimes and misdemeanors’ in Barbados.
I saw DT with Mr. Parris stateside some years back. Had heard he had flown in on the CLICO jet.
It is beyond my human comprehension to interpret the behavior of a man who I held in high regard as anything other than putrid, crass Machiavellian corruption.
He spat in the faces of constituents all over Barbados.
Maybe it was his pending mortal doom that caused this behaviour although one would think that would drive him to meet his maker as cleansed as possible.
Artax along with Walter and the others do continue to write ‘your novel’. Discount AC; he too will be visited with the sins of this treason.
@ ac February 10, 2015 at 7:11 AM #
“Question Where were the JM managers between the years of 2004 and 2007 when Clico was failing to live up to their statutory arrangements , It is truly amazing how the JM seem to exempt self from their role of negligence in the Clico collapse but have used the Houdini method in pursuit of justice…”
Are you for real?
Do you know what is a JM (Judicial Manager)? Or do you think the letters JM stand for “Jackass Moron”? Are you really the mouthpiece of the DLP on BU?
Are you the bright reflection of the intellect possessed by the likes of Jepter Physical Deficit Ince, Irene S-G and the rest of the Cabinet running your once proud country further into the depths of economic morass and social despair?
What can we say Miller….
Ignorance indeed has no bounds…
@millertheanunnaki February 10, 2015 at 8:24 AM #
“ac February 10, 2015 at 7:11 AM #: Question Where were the JM managers between the years of 2004 and 2007 when Clico was failing to live up to their statutory arrangements , It is truly amazing how the JM seem to exempt self from their role of negligence in the Clico collapse but have used the Houdini method in pursuit of justice….”
Hahahahahahahahaha!!! What the……….?????!!!
Each time I read that statement, I have to laugh. This shows their interpretation of FACTS and TRUTH should be completely ignored. Here are some people who are prepared to emphatically comment about a judicial manager when they have absolutely no KNOWLEDGE of what the judicial management means or what the process entails.
And you know something Miller, they are going to defend that statement.
What a monstrous perversion of common sense.
Miller, AWTY, Prodigal, DeeWord. David & Bushie………. I move that AC’s above statement, exhibit A, be introduced into evidence to substantiate there is a significant level of truth in the maxim (as quoted by Will Rogers) “When ignorance gets started it knows no bounds”.
i know and understand and completely is acceptable that any views that are in opposite of opinions presented would be vocally attacked and whiplashed into submission serving as a vechicle to deter
Most notably all of the retorts have level attacks on others perceptions which are blatant lies and untruths.
What is so interesting that through out the process of Fact finding in the BU courtroom all and sundry have been able togive testimony without being challenge.
See wuh I tell ya, Miller, duh gine be foolish enough to defend um.
@DeeWord
Your last comment does not thread Mara into the novel.
clearly what is being demonstrated is a transparent attempt to undermine any disclosures and involvement which lead to the failures of Clico starting in2004 under the BLP govt and that is no laughing matter
ac
………………but what is in the forensic report that everyone wants to keep buried? It is only a matter of time before the Prime Minister states that this forensic report was also stolen, yes?
@ac February 10, 2015 at 11:39 AM …clearly what is being demonstrated is a transparent attempt to undermine any disclosures and …failures of Clico starting in 2004 under the BLP govt and that is no laughing matter”
Actually AC, for your protestations on this subject it is indeed a laughing matter.
As far as you are concerned, Walter, Artax, Are-we, the JM and all others are lying or misrepresenting the facts.
That sir is hilarious. And so are you.
The comedian Jon Stewart had an awesome take regarding the ongoing saga of the prevaricating news-anchor Brian Williams which I believe captures your perspective well.
“Finally,” Stewart announced, “someone is being held to account for misleading America about the Iraq War.” This is VERY hilarious.
Like the news-anchor take a leave of absence and come back when we can again trust you to be a truth-teller!
@ Dee Word
Immediate apology demanded!!
While referring to AC you said “that sir…”
The primary ” alternating character” of the being called Legion might be female but it also has male manifestations.
It is indeed a multifaceted she/he/it which, for ease of identification may be compressed to Sheit not to be confused with or pronounced like the bad word Sh*t.
Thanking you on behalf of the androgynous blogger population
We can’t see how an appeal to this DPP, Leacock, will be anything more than literary device to highlight a worthy issue. We have been away for some days and obviously have no interests in reading all the contributions. However, we would venture that the brightest light here, Bushie, would have said that neither Leacock nor his office will never be a solution, and indeed are a large part of the problem.
That discourse would’ve cited how this very Leacock walked into a courtroom in Barbados and informed a judge that his office had no interests in pursuing charges against a man caught with the possession of hundreds of pounds of marijuana. A son of a popular journalist. All this while the police were in the middle of their case against the accused.
More fundamentally, our intellectual prop, Bushie, would have made the unavoidable point that deeper actions would have to be taken to correct this CLICO injustice. This is not the first and is unlikely to be the last. Actions which go to radical transformation, not tinkering, are needed. It might have been better to appeal to the UN or the ICC than to anybody in Barbados. Not that these are much better, but international exposure would deliver some pressure at source. For the systemic corruption in Barbados cannot be remedied by the prosecution of one or a few individuals in this latest fiasco.
Leacock is central to the classist, colourist, establishment in Barbados. An establishment which has hundreds of years of self protection. This whole regime needs to be brought down. That is the real challenge for Bajans. The days for all the easy answers are long over. This is the time for a radical approach. Down with tinkering, up with revolution!
— David 10:48 AM #—Your last comment does not thread Mara into the novel.”
Moderator: Let me make a juck at this.
Mara is complicit with the PM’s fraud and lying scunt.
He put she to work at the same school he was at. That now worthless place in Waterford.
She was part of his law firm as the business manager.
She come from a political fam in St. Lucia, so she know all about the ins and outs of this game.
She jump on pon the seat in St. John pretending that the party people had to encourage she real bad to run.
Wha more you want.
She smart but if she think people can’t see through that cloak of innocence, she fooling she-self real bad.
And a lotta people who lost all tha money got a seething hatred for she and all she family and them children.
It would not be pass strange when she relocate to the family place in St. Lucia and move into she mansion there. Tek that blood money and run cause when we ready for they rass we coming for every ting.
