163 responses to “Whistleblower Policy Needed–Former CLICO Executives Speak Out”

1. 

   Caswell Franklyn

   February 5, 2015 at 6:33 am

   
   

   I first came into contact with Leroy Parris in 1977 when we both worked at Da Costa & Musson Ltd. He was then probably the dullest knife in the drawer. I was therefore completely surprised when he emerged later as the top executive of CLICO. Because of my personal knowledge of him, I never placed any of my personal business in that company and I discouraged any of my friends who wanted to invest there. A friend of mine wanted to invest his gratuity in CLICO but when I told him of Parris’ stupidity, which caused him to part company with Da Costa & Musson, he decided that anybody that stupid could not be responsible for his money and deposited his money elsewhere.

   During my conversations with friends about the CLICO affair, I have consistently told my friends that Parris was too intellectually challenged to pull off this scheme. In my opinion, Parris could only have been the face of CLICO, he definitely could not be the brains of the operation. I believe that he was used as a front for CLICO, for which he was handsomely rewarded mind you.

   Only a judicial inquiry could get to the bottom of this mess, and by judicial inquiry, I do not mean that we should get one of the local or regional judges, not because they are incompetent but because it would be difficult to find someone, in the Caribbean, who did not benefit from or who was not personally harmed or who did not know someone who was personally harmed by this CLICO mess.

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2. 

   David

   February 5, 2015 at 6:46 am

   
   

   We have updated our LAWYERS in the NEWS page.

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3. 

   Hamilton Hill

   February 5, 2015 at 7:50 am

   
   

   See why there are those who boast that Barbadians are the best educated in the Caribbean? For the most part these are the same ones who fleeced the poor all of their lives. What else is left for one to believe when so many have lost their life savings, and asselect few still walk bout unencumbered ? Common sense to education is like a television set to a DVD player. One complements the other. Seems to me that Bajans only got the DVD player.

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4. 

   Nostradamus

   February 5, 2015 at 7:58 am

   
   

   “Would be interesting to look into the downfall of Plantations Group which was engineered by CLICO and what happened to the assets there which by the way were handled by the same Deloitte’s and no statements were ever issued as to the disposition of those assets.”

   That is a very interesting statement by Larry Davis. Maybe Mr. Patrick Toppin or Deloitte can respond.

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5. 

   BAFBFP

   February 5, 2015 at 8:34 am

   
   

   NO NO NO NO … Is this Davis talking about Deloitte as the Judicial Manager ..?

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6. 

   John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES.

   February 5, 2015 at 8:48 am

   
   

   Nostradamus February 5, 2015 at 7:58 AM #

   “Would be interesting to look into the downfall of Plantations Group ?@

   Well Well , Look Look , Caswell ,Bush tea, and Yes PLANTATION DEEDS,

   Now where is the other side of those who still can not see , The other posters that made fun who ran off the BU postings,

   It must be hard to be blinded by RED or YELLOW, BBBBBS OR DEEEEEES ,

   KISSING LAWYERS asses will leave you smelling like she-it and broke ,

   Beatrice Henry and Violet Beckles watching you crooks and calling all of you to the grave, many of the same crooks will not live past 92.

   Until those who want to play the ass in being stupid for fools will have to feel the pain and live it ,

   PLANTATION GROUP will need clear titles to land , , People with names never heard of, now selling right after CLICO report, You Crooks ass DBLP government is in this up to your neck , Chocking you off , killing you and playing you all for fools,

   Mia Still need to be in Jail for Brittons Hill cave in land fraud,

   Check those Plantations and see if they have clear titles before they change hands, Once your money leave you hands dont expect to get it back no time soon , By DEED alone , Clear title alone of 70 years not 20years, 70 years from the lasr clear title ,

   Whistleblower Policy Needed–Former CLICO Executives Speak Out@ poster of this , You need to do your home work ,, all the Person in this picture are crooks,

   We have been Whistleblower for years and we speak out for years ,, now and only now you want to speak up must have hit you in your own pocket,

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7. 

   Hants

   February 5, 2015 at 9:06 am

   
   

   “he was simply a puppet of Lawrence Duprey”

   Or he is a genius who pretended to be uneducated and masterminded the Clico debacle.

   Let us not pretend that Clico Barbados was not controlled by the Clico maguffees inTrinidad.

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8. 

