The CL Financial saga continues to remind Caricom how inept our governance system is and our attempt at regional harmonization.
CL Financial – Bait & Switch
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62 responses to “CL Financial – Bait & Switch”
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Every time I read anything to do with CLICO or CL Financial, I go ballistic even though I have always had the good sense not to invest a “bad” penny in a company headed by that jackass Leroy Parris.
Every day I pass Bishop’s Court Hill and see the monstrosity that was built and is now there dry rotting, I get angry and we have a criminal living high on the hog while people who invested their monies in British American and who did not even know that CLICO had bought out the company……are having a hard time living. I have a good friend who invested his C&W payout in BA and now cannot get any of his money. Yet the police refuses to arrest Leroy Parris or Terrence Thornhill for robbing thousands of poor people but would arrest a man for posting a comment on Facebook.
This is the worst government ever.
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@Prodigal Son
Isn’t there a court injunction in place that prevents prosecution of Parris and Thornhill until the other matters are resolved?
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No comment on what is on the front page of today re: CLICO?
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David we need to find out if the Clico Trinidad owner controlled and managed its subsidiary Clico Barbados.
We all know that Clico Barbados were good and faithful waiters paid Chef salaries.
Let us hope the policy holders get back some of their money.
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A poor F like me would be glad today for $500 of the CLICO money invested to buy a ham for grandaughter….but nabody ent K bout me so….$300,000 in smackaroos like evating else… snort down jacob’s horse nostril….and dez fellas walking all bout here as free as a palin cock…..not a man can’t touch …cheezon bredds man ….
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All you have to do is ask CLICO for the PLANTATION LAND THEY TO OWN.
Ask CLCIO crooks if they have CLEAR TITLES TO THE LANDS OF BARBADOS ON THEIR BOOK
SEE if those lands in QUESTION BELONG TO VIOLET BECKLES,
ASK EX CJ SIMMONS WHAT HE NOW ABOUT THE MASSIVE LAND FRAUD,
AS WHAT HE KNEW IN 1995 AS AG.AS EX CJ SIMMONS WHAT HE KNOW OF LEASING THE HIGH COURT LAND ON WHITEPARK RD FROM SIR RICHARD L.CHELTENHAM PHD QC
As this person who rob and crook Violet Beckles and the cover up that came after ,
ask Sir CO>Williams where he got so much land to control and act like he owns in Barbados?
Ask both of the about Barclays Bank and the movements First Caribbean Banks.
Barbados needs to look in to these MATTER that is at the ROOTS OF BARBADOS PAIN , The Royalty of Barbadoes , The Bajans are and Her Heirs are here to know the TRUTH of these Matters, -
Extracted from FB:
BIPA HEADS TO COURT – The Barbados Investors & Policyholders Alliance (BIPA) today served notice to Government that it was not prepared to wait any longer, and that it intends to seek justice in the law courts on behalf of thousands of out-of-pocket policyholders of CLICO International Life (CIL). The warning by BIPA that it will be pursuing legal action against the directors and others in CIL came in a press statement this evening in which the Association accused the Government of reneging on its commitment to its members. “Promises may be a comfort to a fool, but when they come in the form of a series of written undertakings, approved by Cabinet and issued by Government officials at the Ministry of Finance and Economic Affairs which are then reneged upon, that is an extremely serious matter which sends out worrying signals locally and internationally,” said BIPA President June Fowler in the release, in which she made reference to a series of documents dating back to April 3, 2014, which were issued by the Ministry of Finance and Economic Affairs, confirming its approval and commitment, as well as that of Cabinet, to a detailed plan for CIL.
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What ever became of Jordan and the Deloitte plan?…..or is there a court injunction pending to stop that too? Way time people are treated with some respect and these criminals see the insides of Dodds…How much longer can the peoples patience be tried by these vultures?
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old onion bags | December 5, 2014 at 6:27 AM
Dodds is not for the criminals , Dodds is for the people that speak up against the Ministers who are crook, liars and scumbags, Dodds is for the people that know the truth and a way to shut them up,
We will keep speaking , Rights of the crooks to do as they like and please. -
This Clico matter is so serious it should have generated its own kind of regional protest. Change will not come if we stay silent, do nothing while a few rape us.
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@ David[BU]
You do recognize the reason for the apparent inaction of our peoples, don’t you?
DumbDown Syndrome is a genetic disorder caused by the absence of balls where all or a significant part of a CARICOM population, infected by this condition manifest by a lack of a backbone are pushed around and unfaired by a small set of the population.