That discourse would’ve cited how this very Leacock walked into a courtroom in Barbados and informed a judge that his office had no interests in pursuing charges against a man caught with the possession of hundreds of pounds of marijuana. A son of a popular journalist. All this while the police were in the middle of their case against the accused.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
WOW WOW WOW
Grace! does the forensic report accused DT of money laundering Question how are where these allegation began brings to mind that if a lie is said often enough somebody would be bound to belive it as in this case where thepressure brought forth has all but forced those who werethe gate keepers and overseers of. the overall management of Clico to become judge !jury and executioner to cover their asses.
Of course,it didn’t. They never do, as that’s not their purpose. Forensic audits simply provide evidence.
Grace Fuller February 10, 2015 at 11:44 AM #
It makes no sense you engaging the AC consortium on this issue, because no matter how rational an argument you present, their main purpose on BU is to defend the DLP, even if it entails exposing their ignorance.
The consortium has demonstrated, beyond reasonable doubt, they do not know the rationale behind the court’s appointment of a judicial manager. Therefore, continuing a discourse with them on the CLICO affair is useless.
PODRYR
I was hoping to hear from you about my post at 12:35 yesterday on the TOURISM:WHAT IS THE ADVERTISING STRATEGY IN CANADA? blog, but I guess you went off for your afternoon nap.
Glad to see you are back with your insightful input
@ Enuff February 10, 2015 at 2:33 PM #
“Of course it didn’t. They never do, as that’s not their purpose. Forensic audits simply provide evidence.”
Another reason why you should not dialog with an idiot who is boxing wild to protect a political party without an understanding of what a forensic audit entails.
These situations occur when individuals find it necessary to comment on EVERY SINGLE issue that is presented to BU for comment, even though they are ignorant to the facts of that issue.
Perhaps the consortium should leave these topics to people who have knowledge and understanding of these matters, and stick to what they usually do…… throw licks in Adrian Loveridge and Jeff Broomes.
Wasn’t there a big up white lawyer who was charged for beating a black boy in Highgate gardens and discharging a gun? Is there a reason that this didn’t make the lawyers in the news page?And let’s not discriminate, how about a doctors in the news page?
Star witness artexeres how do you explain”away”the fact that all this illegal activity was done right under the goverance of theBLP.please address the jury and i for. the respect to the BU court please refrain from attacking defense witness in your attempt of diversion.
@ Lee
That now worthless place in Waterford.
KIss Your Fckn AsK.
Awright then I can’t tarnish all wannaa so let me say that now worthless piece of crooked humanity who went to that place in waterford.
Oh shiiiite I step pon your toes. Sorry. Cuh dear
Simple…… the same way “the illegal activity was done right under the governance of the” DLP during the period 2008 and 2010.
@ ac. You are asking the wrong person. You should have asked David Thompson how he did it. Since he has departed the stage ask your friend Leroy Parris..mam!
@ac February 10, 2015 at 5:03 PM…Star witness artexeres how do you explain”away”the fact that all this illegal activity was done right under the goverance of theBLP.please address the jury and i for. the respect to the BU court please refrain from attacking defense witness in your attempt of diversion.============
Your honor can we approach the bench. Walk,walk…
Sir, I am afraid that there is rather explosive information to be laid before the court related to the PM of this country and I want to give you a courtesy preview before I make my presentation.
Judge: Ok, what is it?
Sir, it has been brought to our attention that Mr. Thompson in his capacity as an attorney was responsible over the periods under review for not properly instructing his client of the need to meet the statutory requirements. And as such he was in breach of the laws as well.
Furthermore sir, after he became PM we have further discovered that in his capacity as Min of Fin with oversight for the CLICO matter he was party to matters related to their possible rescue package.
Sir, this was certainly at minimum a conflict of interest and at best a possible fraud matter.
Judge: Ok I see. Well we will not make unsubstantiated claims in my court so we will forgo the comment re any possible fraud at this time but proceed with the overall remark.
Ok, your honor. There is one more important thing. We have also discovered that a check for the sum of $3.3M was paid to the PM’s Law office by CLICO on the approva of Mr. Parris allegedly for legal services rendered.
Judge: Ok, so there was a lot of work done. Quite a bit.
Well that is exactly the issue sir. Only $500K was actually retained by the law office as fees and the balance of the money was paid directly to Mr. Parris’ consulting firm and described as his outstanding gratuity.
Judge: I don’t understand. If it was legal fees why was it paid to Parris or why was there not an arrangement for his gratuity to be paid directly to his consulting firm?
Well sir that is why I wanted to speak to you before I mentioned this in open court. That action as you know is fraud and is a criminal offense .
Ok. Then Judge to all: Ladies and Gentlemen Court Adjourned for today. We will reconvene….ah…next week.
So AC , it really is not about the BLP’s oversight. Your PM was their lawyer all those years too. Didn’t he have a legal oversight to ensure they did the right thing!
So the BLP were wrong but your boy was a direct part o CLICO’s ill-begotten deeds. Cease and desist, please.
You don’t seem to realize you are digging him a new grave every time you bring this up. He was their lawyer. He is COMPLICIT with their crime.
Surely ignorance knows no bounds?
good try dee ,another diversion you may leave the bench.. judge i asked that such testimony in lieu of the question asked not be permissible as evidence,
what we have here is a glaring monstrosities of houdinis played out in broad daylight in the courthouse,
the evidence given by the witness would suggest differently based on assumptions and speculation and not in correlation with what was presented by the prosecutor who in his opening statement said with clarity that he would prove with significant evedience that between 2002 until the collapse of Clico the BLP was in total control of running the affairs of this country and had forgo proper governance of Clico with proper oversight as said in his opening statement
On forbearance as to what the prosecutor said in his opening statement
my question to the witness and his reply either is an indication that the BLP
was not the govt of the time which would make the prosecutor opening statement a falsehood or by some unknown act the DLP took charge of the oversight and running of Clico affairs with the knoweldge and consent of the BLP govt,
therefore i also will express concern that if all that have been alleged done
by the defendant the govt of the day would have played a helping hand
in orchestrating and covering up these fraudulent actives by the defendant,
Sir the witness has been blatantly hostile in the attempt to avoid the question. as well as mislead the jury,
@ David you need to stay out the yard speckled fowl before sumbody throw some dirty water on you,
@AC
you are that stench that nothing can keep off
@ ac Only David Thompson and Leroy Parris know how they managed to avoid scrutiny. Since David has departed the stage it is best that you find out from Leroy. However, since Leroy claims that his hands are clean, we need that forensic audit. And how do you plead, are you an accessary?