   Anthony

   February 5, 2015 at 9:10 am

   
   

   I have no trust in this individual Neval Greenidge even though he help me saved a major investment I had in Clico under the Executive plan.

   Here is why I say this, I was not a customer of Neval but another agent of Clico who signed me up.

   One day I got a call out of the blue from Neval saying that he had just been made Managing Director of Alico and he thought that I should know some inside knowledge of Clico and about my investment at the time.

   Also I could tell that he was toting for business for Alico.

   I told him to come over to my former office and we could discuss.

   When he entered my office I invited him to the Boardroom and he went on to bring to my attention the following in summary:

   His experience in working with Clico and the fact the was now at the head of Alico Barbados another Insurance company.

   If I understood what a current Clico’s agent had sold me.

   I said I had no reasons to fear as the agent was not only a colleague but we were also long time social and drinking buddies.

   Neval then told me that the Policy that I had with Clico I was unlocked in for 8 years which was supposed to be paid 8% interest and if I tried to withdraw the principal during the period I would get hammered including losing some of the principal decreasing amounts over the 8 year period.

   I asked him if he was sure what he was saying as my agent never told me that and that overseas this could not happen, I could see losing interest but not principal for early withdrawal.

   I then called my agent and friend at the time and placed him on loudspeaker in Neval’s presence and asked him to confirm or deny what had been said by Neval.

   All I got was silence at the other end for a few moments and then a response that he wanted to come over and talk one to one later in the day.

   After I hanged up the phone Neval then advised me how to go about cancelling the Policy and getting a refund. (I will not disclose the detailed advice given and the hoops I had to go through).

   Several hours later that afternoon the agent came over and with a very embarrassed look on his face told me that what Neval had said was factual.

   I asked him why he never disclosed that I could lose my principal even in the event of a major emergency 50% of the principal year 1, 40% year 2 sliding to year 8.

   I told him that what he had sold me was a fraudulent policy and he had broken my trust as we were very good friends.

   I mentioned to him if you could do this to me your friend imagine all the clients you have done this to.

   At that time I was close to the end of year 1 of my Clico investment.

   I told him I no longer wanted to do business with Clico and wanted my funds out.

   Approximately 4 months later I got a check from Clico which I deposited into my account and did not do business with Alico as I no longer trusted any Insurance agent to have my best interest.

   What I find interesting about the Neval Greenidge’s comments that he felt sorry for all his clients he left behind at Clico is why he did not call all of them as he did me when he left to go to Alico.

   Remember I was not one of his clients when he was at Clico, in fact if my memory serves me well I don’t think we had ever met or had any prior conversation before the call out of the blue.

   I was targeted because I was well known and had a thriving company.

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9. 

   Pachamama

   February 5, 2015 at 9:31 am

   
   

   This is not just a failure of CLICO. It is a failure of Barbados and the Caribbean as a whole.

   That some would want to insulate Leroy Paris by pleading ignorance, for him, is regrettable. We always knew he was ignorant. Ignorant with a Bajan meaning.

   But the collective intelligence of Barbados had long before determined that CLICO was not a fit and proper organization, still all the systems and people continued to suborn the criminality, malfeasance, of Duprey and the rest.

   Once, Durprey, was urged to carry the company public, to aide with accountability, effective mangement. Duprey said that it would take 5 years to clean up the books. And you gine tell us that there was to be no control mechanism/s within the systems to act before a calamity. They are all guilty and should be charged, not only Parris and Duprey!

   When we say ‘all’ we mean former directors and senior executives. The politicians, the insurance supervisors, the governments which continues doing business with the CLICO group against the ‘rumors and gossip’ that this company was in deep travel, decades prior and that it was badly managed.

   How was it possible for Parris to be paid over $100,000.00 per month, that was 20 years ago, to in turn make ‘unofficial cash payments’ to people that the CLICO group was doing business with. Only a criminal organization operates like this. And a lot of companies are criminal organizations.

   Those who would like to pretend that a company like Sagicor is somehow immune from a similar level of failure are living in a fools paradise. It may be more difficult and causation different but the effective result not dissimilar.

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10. 

    pieceuhderockyeahright

    February 5, 2015 at 9:35 am

    
    

    Ahhhhh so it begins…

    The beginning of the end

    We continue to fool ourselves about violent social upheaval in Bulbados

    What is happening though is that the “Anthony ‘s” and others are absolutely fed up so much so that even the erstwhile threat of victimization is not keeping these men and women quiet.