This set of predators and vultures arrive from the same Caricom group but have mutated as it were by natural selection of the strongest and are able to prey on the DDS afflicted
(No disrespect is intended to Down’ Syndrome sufferers, this ole man genuinely believes that what we are suffering from HAS TO BE GENETIC, something like an AM chromosome-“Ain’t Me” gene an when you have that, you don’t give a phvck about if they are raping your next door neighbours ‘ 2 year old son/daughter cause dem ain’t yours
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Amazing the life savings for thousands is jeopardised and we meekly accept it.
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@ Hants | December 4, 2014 at 11:25 AM |
“David we need to find out if the Clico Trinidad owner controlled and managed its subsidiary Clico Barbados.
We all know that Clico Barbados were good and faithful waiters paid Chef salaries.”Good point Hants, the company paid its executive staff well. However, the CLICO forensic report uncovered some accounting irregularities [and anomalies] relative to Leroy Parris’ overall emoluments that would have probably gone unnoticed during an ordinary audit.
For example, included in the scope of work [re forensic audit] undertaken by Forensic & Dispute Services team of Deloitte & Touche LLP were the employment files containing memoranda and agreements relating to the former employment of Mr. Leroy Parris, the former Chairman of CIL and CHBL.
Interestingly, Parris’ employment contract was between his company Professional Financial Services [PFS], through which his remuneration was paid, and CHBL and was signed by Parris, Duprey and Terrence Thornhill.Page 13 of the Judicial Report indicated that Part 4 of the contract provided that:
“The employer will pay to Professional Financial Services Inc. and/or Leroy Parris a gratuity of US $5,000,000.00 on the 15th day of May 2008 in such manner as may be agreed between the parties on terms as set out but amended herein as to the date of payment but in no way otherwise in a letter dated December 5, 2002 between Leroy Parris and Lawrence Duprey”.A copy of that letter dated December 5, 2002 referenced in the employment contract was not made available to the auditors, but CIL provided a letter dated June 18, 2010 from CHBL to “PFS”, which indicated that:
“In addition, under contract commencing May 15, 2005, Clico Holdings (Barbados) Limited will pay to you, a gratuity of BDS$10 million on May 15, 2008. BDS$3,333,333 of this amount has already been paid”.Unfortunately the auditors “found no reference to this payment in the Minutes of CIL or CHBL at or around the time it was made.”
The report also revealed “CIL also funded approximately $2.1mm dollars relating to Mr. Parris’ annual bonuses in the years 2003 to 2008. We reviewed Mr. Parris‟ employment contract, which indicated his entitlement to receive an annual bonus of $300K per year between 2003 and 2007, increasing to $600K per year in 2008.”“We also reviewed supporting documents for the payments such as cheque copies and vendor histories from the accounting system. These payments were paid by CIL on behalf of CHBL to different associates and related companies of Mr. Parris, such as David Thompson, Thompson & Associates, Branlee Consulting Services Inc., PFS, as well as payments to Antigua Commercial Bank. Some of the documents we reviewed showed that the releases of funds by CIL were made based on directions from Mr. Parris that were acted upon by Executive Management, such as Mr. Thornhill.”
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It is ironic that amidst all the financial woes of CLICO, on January 31, 2009 PM Thompson told Barbadians he “was fully satisfied that CLICO Barbados was SOUND, PRUDENTLY MANAGED AND WELL REGULATED” and that “BARBADIAN DEPOSITORS, INVESTORS AND HOLDERS OF INSURANCE POLICIES COULD THEREFORE BE CONSIDERED SAFE IN THE CONTEXT OF OUR FINANCIAL SECTOR”.
In March 2009, then PM David Thompson spoke of the desirability of “extracting” CLICO International Life from the rest of the CLICO Holdings operation, and reported that ICBL had agreed to a confidentiality agreement and would sit with the principals of CLICO.
In April 2009, Thompson attended a top level meeting of regional finance ministers and officials in Antigua seeking support for the financial sector in the sub-region.
A release from the meeting was quoted as stating it “considered mechanisms for cooperation among the member states of Barbados, the ECCU and Trinidad and Tobago and agreed on a strategy that would maintain the viability of British American and CLICO in the ECCU in order to safeguard the interests of policyholders of those institutions”.
The release also stated the initial contributions of US$80 million towards the fund in relation to British American would be made up of: the government of Trinidad and Tobago through the Caricom Petroleum Fund – US$50 million; the Government of Barbados – US$5 million; ECCU governments – US$10 million; and regional and international organisations – US$15 million.I wonder if Afra Raymond could give us any information about this US$80M, relative to if it was actually received and if so, how it was disbursed.