@ watchman
LOL you watchdog seem to love the smell cause where ever ac turn up some how you seem to follow the odor,
@ AC
your stench run the dogs
Deloitte & Touche
The Phoenix Centre George Street
St. Michael, BB11114
Barbados W.I.
Tel: +1 246 430 6400 Fax: +1 246 430 6451
http://www.deloitte.com
Renatta Mohammed
Deloitte & Touche
Manager, Marketing & Business Development
Email: renmohammed@deloitte.com
Update from the Judicial Manager of CIL
Barbados: Tuesday February 21, 2012 – Deloitte Consulting Ltd. (represented by Oliver Jordan and Patrick Toppin) the Judicial Manager of CLICO International Life Insurance Limited (“CIL“ or “the Company”) yesterday reported to the High Court of Barbados (“the Court”) on the status of its efforts to identify an investor with the depth of management and financial capacity to acquire the operations of CIL, with the aim of completion by mid-2012 of the possible sale of the assets and policyholder liabilities of the Company.
The Judicial Manager also presented the Court with its recommendations arising from the Forensic Audit that was commissioned on the Company.
A KEY OBJECTIVE OF THE FORENSIC AUDIT WAS TO INVESTIGATE THE “AMOUNTS DUE FROM RELATED COMPANIES” WHICH TOTALLED BDS$370MILLION AT THE DATE OF APPOINTMENT OF THE JUDICIAL MANAGER. The forensic team was able to identify substantially all of the intercompany balances during the course of the audit. It was however noted that access to documentation, held by related entities which are not subject to judicial management, would be necessary to establish the validity of certain transactions.
In light of its primary mandate to identify a course of action that is most advantageous to CIL’s policyholders, a recommendation was made by the Judicial Manager, and ACCEPTED BY THE COURT, for the Financial Services Commission of Barbados (“the FSC”) to initiate, WITH THE ASSISTANCE OF THE APPROPRIATE GOVERNMENT AGENCIES, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS.
The Judicial Manager undertook to cooperate with the FSC and any other agencies to provide such information that the Judicial Manager possesses, if required, during the conduct of these investigations.
The Judicial Manager wishes to assure policyholders that all efforts are being made to expedite the process of transferring of CIL’s business to a qualified investor and that it will continue to provide updates as key milestones in this process are achieved.
.Furthermore sir, after he became PM we have further discovered that in his capacity as Min of Fin with oversight for the CLICO matter he was party to matters related to their possible rescue package
ooooooooooooooo
Call him smooth criminal…….had Bajans BLIND.
@ Heather
Every one of the MP and families,the persons that benefited since 2008 are accessories and by extension CURSE
As stated by the press release:
“In light of its primary mandate to identify a course of action that is most advantageous to CIL’s policyholders, a recommendation was made by the Judicial Manager, and accepted by the court, for the Financial Services Commission of Barbados (“the FSC”) to initiate, with the assistance of the appropriate government agencies, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS.”
“The Judicial Manager wishes to assure policyholders that all efforts are being made to expedite the process of transferring of CIL’s business to a qualified investor and that it will continue to provide updates as key milestones in this process are achieved.”
The JM has indicated their interest in continuing providing information to the policy holders. Why would the FSC prefer to protect those individuals who were exposed by the audit by requesting the new report remain sealed, rather than let the policy holders be privy to any information that may help their cause.
Perhaps we’re beginning to understand why the minister under whose portfolio the FSC comes, wants the new forensic audit report remained sealed.
Corporate Governance
The corporate governance structure of the conglomerate CLF has to be factored into the analysis of CLICO‟s collapse because although the business model was high risk and dangerously flawed, the regulators were not blameless
The evidence indicated that the “soft touch approach to regulation which was essentially based on moral suasion while aligned to the philosophy of the market mechanism had led to the excesses that caused the crisis
Citing a source to avoid plagiarism is a pillar of honesty:
http://www.aijcrnet.com/journals/Vol_2_No_2_February_2012/20.pdf
@Puzzle
Interesting intervention, the incestuous nature of the rock breeds many of the problems we face. How do we counter?
watchman February 10, 2015 at 7:35 PM #
AC
your stench run the dogs
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
ummm watch dog seems like you the only one dog it attract, hee hee hee
here come speckle fowl again flapping the wings,,an anonymous source citing an article can not be charge with plagiarism. .even if the source of the content is from another person. that being unless the one sourcing the article intentionally an purposefully/willfully attaches their own given name/s to the article an deeming the article to be that of their own .
These nut cases posted on BU yesterday that T&T spent TT$20B on the CLICO investigation and have not been able to find the cause of its collapse or charged anyone for what transpired. They were also querying whether it would be a wise decision for the Barbados government to proceed on a similar path, at the expense of the tax payers.
Now today, they have concluded that the Barbados Labour Party is responsible for the CLICO debacle. We can thank the consortium for saving the taxpayers of Barbados significant sums of money that would have been incurred from a full scale investigation.
@ AC
where you learn your english
uh learn um it at de stan pipe whey de is nuff atikulashun on any ting pulickital ushually led by a bunch of yardfowl lmalcontents with Bees stuck under dey arms , btw i see u dey most of de time looking fuh sumting stink to smell yuh ole skunck ,
wuh artexeres why u get so agitated all of a sudden, i meaning you have not even been question by the defense yet, yuh se what i mean, there is always two sides to a story and a good defense lawyer can turn the best of any one given story on its head ask F. lee Bailey
AC, one must appreciate your tenacity but unlike the Light Brigade or Gen. Custer’s last stand yours is not a noble fight to the death. You are dying for a cause that is vapid and without soul.
You quoted from a solid report (David posted link above) but as I mentioned earlier you continue to dig a new grave with every new remark.
You noted that : “The corporate governance structure of the conglomerate …the business model was high risk and dangerously flawed, the regulators were not blameless…”
But left out :”the CLICO business model was viewed as a ponzi scheme or alternatively, as a pyramid scheme…” .
That says a lot about your PM’s awareness as a corporate lawyer and his lack of care for the many Bajans who have been affected.
Additionally, you didn’t quote “Some of the deficiencies in the corporate governance structure of CLICO included too much control by the
chairman … failure of the directors’ fiduciary duties, failure of the
directors’ duty of care and skill, conflicts of interest, poor risk management, political influence…”
David Thompson won an exhibition scholarship at Combermere. That is to say he always showed himself as able to read voluminous data, dissect and interpret it and write impressive, detailed analysis of that data.