    The new attitude is that “if I am going to suffer, why should I remain silent? After all I am going to hurt anyways and I am being victimized anyways why not open my mouth and let us all suffer together?”

    Misery loves company at work in a destructive constructive way, a formerly, impossible manifestation of a social oxymoron that every day we are seeing more and more of

    Our society is unravelling at the seams and there is nothing anyone can do about it

    Good…

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11. 

    David

    February 5, 2015 at 9:37 am

    
    

    @Anthony

    What your story says if true is that several Bajans out there are in a position to tell us the truth that is Clico.

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12. 

    BAFBFP

    February 5, 2015 at 9:50 am

    
    

    Anthony

    Surely Neval would know that had he done as you suggested, he would have single handedly been responsible for a run on a financial institution… and all that is happening now would have happened sooner, WITH NO WINNERS … Neval would have been in an impossible position …!

    Just saying

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13. 

    Anthony

    February 5, 2015 at 9:54 am

    
    

    @ David

    You are very correct.

    I have kept quiet on this even though I have seen many stories on this blog and others about Clico since its demise.

    I just find it alarming that Neval would not have reached out to clients he signed up under Clico but to me who dealt with another agent.

    Again I will always be appreciative of the fact that I was enlightened by Neval and got back my investment.

    Let me also add around this time I was approached by an agent from Stanford Group of Companies out of Antigua who I met with several times.

    The Stanford agent was trying to sell an identical package to Clico’s Executive Plan with interest I believe around the same or a tad higher.

    I did not fall for his pitch either even though when he arrived in Barbados he would always turn up at my office showing me graphs of their funds performance.

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14. 

    Pachamama

    February 5, 2015 at 9:58 am

    
    

    We are not sure how helpful a whistle blowing mechanism would be, in the context of Barbados. A society well known, already, for ‘maliciousness’. Real whistle blowers have to be compensated. And that in itself presents problems elsewhere.

    Because Neval Greenidge may or may not have been a WB does not necessarily mean that he himself could not also be a target.

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15. 

    Anthony

    February 5, 2015 at 10:02 am

    
    

    @ BAFBFP

    Anthony

    Surely Neval would know that had he done as you suggested, he would have single handedly been responsible for a run on a financial institution… and all that is happening now would have happened sooner, WITH NO WINNERS … Neval would have been in an impossible position …!

    Just saying
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Maybe that it what should have happened because at least his former clients which he professes to feel sorry for would have been saved like I was.

    Again I will say that I am very appreciative of him contacting me not because of his love or respect but because he was touting NEW business for Alico from his former company Alico which he had just left.

    I would not have been aware that he did not make contact with his former clients to also enlighten them.

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16. 

    Anthony

    February 5, 2015 at 10:05 am

    
    

    Correction:

    he was touting NEW business for Alico from his former company Clico which he had just left.

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17. 

    millertheanunnaki

    February 5, 2015 at 10:16 am

    
    

    “BU believes a whistleblower program facilitated by Caricom can act as an ancillary mechanism to support the function of moribund regional regulators..”

    Come on David (BU), do you really believe a whistleblower program would be in any way effective in curtailing the excesses of corporate greed and corruption in the executive arm of government?

    If even the current laws that have some sharp teeth and weight of censure and punishment (e.g. Money Laundering Legislation) are broken with impunity as recently as in the case of the Speaker of the Barbados HoA and currently in the case of Leroy Parris do you really believe the hushed shrills of a morally misguided bureaucrat with a broken toneless whistle would ever reach the ears of Nemesis or the desk of the regional gods of Justice & Retribution?

    To whom would the whistleblower carry his tales? Just look at the captioned photograph and you can see the depth of the incestuous cesspool that exists in these banana republics where all three arms of the State (Legislature, Executive and Judiciary) are all in bed to promote the selfish goals and to protect greed of the elites from exposure and justice.

    As William Layne former PS of Finance said “only poor people go to jail in the Caribbean”.

    Maybe we will soon have our own Bajan or Caricom version of “A Whistleblower’s Lament: The Perverted Pursuit of Justice in ………”.