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“BIPA HEADS TO COURT”
Care to bet it takes 10 years to get through the court system?
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@Hants
BU warned BIPA this matter will be given low priority by the powers that be for obvious reasons. It is all about relationships.
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“The warning by BIPA that it will be pursuing legal action against the directors and others in CIL came in a press statement this evening in which the Association accused the Government of reneging on its commitment to its members.”
Who would be footing the cost of such legal action?
This move is exactly what the present administration is hoping for. Tie the matter up in the moribund local court system to die a natural death as the policyholders themselves expire with the same passage of time.As you (David) BU seem to imply, the proposed course of legal action by Ms Folwer & Co is way too late at this stage. She was advised way back in 2011 to sue the directors and auditors as provided under the Companies Act. Instead, like a fool, she relied on electoral promises from a man whose integrity has turned out to be as reliable as an ice ball in hell.
Is Ms Folwer really expecting the Barbados government to find money to finance her pie-in-the-sky CLICO bailout? The only thing the present government can do is to throw the dead carcass overboard and let the legal and accounting sharks perform the final rites. Where would the government get the money from if it can’t even find money to save the sugar industry from pending total collapse? No CLICO sugar lands means no sugar cane industry recovery or restructuring. Those CLICO encumbered estates will soon find themselves in the same condition as when the Olive Blossom floundered on the shoals of the West coast of the island.
The only people benefitting (as predicted at the outset) from this sordid mess are the JMs and lawyers feasting like vultures on the remaining rotten flesh of the cadaver called CLICO Barbados.
The naïve remaining policyholders are being played for suckers as their premium payments continue to be consumed in the form of “legal and other professional fees”. -
Wait I hearing right…….why would ONE man be paid all this money? Why why why……Was this man a secret agent then….doing some miraculous unique feats?…..Cleary now one would understand his long line of friendships and their accords.
Snip>
Page 13 of the Judicial Report indicated that Part 4 of the contract provided that:
“The employer will pay to Professional Financial Services Inc. and/or Leroy Parris a gratuity of US $5,000,000.00 on the 15th day of May 2008 in such manner as may be agreed between the parties on terms as set out but amended herein as to the date of payment but in no way otherwise in a letter dated December 5, 2002 between Leroy Parris and Lawrence Duprey”.The report also revealed “CIL also funded approximately $2.1mm dollars relating to Mr. Parris’ annual bonuses in the years 2003 to 2008. We reviewed Mr. Parris‟ employment contract, which indicated his entitlement to receive an annual bonus of $300K per year between 2003 and 2007, increasing to $600K per year in 2008.”
………Could all this be right?
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To think CLICO Barbados was a porakey Insurance company at best making marginal profits. What was the role of the Supervisor of Insurance when Parris was raking in millions?
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@ (YOUNGER) old onion bags., secret agent no…. but a good and faithful servant who could be trusted. You have to pay for that kind of loyalty.
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David CLICO was “successful” because of the Trinidadian owners. If I am wrong then Parris should Minister of Finance.
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Ah mean ….only a few BIG able CEO in US companies making billions would rake in these kinda mega bucks these men had MBA’s CPA’s Doctrates and the like…and performance bonuses were means of retaining these individuals to the company…..But wait…wanna dun know my next (greenV)question Onions gine ask……hey hey….bah looka what i hearing doa…SHAME ….Fa real….a cryin SHAME
MORE …this figure sounds familiar…….tell me what wanna tink
snip >“In addition, under contract commencing May 15, 2005, Clico Holdings (Barbados) Limited will pay to you, a gratuity of BDS$10 million on May 15, 2008. BDS$3,333,333 of this amount has already been paid.
……..wanna cud read the resta D report that did once “lost” ..above now mekk public
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Hants
LOYALTY?…..U sure it did just loyalty?……man dat is realllllll money there bredds…..He should be rich for this life and the next and the next…..
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Listen Green Onions,
I done wid dis cause you ent gine mek me say someting dat cuh cause David blog to get shut down.
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like fine wine.
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The judicial managers have made hundreds of thousands of dollars from this CLICO deal yet those out of pocket and those who should be fired or in prison walk free.
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Lord Gen. Alibaba…..all the friends U had….. flames musse TOO HOT…better send Lazarus to warn them…it ent worth it
We also reviewed supporting documents for the payments such as cheque copies and vendor histories from the accounting system. These payments were paid by CIL on behalf of CHBL to different associates and related companies of Mr. Parris, such as David Thompson, Thompson & Associates, Branlee Consulting Services Inc., PFS, as well as payments to Antigua Commercial Bank. Some of the documents we reviewed showed that the releases of funds by CIL were made based on directions from Mr. Parris that were acted upon by Executive Management, such as Mr. Thornhill.”