He was a corporate lawyer and as a young parliamentarian undertook the economics and finance portfolio of the gov’t. That says he knew his economics, how to review the financial data of corporations and he knew the laws pertaining to those corporations.
But despite that training and avowed abilities your PM was negligent in all the key areas.
He did not act AC. He was simply missing in action. Where was all that intelligence?
Was it the conflict on interest of flying in the corporate jet of a company directly under his jurisdiction?
What was it AC? When did your PM go to sleep at the wheel? Was it the millions of dollars he was getting from Duprey and Parris?
AC how can the regulators be blamed alone when CLICO simply refused to obey the law and their learned counsel aided and abetted them.
Will you find an excuse for his every crime AC? Be noble at least.
ac February 10, 2015 at 9:45 PM #
“wuh artexeres why u get so agitated all of a sudden…”
Agitated?? Far from it. I’m guessing you can’t recognise sarcasm.
no bozie not one known as being a high stake gambler,
@ deem
o;k mr prosecutor/witness i notice your intention of wearing both hats,
given all of your torrid ability to scuntinzed, how is it that you so aptly overlook/ dismiss all the major players that brought down Clico and can only focus onone piece of the the puzzle as being the major straw that broke the camels back, .
…………………………………………………………………………………………………………………………..
hard clico lessons for the carribbean
A recently completed report on financial and socioeconomic principles and practices in the Caribbean suggests that regulators around the region either missed or ignored the warning signs that the once-mighty CLICO insurance empire was in trouble.
One of the key regulatory challenges was weak governance.
It is a complaint amongst policyholders around the region that regulators stood by while CLICO companies ignored the financial rules as depositors and policyholders’ money was used to fund billion-dollar projects put together by parent holdings group CL Financial.
The Caribbean Trade and Investment Report 2010 released last month in Port of Spain suggests that the CL Financial debacle illustrated certain important weaknesses with respect to the regulation of the non-bank financial sector.
Besides the failure of the regulators around the region to monitor the level of the insurance statutory fund, there was also the apparent lack of ability on the part of insurance and securities supervisors to determine if uniquely described financial instruments were really insurance vehicles.
This confusion suggests that regulators, who have been playing catch-up in the area of financial innovation for years, will simply have to do much better to prevent a repeat of the CLICO collapse.
@ DeeWord February 10, 2015 at 9:55 PM
Your succinct vivisection of the dying CLICO patient and the role played by former Prime Minister(s) in the capacity of chief regulator (Minister of Finance) is indeed worthy of note and makes a commendable lesson to be learnt for the more effective functioning of the existing and future regulatory framework.
However, you have omitted a cardinal procedure from your operation. It is that- despite of all is known about the causes and human actors and agents responsible for the debacle- nothing is being done to rectify the situation or make amends for the pain and suffering of the victims brought about by this illegal Ponzi scheme.
What is the position that has been adopted so far by the devil of integrity PM Stuart and the pathological liar Mr. Sinckler the honourable Minister of Finance and chief regulator of the financial services industry?
Isn’t it one of protection of the same locally-based racketeers in true Mafia-like fashion?
Shouldn’t the question be asked of the existing law enforcers why isn’t anything being done to charge the CLICO villains and their accomplices for fraud and criminal negligence?
This is the only way the pending cadaver called John Doe CLICO can be buried without spreading further putrefaction to the economic fabric of a decaying society.
@ ??
I noted that someone gave the ole man a gentle chastisement for my oblique? comment namely “how my chopping up remarks” may bring some ire against BU since the comments may be construed as de ole man “promoting violence and treasonable actions” on the blog.
As a man who din got no gold sppon in he mouf at birth, I might be among those of the economically disenfranchised who think it somewhat hypocritical a stance to promote that when violence against “big up peeple” in Bulbados is SPOKEN OFF one would see it in the context of undesirable social dissent and treasonable actions.
Yet, WHEN SAID VIOLENCE IS ACTED OUT in and amongst the JASON WALL’s of Belleplaine, the Rashon Allexander’s and other ghettos and gazas, almost every week from the beginning of this year, NOT A MAN JACK DOAN SAY A TING!!
In fact, like the song of the Young Merrymen does say, it is like if we silently, and collectively, hope that “when de men kill de men, all dat is left is de wumen” would play out among the gaza-ites as de fellows effect retribution for “product collected on consignment”, distributed and paid for but proceeds not delivered to the facilitator of the consignment”.
So eight gunshots or drive by shootings or whatever crime in Gaza don mean Jack Schitt!!
Conversely, in our prim and proper society, when insurance premiums (or lump sums invstments) are paid for the consideration of say monthly annuity payments, and said annuities, monthly payments, investments and proceeds of these investments are stolen by the CL’s and Greenverbs of the Heights, just remarking that incidents like Solomon Hem Lee have a purpose in the grand scheme of things is “anathema”.
It would appear that there is a silent law of the Medes and one for the Persians where, because of who the beneficiaries of these “white collar” ill gotten gains go to, a difference social justice is permitted.
The rule seems to be “since the scum of the earth, from Gaza, getting shot and kill out, by shotguns, wielded by 15 years olds, and young mens, dat be OK, but we are forbidden to have any similar retribution verbalizations for our renown, white collar thieves, because such is sedition and treason and “the blood of these noble men is of more gracious stock that the plebeians’ own.”
It is OK when the Hand of the Creator, takes out on of these crooks, but it is seditious to speak of “physical interventions” by citizens who just cant tek it no mo’
Before the end of 2015 Barbados is going to see that type of retribution, mark de ole man words….
DeeWord February 10, 2015 at 9:55 PM #
@AC,
You noted that : “The corporate governance structure of the conglomerate …the business model was high risk and dangerously flawed, the regulators were not blameless…”
AC,
This statement is true, and is far more revealing than you might think.
Within the realm of civil service administration related to financial services, these are the major players, for the purpose of this discussion:
Ministry of Finance (Erskine Griffith, Grantley Smith, William Layne)
Supervisor of insurance Department (Wismar Greaves, Ian Carrington, William Layne, Carlos Belgrave)
Financial Services Commission (Ian Carrington)
National Insurance Department (Grantley Smith, Ian Carrington, William Layne)
Department of Inland Revenue (Sabina Walcott)
You would not find the positions of these civil servants advertised in the newspaper too often, if ever at all. These people were handpicked.