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18. 

    pieceuhderockyeahright

    February 5, 2015 at 10:28 am

    
    

    @ Pachamama

    I am concerned per your statements below more so because of your championing causes as far as Palestine, Russia and the United States/Babylon the Great now juxtaposed against the seeming abdication

    “We are not sure how helpful a whistle blowing mechanism would be, in the context of Barbados. A society well known, already, for ‘maliciousness’.”

    On the one side you go to great lengths to speak to the injustices perpetrated by Israel and its sulfur emitting pal the USA yet, seem almost hypocritical of the establishment of this ” defence mechanism” against local and regional demi-gods

    “Real whistle blowers have to be compensated. And that in itself presents problems elsewhere.”

    Somehow you have arrived at the same modus of the whistleblower equation of the hated USA with your dictate about compensation which I believe you suggest is going to be monetary.

    Some people do what is the right thing, not because of money, but because they are so inclined for ethical reasons

    This is the reason that Bulbados ‘ tourism product has gone to the dogs, for the new generation does not give excellent service because it is their job, they do so now for increases in gratuity and tips

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19. 

    Artaxerxes

    February 5, 2015 at 11:12 am

    
    

    “Mr. Parris was never trained nor had the experience to be the leader of CLICO, he was simply a puppet of Lawrence Duprey and did exactly what he was told to do with no questions asked, that is his crime and he cannot walk away with a clear conscience.”

    The above statement may be true, however, as I have mentioned in another post, Parris may be smarter than many of us perceive him not to be. BIPA has indicated they have a civil suit against Parris, but for what are they suing him?

    Leroy Parris conveniently provided the services as Executive Chairman and CEO of CLICO Holdings (Barbados), THROUGH Professional Financial Services Inc., and not in his personal capacity as a bona fide “employee”. It must also be noted that all correspondence relative to payments from CLICO were addressed to PFS and not Parris.

    Information received suggests that Parris is the owner of Professional Financial Services Inc. The “Inc.” indicates PFS is incorporated as a company, under the laws of Barbados, to perform a specific service or set of services. This also makes the company a legal corporate entity, which is separate and distinct from its owner.
    One of the significant benefits of registering a business under this classification, is that the personal assets of the owner are safeguarded against the company’s liabilities, such as claims made by creditors or lawsuits.

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20. 

    Togetherness

    February 5, 2015 at 11:36 am

    
    

    Parris and Track Suit Top Neval are twins neither are the sharpest tools in the shed they thrived by being in the right place at the right time which is not a crime. The lack of serious education and understanding to deal with the business heights they ascended to particularly Parris was always going to haunt and hurt them. Caswell posits he worked with Parris and he was intellectually challenged anyone who hears Paris speak immediately understands Caswell’s view. Parris’ arrogance and piss poor people skills compounds his bad situation. At one stage scores of workers resigned en masse in protest of Parris being made the manager. Whatever happens from here justice should be served if Parris is found guilty of crimes he like the thieving lawyers should be sent to prison. Its a straight forward matter.

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21. 

    Anthony

    February 5, 2015 at 11:38 am

    
    

    For the record

    Early 2013 I happened to be at a local beach bar and saw my former agent and friend whom I had not seen in several years and he bought me a glass of wine.

    During our conversation he mentioned that he had joined Sagicor after he moved on from Clico.

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22. 

    CHAUCER

    February 5, 2015 at 11:51 am

    
    

    Caswell

    Well said, how could one invest in a company where Leroy Parris was the chairman. Duprey was the mastermind.
    Remember CCB ( Caribbean Commercial Bank) and David Shorey
    Cow Williams and his loans from CCB, ask Parris what was the face value of the Life insurance policy Cow purchased from CLICO( Parris was the selling Agent)

    @ Artaxerxes There is a legal rule known as lifting the corporate veil

    @ Walter Blackman
    Waiting for your input, you worked as a Clico insurance agent

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23. 

    millertheanunnaki

    February 5, 2015 at 12:25 pm

    
    

    @ Togetherness February 5, 2015 at 11:36 AM
    “The lack of serious education and understanding to deal with the business heights they ascended to particularly Parris was always going to haunt and hurt them. Caswell posits he worked with Parris and he was intellectually challenged anyone who hears Paris speak immediately understands Caswell’s view. Parris’ arrogance and piss poor people skills compounds his bad situation. At one stage scores of workers resigned en masse in protest of Parris being made the manager. Whatever happens from here justice should be served if Parris is found guilty of crimes he like the thieving lawyers should be sent to prison. Its a straight forward matter.”