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TOP SECRET…..(Hants For ur ears only)
I hear a top operative in MI6 gets a bonus of …. $2 million for a serious insurgence ,$3 mill for good counter intell….$5 million if a matter of national security…Now them is 007 men who risking life and limb and whose family tree could be shaken…..but paying a top insurance man close to $20 mil and nuff fringes…. then soon after we ear the company bottoms up and not a man doan itch… is just banana third world mumbo jumbo man……Mekk a mockery of Alan Stanford and Murdoff.
Now wanna see why people duz come bout hay (and write in too) and do D budd n Lou…. -
Shiite man Onions…..yuh kicking nuff dirt yuh!!
wuh boss, you got Bushie looking like a softie (like Ross) now…This place full of brass bowls …and we seem to choose the most useless bowls to fill leadership positions…
This CLICO business is a classic case in point….
First the Trickidadians started this scheme to rob Bajans blind, …placing an obvious arrogant, idiot in charge of the operation.
…next the politicians decided to take their cuts… putting a chicken feed man as supervisor of insurance, and then doing dixie…
…when the shit hit the fan, you would think that Bajans would kick up a stink, share some stiff lashes and “French Connect (UK) – up” a few high profile crooks….???? NO…. NAW…. we allow one of the same crooks to take up OUR $10M and put into CLICO….
OK….God don’t like ugly, so he dedd……
Do you know that we then take up more MILLIONS and give to a bunch of useless Judicial Managers to “French Connect (UK)” around for a few years…
…meanwhile, as Miller has been pointing out now for YEARS, ….we continued to pay one of the ORIGINAL CROOKS to remain as a manager in the place….presumably to hide information and protect himself and his crooked friends…
…Now they going to court…..LOL Ha Ha Ha
..Oh Shiite …muh belly…and then wunna does be vex when Bushie talk bout Bajan Brass Bowl Idiots….
Wunna just lucky that Bushie did not have CENT ONE in that CLICO shit…… else wunna woulda see how whackers does wuk….
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Man Bushie
Pray, help a fella nah……Muh damm $300 gran in jeopardy.and I hollarin fa murda…..ah cahn even see d fella dat I cud pelt mah billfish beak at ee…..dey got Onions good….
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Wait 12 hrs gone now since that post…and I ent hear no Bushie….He too like he bait and switch…..Bushie U like you ent got no solution in hand yuh …
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Solution to what?
…de little “small-change” that you claim to have lost? …dat is chicken feed to you…
you think Bushie got gasoline to waste with small weeds…?Besides..anyone who left their money on CLICO after recognizing that a certain inarticulate non-leper was running things ….won’t qualify for Bushie’s sympathy….Especially a trickster like Old onions…
LOL…a crook from a crook does mek God laugh…
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Bushie
You have been no help at all…..advertising what you didn’t have had in the first place….but all done know onions are a very resiliant vegetable….we don’t require no refridgeration to remain firm and long lasting ….even when mishandled and left for dead…..
As to ole trickster…I left you to the sea-cat woman….she gine deal wid U….As long as there got amber jacks and ole wives in the sea, and D moses don’t leak….I gine continue to rice…and maybe one day watch all DEM crooks and swindlers who rob nuff Caribbean people wither and dedd off..just so…..and I ent gine to no witch doctor like Fractured for no portion…
Dey go pay till the last man…evaone… Check :the proof is always in d puddin ….and evabody knows what i mean.I go watch dem one by one ….till D last man drops..mark my words Bushie..
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Remember ..the Bible states..THE SINS OF THE FATHERS SHALL RUN TIL THE THIRD AND FOURTH GENERATIONS….not me…
(Exodus 20:5)–“You shall not worship them or serve them; for I, the Lord your God, am a jealous God, visiting the iniquity of the fathers on the children, on the third and the fourth generations
(Deuteronomy 5:9)–“You shall not worship them or serve them; for I, the Lord your God, am a jealous God, visiting the iniquity of the fathers on the children, and on the third and the fourth generations
”
(Exodus 34:6-7)–“Then the Lord passed by in front of him and proclaimed, “The Lord, the Lord God, compassionate and gracious, slow to anger, and abounding in lovingkindness and truth; who keeps lovingkindness for thousands, who forgives iniquity, transgression and sin; yet He will by no means leave the guilty unpunished, visiting the iniquity of fathers on the children and on the grandchildren to the third and fourth generations.”(Ezekiel 18:20)–“The person who sins will die. The son will not bear the punishment for the father’s iniquity, nor will the father bear the punishment for the son’s iniquity; the righteousness of the righteous will be upon himself, and the wickedness of the wicked will be upon himself.”