To round off the complete package of “regulators”, here are some of the more recent Ministers of Finance and Prime Ministers that these civil servants responsible for financial services would have dealt with:
Erskine Sandiford
• He and Erskine Griffith handpicked Wismar Greaves as Supervisor of Insurance
David Thompson
• He fraudulently diverted policyholders’ premiums from CLICO
• His law firm left its fingerprints on a cheque for $3.333 milion of CLICO policyholders’ premiums.
• He Handpicked William Layne to head the oversight committee, after the CLICO collapse had become apparent.
Owen Arthur
• Handpicked and “used”a weak regulator in the form of Carlos Belgrave.
• Handpicked Erskine Griffith to be a member of his cabinet, and to be a senator
• Left his fingerprint on a cheque that he cashed for $75,000 of CLICO policyholders’ money.
Chris Sinckler & Freundel Stuart
• Handpicked Wismar Greaves to be a Director of a company which was ostensibly and hurriedly set up to prevent the JM forensic report from being unsealed.
As you reflect on the names above, put yourself in Mia’s shoes. Imagine being humiliated, attacked, and kicked to the curb as soon as Owen discovered that David “Ali Baba” Thompson had a terminal illness. Imagine yourself with a second chance at Owen after the results of the 2013 elections. How would you fend him off this time?
In a move that 99% of Barbadians missed, Mia “told” us that if the country was in trouble, then those on her side who were “eminentlly” responsible for the creation of some of the problems ought to be the ones telling the public what the solutions were.
She named Owen Arthur and Erskine Griffith. Immediately, all hell broke loose with Owen.
Why?
Surely our “regulators” are not blameless.
CLICO SCHEME
FORENSIC investigator Robert Lindquist has uncovered what is being described as an elaborate scheme within the CL Financial Group, where annuities, with attractive returns, were being sold by insurance power house CLICO but that customers’ investments were being funnelled for ghost services to the group.
CLICO’s insurance agents, were rewarded with astronomical commissions to push the annuities which offered a 30 per cent return every year, far exceeding that offered by other insurance companies.
Financial records under probe have revealed that large deposits were made to the Statutory Fund a month before the deadline, but the scheme began to collapse with the downturn in the economy and the slowdown in the sale of the annuities.
@Walter
The discussion needs to go pass blaming regulators and the lot. We know from reading the Auditor’s General reports over the years and by observation we have a governance system severely compromised largely because of the incestuous nature of our society combined with a passive population. How do we unravel and fix it? The reason why this will be difficult if you read some of the comments is that we frame everything in the country through a political lens. It is B or D’s fault.
Clico policyholders affected continue to rely on the justice system and regulators doing right for them but we know this will not happen. If we do not get whistleblowers to come forward the assets of CLICO will collapse like the proverbial house of cards. Miller is correct, who cares about the policyholders. The current and former JMs have made a mint so far and what progress have we made to making good for the policyholders? This is where the attention of a caring society, including government, must prioritize. Instead we have the political and as covering sideshow.
JAs
to say that nobody cares about the policyholders is a case of where verbal diarrhea collides with high grade yardfowlism . most govt in the region have been fighting tooth and nail collectively to get whatever they can from any potential assets belonging to clico but to no avail due to the fact having to interact with the high powered mechanism that protect corporate goverance, some nations have all but been forced to retreat because of the high cost involved,
what is amazing however is that the political directives of barbados political “(hard core)”have only zoomed in on 3million dollar payout to LP which was handled by DT associates that only appears to be some kind of a political “payback” and very little to do with (if)any to seeking justice for the policyholders all this being done at taxpayers expense ,
The lack of outrage that David Thompson’s law firm would generate a false invoice to facilitate the payment of ‘gratuity’ to Parris and then a purebred yardfowl jackass posting on BU would dismiss it as poppycocy shows where we have stooped in the name of being a politically motivated. Like Bush Tea has stated the more the JA offers comments the more their yellow JA is exposed.
@ AC
As we have said before, if you could serve God as you faithfully serve the DLP, you would be assured of a place in heaven, with Bushie!
Not at the station, but in Heaven nonetheless.
Do you really believe that Caribbean governments, any government, could fight tooth and nail to get back policyholders moneys or rights? Has this ever happened before? If so, when?
These miscreants you have so much expectations of, respect for, are all worthy of the guillotine.
Who is the CEO of the FSC and his relation to David Thompson
In case you don’t know it’s Randy Graham David Thompson nephew!
https://govtrequests.facebook.com Barbados was the only Caribbean country making a request.
https://transparency.twitter.com/additional-information
yeah that makes many of us as they say there is always more in the mortar .the political directives are obvious, solely driven in name of political hypocrisy at the highest level in pretense of intervening on a false and delusional premise goaded and dis stilled as that in the best interest of policyholders when all is said and done nothing if ever recovered of the 3million would ever go to the policyholders and DT would continue to rest peacefully in his grave, We might be all JAs after all
St Lucia comforts CLICO policyholders
“We continue to work assiduously with the objective of deriving a regional solution which is optimal for policyholders in all practical circumstances,” Anthony said, adding the St. Lucia government “continues to work closely with the government of Barbados and other OECS governments in an effort to secure the most advantageous and beneficial interest of our policyholders.”
“Government recognises the burden which policyholders have had to endure and the tolerance and patience exhibited thus far…” —CMC
@ pachaman and your point should be directed to those who see this issue as solely a Barbadian problem Good retort , However do not repeat that you maybe in danger of losing your preferred status on BU,
Ignorance surely has limitless bounds.
@pieceuhderockyeahright at 11:36 PM…”I noted that someone gave the ole man a gentle chastisement for my oblique? comment namely “how my chopping up remarks”===============
I suspect that someone was me.
You see, your point like that of Pacha’s guillotine method is anathema to me in the natural course of life and I am truly concerned that the more I read of what DT and others have done I am ashamed to say that I am tripping over to that dark side from the pain.
But that’s not the way and I have to pull back. So my admonitions to you are as much an alert for me to keep on the path of perceived righteousness.
To be better than those evil carcasses who facilitated this mayhem.
It’s a hard road to hoe but whatever it takes legally to get these criminals to suffer is the way to go.
But, I can admit here freely that I am so absolutely devastated by the scope of DT’s and others perfidy that the concept of swift and summary judgement actually sounds appealing.
That sir is scary. I need either to stop reading BU or get a firmer grip.
The other part of the dynamic is what of the others out there who travel a similar path but are so wronged that they don’t pull back…so, we always have to be careful what we say.
DeeWord February 11, 2015 at 7:52 AM #
DeeWord, did you read the Deloitte press release re:
“A key objective of the forensic audit was to investigate the “amounts due from related companies” which totalled BDS$370million at the date of appointment of the judicial manager.”