    Is that you “Waiting”, in the queue of ‘Hypocrisy’ to be helped by the servant of Morality?
    How dare you my pious friend of fraud speak of Parris in such sanctimoniously insulting language knowing full well the man is a skin-close pal of the PM?

    Is this the same Parris which you perceived as falling from the (F)umble’s grace like Lucifer the once right hand man of Yahweh closer than the ‘Sinistré’ Jesus X himself when it comes to the Sanctum Sanctorum of the Divine Dispensation called the DLP?

    Have you conveniently forgotten that your fumbling lying lazy god of DLP political indoctrination described in the highest Court of the Land the same sidekick and ‘backside’ performer for the great Cnut of Fraud King Duprey as “an estimable gentleman” of outstanding intellect, sharp business acumen and strong moral fibre that made CLICO a very successful company and is deserving of every accolade that is awarded to the greatest of business moguls?

    Are you calling Lord Fumble from Integrity Hill a bleeding bold-faced bastard of monstrous proportions?

    Sometimes a man’s ass (hole) can carry a heavier burden and perform a greater duty than his brain. Just ask Leroy why he is so well-heeled

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24. 

    Due Diligence

    February 5, 2015 at 12:38 pm

    
    

    That Neval’s motives in encouraging Anthony, who had a thriving company, to get his money out of CLICO and move it to Alico, may have been self-serving, but they are understandable.

    That he, apparently, did not spread the word widely, is also understandable; perhaps not wanting to start a run, or because of the “maliciousness’ of Bajan society per comment of Pachamama.

    That Neval has come forward now is commendable.

    That Larry Davis corroborates what Neval said give his claims credibility.

    That Neval and Larry have come forward, and that David(BU) started this blog. may cause more Anthonys and other former insiders to blow the whistle.

    That David(BU) started this blog may just see justice done to Leroy Parris, the Prime Minister’s “long-time friend and a one-time client

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25. 

    Due Diligence

    February 5, 2015 at 12:42 pm

    
    

    See

    http://www.cbc.ca/news/business/osc-whistleblower-program-to-offer-rewards-of-up-to-1-5m-for-info-1.2943578

    OSC whistleblower program to offer rewards of up to $1.5M for info

    Ontario’s securities regulator plans to create a reward program that would pay whistleblowers up to $1.5 million for anonymous information that leads to prosecutions for major financial crimes.

    The Ontario Securities Commission said Tuesday it wants to set up a fund to pay people to provide it with crucial evidence of financial misdeeds that would otherwise be difficult if not impossible to obtain.

    “Under the program, a whistleblower could be awarded a financial incentive of up to $1.5 million upon the final resolution of an administrative enforcement matter,” the regulator said in a release.

    No other securities regulator in Canada has a similar program that pays people for information. But under Dodd-Frank legislation designed at overhauling America’s financial system first implemented in 2011, the U.S. Securities and Exchange Commission started a similar program to solicit tips

    ……………………..

    See also

    http://www.theglobeandmail.com/report-on-business/industry-news/the-law-page/osc-considers-setting-up-canadas-first-whistleblower-program/article22760661/

    and

    http://business.financialpost.com/2015/02/03/osc-proposes-to-pay-whistleblowers-to-help-root-out-serious-financial-misconduct/

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26. 

    Artaxerxes

    February 5, 2015 at 1:00 pm

    
    

    CHAUCER February 5, 2015 at 11:51 AM #

    “@ Artaxerxes There is a legal rule known as lifting the corporate veil…”

    Yes, “lifting or piercing the corporate veil” is a judicial process whereby the protection provided by the separate legal personality on incorporation may be lifted so as to render the directors and members personally liable for the debts of the company. The principle was first established by the English House of Lords in Salomon v. Salomon & Co. Ltd case of 1897.

    It is used in circumstances where the Court is of the opinion that companies business operations were not conducted in accordance with the provisions of corporate legislation. For example, in circumstances where the company operated in disregard of the corporate form, engages in fraud or fraudulent conduct of business, the court may lift the corporate veil so the owner(s) would be personally liable for any losses suffered by third parties.