FIRE GINE BURN A BOTTY MAN….LOL
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@ Green Onions. First of all onions are not “resilient”. They rot.
Now to your quote under the moniker “old onion bags” which is “watch all DEM crooks and swindlers who rob nuff Caribbean people wither and dedd off..just so…”
Unless there is life after death how does it matter that they “dedd off just so”?
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Unless there is life after death how does it matter that they “dedd off just so”?
Hants I giving U another chance to apply lil logic…..fill in you answer in both alternatives ….LOC101…(U shudda come to cawmere)
ALT 1…Suppose there is life after death…….(your answer)
ALT 2….,,………..,,………is not,,,,,,,,,,,,,,,,,,,,,,,,,(your answer)
……Hey Coleig boi……what foolishness u talkin AGAIN?
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@ Green Onions.
First of all onions are not “resilient”. They rot.
So wait as far as know…….(except for plastics and affilliate)..Evating does rot….some sadly before others…….LOL
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@Green Onions, “watch all DEM crooks and swindlers who rob nuff Caribbean people wither and dedd off..just so…”
You could have added “while living in luxury on their ill gotten gains as their victims complain and hope for de lawd to punish dem.”
On a more serious note. Which bar you fishing on fuh Ole wives an Amberjacks?
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All we sayin is..your operative word “UNLESS”… makes no sense as the answers would be no different…they would withered and dedd off ..just so…even if there is\isn’t an after life.
Boss the ole wives brekk off ya hand pun Soldiers Hole. 4-5 pounder easy….amberjacks a closely guarded secret…..dem is creme la creme..if ya get my drift
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Modern technology can reveal secrets. Ask Lowrance.
However I am sure you can be “persuaded” to reveal with a “malt” …. Glenlivet Xxv
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Better still when you land on the Rock…I will take you blind folded…( can’t let Bushie in on a secret)
Ps. give me JW blue or black any day..LOL
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Hants
I know this maybe stale food now… but how much Glenlivet XXV …you think did buy wid this money??…I hear the drink of choice was Grey Goose….ya know goose liver pate’s is a favorite in The Maple leaf.
But not when D drake dedd…right?LOL
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A copy of that letter dated December 5, 2002 referenced in the employment contract was not made available to the auditors, but CIL provided a letter dated June 18, 2010 from CHBL to “PFS”, which indicated that:
“In addition, under contract commencing May 15, 2005, Clico Holdings (Barbados) Limited will pay to you, a gratuity of BDS$10 million on May 15, 2008. BDS$3,333,333 of this amount has already been paid”. -
Instead of Glenda Gilkes commenting on bullshit in the media she should be made to comment on the missing Clico HR files.
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@ old onion bags | December 9, 2014 at 7:38 AM |
Onions, the CLICO forensic audit also uncovered a number of “related party” transactions involving Parris and his wife.
There are certain “accounting anomalies” that, by standard practice, may not be deemed as being totally illegal, but are unethical. For example, according to page 13 of the forensic report Parris’ employment contract was between his company Professional Financial Services [through which his remuneration was paid] and CHBL. Additionally, Parris also owned another company, “Branlee Consulting Services Inc.”, through which he received payments for services rendered to CHBL.
The audit also raised the issue of “related party transactions”. According to International Accounting Standards, a related party, in this case, may be defined as a joint venture whereby the party is a joint venture in which the entity is a venture partner.
Based on information received by the auditors, CIL paid for a number of related party transactions on behalf of the executives, and members of their immediate families. If you read page 8 of the report, some of these transactions were identified as:
1) Sales of products and services by Rayside Construction Barbados to directors and executives;
2) Sale of investment property by Rayside Construction Barbados to the former Chairman of CIL and CHBL, Mr. Leroy Parris;
3) Sale of lands;
4) Sale of a vehicle;
5) House construction and repairs;
6) Event planning services provided by a company owned by the wife of Mr. Parris;
7) Personal loan made by a director to Rayside Construction (Grenada) Limited;The auditors asked CIL and its related companies to provide general descriptions so as to identify the possible related transactions entered into, obtain additional information and assess them. Unfortunately, as at the date of the report, “CLICO International General Insurance has been unable to provide any information”.
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What BU has been saying all along has come to fruition, CLICO will go into liquidation and affected policyholders will have to take a low haircut.
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@Hants
Note this has always been BU’s position.
On Friday, 19 December 2014, Barbados Underground wrote:
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