“In light of its primary mandate to identify a course of action that is most advantageous to CIL’s policyholders, a recommendation was made by the Judicial Manager, and ACCEPTED BY THE COURT, for the Financial Services Commission of Barbados (“the FSC”) to initiate, WITH THE ASSISTANCE OF THE APPROPRIATE GOVERNMENT AGENCIES, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS.”
What do you, AWTY, Miller and Waiter have to say about the $370M “due from related parties”?
Have you also noticed the JM requested that “with the assistance of the appropriate government agencies, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS?”
@ac February at 7:25 …”… solely driven in name of political hypocrisy at the highest level … 3million would ever go to the policyholders and DT would continue to rest peacefully in his grave…”
I appreciate free speech and recognize that to deny anyone their right is to deny myself that right too, so speak as much as you want.
But AC, what exactly is the point you are trying to make re DT?
AC David Thompson was not a soldier marching to orders and who was unable to affect the war’s outcome with his one cannon on the battlefield. God Lord dude/dudette he was one of the f—- GENERALS.
In fact, forget one of the Generals, the man was the 5 star general, the Commodore, The Admiral whatever is the very top post, that was his.
At the top you actually SHAPE the war: where troops should be best deployed, when the attack will take place, when the drones will be used or the battery of missiles.
So back to real life, as Walter explained above, the General can choose his most skilled Colonels like the Laynes and so on to attack the enemy, go meet with them to initiate a peace treaty or whatever he thinks is best.
AC I know you get this so these pathetic attempts clearly show why our country is in this shape.
I really do hope that your children grow up or if already grown, that they really delve into this part of Barbados history and when they discover your perfidy in trying to defend the single most heinous act of political fraud and criminal malfeasance that they have a compete epiphany and turn on your backside and when you are old and feebly they drop your ass in an old people’s home and leave you there to rot out your final days.
When you can highlight the $3.3M check and suggest that DT would be resting peacefully in his grave when all the investigations show he committed a blatant fraud to his profession, the laws he swore to protect when he raised his hand at Gov’t House and most importantly to thousands of bajans who adored him without question then you deserve to live a long and painful life.
And I do apologize for the rude comment but you see I too thought the lad was a role model and was proud to talk about him and to know him. If you still think so clearly you got some of that $500K and feel obliged to defend.
DT’s behavior in this matter was evil.
Regardless of what Arthur or anyone else did, Thompson was STILL EVIL. Two or three evils and he was still Mr. Big Evil.
He should never rest anywhere peacefully. Nor should you if you can’t be honest.
@ ac February 11, 2015 at 7:25 AM
Ac (the absolutely confused lot), why don’t you do yourselves a monstrous favour and just leave this CLICO topic alone?
You have already fallen so deeply into the bowels of immorality by purging yourselves of any scintilla of honesty and thoughts of decency thereby committing a monstrous pervasion of commonsense; and so blinded to the facts you have chomped on the biting Truth with disdain.
Why don’t you go, in true hypocritical sanctimony, and support Donville Inniss’s call for the privatization bell to ring louder? Yes, yard-fowls you are being invited to feed on the privatization grain of DLP lies and deceit.
The “P” word is back in fashion. Which one will go first? The Air Port or the Sea Port?
Only ac the DLP oracle of Delphi can tell.
Walter Blackman @1:48am last night
Your post is the clearest pointer to the likely motivation for all of OSA’s apparently strange actions re. Mia Mottley. I have recently been thinking along those lines but you have clarified it.
Your post can clearly be read as intimating that OSA recognizes that MAM is the nemesis that could totally destroy his legacy and has been wildly thrashing about to head that off. Every action of his re. the CLICO matter can be explained from that starting point.
And this from a man who claimed that cover-ups were anathema to him and sought to ensure that everything he and his administration did fitted firmly within the “four walls of the law”.
The actions that were apparently inexplicable now make sense.
A pox on both their houses.
@ Dee Word
I too hate the thought of the “dark-side” and do verily believe that “there is power in the spoken word” and while not wishing to give this idea of social anarchy “flesh”, I am however cognisant that the “three men walking in Bridgetown at 2 a.m. encountered 2 policemen and fired upon them. Police are investigating…” story is glaring evidence of what is “out of the barn” and what these nincompoops CANNOT SEE, NOR DEAL WITH.
The truth is that NEITHER PARTY, the DLP or the BLP, can address this morass
@ David [BU]
Which brings me back to you and the “common denominator” which at the micro level has manifest itself in this CLICO travesty of justice but is really a cancre that holds the entire cvntry captive in its grips.
Policemen SHOT AT.
Man shot in daytime, IN BRIDGETOWN, BY 15 YEAR OLD BOY
We have a serious problem that our politicians are aiding and abetting, our priests and the church are sidestepping, our community leaders are too frightened to talk about and YOU & I, citizen John and Jane Public are repeatedly electing the same filth to lead us through and then “wondering why we are where we are??”
“CHANGE OR DIE”
Unlike most who see DT as the end all of Clico Barbados ac cast a bigger and wider net with the intention of catching big fish as well as small instead of fighting over crumbs in search of justice.
in the meanwhile you guys have set up an interesting and somewhat persausive conclusion as “yet to be tested in court. hopefully when the dust is cleared and law and order is given a fair play the end result mighy be enough to satisfy .however in reality i do not belive it will.
Deeword; re your 8:29 post;
My sentiments exactly!
Artaxerxes:
I’ll respond to your earlier post later. But I think you’ve highlighted a key aspect of the matter and provided some facts that show how many of the regulators that Walter Blackman named and perhaps a few other strategically placed “generals”, failed miserably in running with the ball that the Court approved JM’s report passed them. There is no valid excuse for the failure of the regulators to have followed up the mandate the court gave them.
The strategic choices of “creatures” by the various Ministers of Finance must have played a large part in the ultimate pain many of us are now suffering.
To repeat, ac knows what she,he and it reads in the online version of the news. Anybody who would dare to ask why JMs were not appointed in the years 2004 to 2007 deserves little time of day. These are challenging times for the country and we all need to lift the debate which hopefully will lead to informed positions. Do not forget the political JAs and surrogates read BU and there is hope beyond hope for their children’s sake and a smeared legacy it may be a catylst for change.
On Wednesday, 11 February 2015, Barbados Underground wrote:
>
@ AC
That’s the the same diplomatic – political talk we hear all the time. The kind of talk that will continue until the people finally realize that their money is gone for ever, never to be returned. We heard it as far back as the Trade Confirmers fiasco to the Allan Stanford deception.
This is nothing new!
We were not aware that we had any particular status on BU. If we did it must have something to do with the scores of articles written or the positions taken with conviction, positions with can stand up to scrutiny .
We invite you to enter those inner chambers.
@AC
This writer warned your late maximum leader that CLICO would have been the bane of the DLP and himself. But he could not listen for Parris was paying the bills then.
Seems we were wrong, for CLICO could carry down all of Barbados too. Even he, before he went, had no interest in securing the policyholders’ interests. And even if he did, he was powerless.
@david. speckled fowl why you trying to discredit ac one. hour does not make a day as you soon would learn when the truth unfolds in the barbados court
btw how do you get your information about world politics JAS
Ignorance floats over boundaries i.e. it has no boundary.
@ AC
David Thompson would never R I P , and as the Devil still lived in people like you so too, will the EVIL that David Thompson did live in the mind of DLP ministers and families and all you yard stocks of the DLP , the CURSE is on all you that is why you have to be the way you UGLY
@ Artaxerxes February 11, 2015 at 8:18 AM #
“Have you also noticed the JM requested that “with the assistance of the appropriate government agencies, further INVESTIGATIONS INTO THE SIGNIFICANT TRANSACTIONS IDENTIFIED IN THE FORENSIC REPORT AND PURSUE ANY REQUIRED CRIMINAL AND/OR CIVIL LEGAL ACTIONS?”
……………………………………………………….
Artaxerxes,
I too saw the notice and concluded that they have seen and followed the money trail.
The FSC will not act, no wonder it is trying to block the bid to unseal the JM’s report. The FSC is headed by Frank Alleyne as Chairman and the crooked, lied dead king’s nephew.
The DPP will not act, the only times I saw him act fast was when the big donor’s son shot his son or when British visitors are in trouble as he likes to hob nob with the UK diplomats.
The JM’s had to see where this money has gone and this corrupt government will never do any thing to solve this matter……….they are punishing all the policyholders with laughter!
The dems day will come. We cannot get them to be outraged at this nor that taxpayers cannot get back their VAT or tax refunds nor can the NCC workers get their dues but they can become enraged to call Brasstacks to lambaste Mr P for saying he will not stand up for the National Anthem again.
Lord have mercy!
@WALTER
Anachronistic.
In this place , day, time.
To aim comments , as yours, at the very personification of the filth and corruption ,supporting ,that of which, is your subject matter.
I appreciate the shadowed sarcasm.
Yes I agree with you totally.
What you are asking is Who does the Island population of Barbados have to turn to for JUSTICE!!
NO ONE.
Charles Leacock?? DPP.
I don’t think so.
But then, NOR do you.
Does the DPP pay green fees at Sandy Lane, Westmorland or the other golf courses he is seen at regularly? Just asking.
Prodigal Son, re your 12:54 pm post;
You said “The FSC will not act, no wonder it is trying to block the bid to unseal the JM’s report. The FSC is headed by Frank Alleyne as Chairman and the crooked, lied dead king’s nephew.”
While I agree that it is very unlikely that the FSC will act, I think that we should be fair to Frank Alleyne. He is the only one of the regulators who has been shown so far to have acted in a principled manner in the CLICO affair as he has been chronicled (in the JM’s report, no less) as going against the grain and setting in train the investigations that brought the $3.333 million dollar scam into scrutiny.
I hope he continues in that vein. If he doesn’t he should be lumped with the others who looked away when they could have acted in the interest of truth, honesty and doing the right thing.
Is our friend Jeff still a member of the board of the FSC?
I think I like Mr P’s method of protest. Maybe all of us who believe that this lame excuse for a government needs to leave office en masse should remain seated in protest at any public function where the National Anthem is being played. Can you imagine this happening before international TV cameras or when visiting dignitaries are present. Maybe this band of misfits will start to feel some of the pain, sorrow and embarrassment that the rest of us feel for our poor suffering Barbados at the hands of these nincompoops.
@FearPlay February 11, 2015 at 3:53 PM #
“I think I like Mr P’s method of protest. Maybe all of us who believe that this lame excuse for a government needs to leave office en masse should remain seated in protest at any public function where the National Anthem is being played.”
FearPlay, all this talk about protest action sounds good on paper, but we all know that Barbadians will suffer in silence, and prefer someone to do the protesting for them.
Knowing how Barbadians operate, you will hear them being critical of this administration only because of the adverse social and economic conditions the island is currently experiencing.
However, when the economy begins to bloom again, enabling to government to be benevolent with taxes and freeness is once again on the lips of politicians, Barbadians will immediately forget their previous calls for this DLP administration to demit office, and hail Freundel Stuart as the best PM Barbados ever had.
@ are-we-there-yet February 11, 2015 at 1:55 PM
“While I agree that it is very unlikely that the FSC will act, I think that we should be fair to Frank Alleyne. He is the only one of the regulators who has been shown so far to have acted in a principled manner in the CLICO affair as he has been chronicled (in the JM’s report, no less) as going against the grain and setting in train the investigations that brought the $3.333 million dollar scam into scrutiny.”
A-W-T-Y, you really don’t fully appreciate what’s at stake here for the current leading members of the DLP administration and indeed the tainted implications for the David Thompson legacy including the shame and scandal the will haunt his family?
If Sir Frank Alleyne is afraid to even follow through on his public claim that many financially well-off professional Barbadians are blatant tax dodgers do you really feel, he Sir Frank, has the intestinal fortitude to ask the BRA to investigate the tax evasion acts of Leroy Parris far less suggest to the Police or the DPP the same money launderer should be investigated?
Come on man, get real, Sir Frank is just another blow-hard for he himself benefited over the years from the CLICO largesse. He himself fully knows that the laws and definitely their enforcement regarding large-scale white collar crimes committed by the elite and politically well connected in Barbados are just a pantomime and a mockery of justice to scoff at the masses and indeed rub further salt in the gnawing wounds of the CLICO aggrieved policyholders and poor abused pensioners.
Shouldn’t the case of Speaker Carrington be a candle to see the direction of the blowing wind of graft, corruption, disdain for the law and total disrespect for moral fibre that ought to bind the Bajan society based on its much vaunted educational successes and highly talked about strong Christian ethos and tradition?
Do you understand why people feel this country is fast slipping on the road of becoming another black banana republic?
it will be opened next elections
Millerthe annunaki, re your 6:18 pm rant;
Don’t panic! Cool it nuh!
I understand, no less than you do, that the body politic in Barbados is in a state of decadence and rot that threatens the very continuance of our system of governance. I also fully understand that the Carrington affair and the handling of the CLICO matter by Government and its institutions are clear indicators of the extent of that rot and are suggestive of the inability of this Government and its many institutions to operate any differently or indeed to do any better.
Your outrage at the situation is no greater than mine.
Your understanding of the flawed actions and legacies of Thompson and his successors is no more acute than mine.
Your understanding of the perfidy of the actors is no better than mine.
However, I think that one should not paint all of those actors with one broad brush and I think, that without Sir Frank’s principled probing of the CLICO 3.333 million dollar affair, it might not have been brought to light. Not one of the other regulators or Board members of CLICO have been credited with doing anything to question the way that business was being done there. Sir Frank did and his actions might well have led to the unlocking of the gates to the revelations that are now in the public domain.
Come on man, get real. Allow credit to be given where it is due, but I suspect you find it impossible to give credit to anyone besides yourself. Your writings about several people suggest this strongly.
David February 11, 2015 at 6:22 AM #
@Walter
“The discussion needs to go past blaming regulators and the lot. ….. How do we unravel and fix it?”
David,
Within the context of CLICO, some unravelling has started via the JM and the court. The discussion, whilst maintaining that the regulators are culpable, also sought to highlight the structure of the system and its instinctive opposition to any action aimed at fixing it. Hopefully, we can all now understand why the FSC is instinctively trying to stop the judge from unsealing the forensic report.
How do we fix it? Similar to Bill Clinton, I would have to say it depends on what “it” is.
If “it” means the problem of getting access to the money trails in the forensic report, the JM and the court are trying to fix “it”. The regulators and their political bosses do not want “it” fixed. We can’t effectively exert any pressure or influence on the process, so we are simply waiting and hoping that the JM and the court win against the regulators and the politicians. We are hoping that, once the forensic report is unsealed, evidence will surface and allow us to exert pressure on the COP and the DPP to initiate criminal proceedings. I believe that is the process and the end result that most people have in their minds.
If “it” means the problem of getting back the policyholders’ their money, then the solution is for Government or somebody to come up with $400 million. No lotta long talk. Government could not come up with a cent, so it came up with the name of a company and its directors. Just by doing and publicizing that, the Government argues, CLICO should not be auctioned off, and the forensic report should remained sealed.
Policyholders have tried to fix “it” by taking the ‘ringleaders’ to court. All we can do is empathise and express outrage. Who knows what this will lead to?
“Interesting intervention, the incestuous nature of the rock breeds many of the problems we face. How do we counter?”
Too much goddamn inbreeding produces a bunch of idiots, AC comes to mind, if you see and hear the inbreds in the Southern US, no difference at all.
Part of a story I read elsewhere that begs the question. Why investigate a stolen lap top when there are so many other pressing criminal problems?
7 police officers ? This must have been a training session.
“I jumped out of my sleep and so did my daughter and the police just started questioning me about a stolen laptop. I was just wearing my underclothes and there were six males and one female in my room. They did not even give me an opportunity to get dressed and I was standing up feeling very uncomfortable,” she said as she added that her daughter started crying as well.”
This was very insightful. Obviously there was a political narrative so there is the other side of this coin. However, the author did asked for a response which I am eager to here.
Regardless of the angle of the article, being political or ethical, with Barbados being a service economy the most striking point was “What everyone knows, however, is that the despicable and horrendous behavior of the principal actors in this scandal has caused irreparable damage to the international reputation and brand of Barbados.”
This is what is at issue here, the “Barbados brand” being compromised with the economy in lag. This is the real story and it is sad to watch as the new “actors” dance around like the jester in Shakespeare. “It really does take a wise man to play the part of a fool”, no pun taken.
@ Speightstown Rat
If you are referencing the MoF and PM as the new actors I think this is more a case of “fools playing the part of wise men”
I note from the lack of activity on this blog and from an article in Barbados Today
http://www.barbadostoday.bb/2015/02/17/clico-dead/
….. that the CLICO matter is now dead.
Both Thorne and Symmonds seem to be saying that it is pointless continuing the fight for restitution of the maximum amount now left in CLICO’s coffers.
Are they right?
Should Fowler stop her fight and throw up her hands in the air?
Should the ill gotten gains of the persons and estates and companies identified by the JM as conduits for the removal of the CLICO millions, be now viewed as honourable and not subject to being levied on?
Seems to me that the call by these BLP spokespersons is in no way less incongruous than Dwight Sutherland’s leading the charge for Rock Hard Cement.
THis matter cries out for dissection by the BU family and further explanations from the duo of Lawyers and MAM herself.
This gordian knot needs to be unravelled!
@Are-we-there-yet
The MoF made a statement yesterday that the government intends, based on advice (note the caveat ), to make policyholders as close to whole as possible. Not sure how much credence you want to place on his promise but it is a matter of public record. The flip side is that the JM who has a good idea the nature of Clico’s assets appears not to be optimistic by his recent public utterances and court action. Has the Chairman of the new company issued any statement at all?
@ David
“The MoF made a statement….”
+++++++++++++++++++++++++
Ha Ha Ha … LOL … ohhhh shiite!!!
You mean like “Four seasons will recommence shortly?
..or like “Barrack is being paid as soon as I sign some papers…”
..or “this VAT tax increase is only for 18 months”
or practically EVERY thing that he has ever promised?
steupsss….
..his words are just like his belly…
Big and boisterous …and full of shiite.
A gift to Walter……and for those who are not on the blog, but know who they are, AND LEARN NOTHING…and keep trying the same slimy things when it is very clear THAT I CAN MAKE THINGS SO MUCH WORSE, but choose not to UNLESS am forced to because i really don’t see the point since things are SO BAD AT THIS STAGE already….just don’t push me
stay calm and it will work out or you will LEARN WHAT HELL REALLY LOOKS LIKE….
https://youtu.be/O6klV4lbWRs?t=6
An interesting side discussion raised its head in a few rum shops last week – why did Verla’s DLP not officially recognize the anniversary of the death of former DLP prime minister David Thompson.
77 Covid-19 deaths in October
The total number of deaths from COVID-19 now stands at 155. There were three deaths in August and in September that figure jumped to 27, but October has proven to be the most deadly since the virus was first detected in Barbados in March last year.