    Hence, the operations of Professional Financial Services Inc. must satisfy either judicial or statutory provisions before court can impose “lifting the veil”.

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27. 

    Pachamama

    February 5, 2015 at 2:11 pm

    
    

    @ Pieceundertherock

    We see no real differences in positions. You seem concerned that putting money into the WB concept in Barbados is likely to change social dynamics, so are we. But it maybe the best way.

    More fundamentally, we don’t see why we should be talking about this small matter. Ask David, we have long seen ‘red’ on these issues. We would prefer to discuss the modalities of setting up an antiquarian device, popularly known as a guillotine, and that ALL the criminals thereby connected would seek to defy that construction. All the CLICO criminals and more…………………

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28. 

    Simple Simon

    February 5, 2015 at 3:06 pm

    
    

    It is for good reasons that we Bajans call them Trickydadians.

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29. 

    Simple Simon

    February 5, 2015 at 3:10 pm

    
    

    It is for good reasons that Erroll Barrow, Prime Minister and National Hero called us Bajans “a Nation of Thieves”

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30. 

    old onion bags

    February 5, 2015 at 3:15 pm

    
    

    No Simple…he never said that….It was more like “beware of money men and lawyers they easily corrupt”….

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31. 

    Simple Simon

    February 5, 2015 at 3:21 pm

    
    

    @Anthony February 5, 2015 at 9:10 AM “I no longer trusted any Insurance agent to have my best interest.”

    A Simple Resonse: Insurance agents and companies AWAYS act in their own best interest, not in yours because Insurance companies and thier agents are capitalists enterprises and that is how capitalism works.

    “What I find interesting about the Neval Greenidge’s comments that he felt sorry for all his clients he left behind at Clico is why he did not call all of them as he did me when he left to go to Alico…I was targeted because I was well known and had a thriving company.”

    A Simple Resonse: See number 1 above, that is since you had a thriving company, that is since you had/ (or have) money Neval would give you the inside info.

    Let the maids, gardeners, cantoneers and general workers go to hell. They are just cannon fodder. They were born to feed Ponzi schemes such as CLICO.

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32. 

    Simple Simon

    February 5, 2015 at 3:23 pm

    
    

    PONZI SCHEME
    http://en.wikipedia.org/wiki/Ponzi_scheme

    A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.

    Ponzi schemes occasionally begin as legitimate businesses, until the business fails to achieve the returns expected. The business becomes a Ponzi scheme if it then continues under fraudulent terms. Whatever the initial situation, the perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme.

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33. 

    Simple Simon

    February 5, 2015 at 3:28 pm

    
    

    Did not Leroy Parris fire pregnant unmarried female employees (in contravention of Barbados’ law) and notwithstanding that he was himself an unmarried father?

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34. 

    Simple Simon

    February 5, 2015 at 3:29 pm

    
    

    Does anybody know how to spell

    Hypocrite?

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35. 

    Simple Simon

    February 5, 2015 at 3:29 pm

    
    

    Does anybody know how to spell Deceitful?

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36. 

    Simple Simon

    February 5, 2015 at 3:41 pm

    
    

    @Anthony February 5, 2015 at 9:54 AM “Let me also add around this time I was approached by an agent from Stanford Group of Companies out of Antigua who I met with several times. The Stanford agent was trying to sell an identical package to Clico’s Executive Plan with interest I believe around the same or a tad higher.”

    But Anthony didn’t you know that the British had run Stanford out of Montserat (long before the 1995 volcanic eruption) before he showed up in Antigua claiming to be related to the Stanfords of Stanford University, California, and claiming to be a hot shot financier. He had tried to set up in Barbados but Owen Arthur who is indeed a hot shot economist smelled a rat and did not give Stanford succor.

    The man was from the beginning a liar and a thief.

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37. 

    Simple Simon

    February 5, 2015 at 3:42 pm

    
    

    To clarify the man “STANFORD was from the beginning a liar and a thief”

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38. 

    Simple Simon

    February 5, 2015 at 3:53 pm

    
    

    In U.S. popular culture we hear of blond bimbos who sleep their way to the top.

    But those who sleep their way to the top are not always blonde.

    They are not always female.

    They are not always heterosexual.

    They ae not always American.

    Whether we like to smell [sh]it or not there has to be sex in this CLICO mess.

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39. 

    Simple Simon

    February 5, 2015 at 3:55 pm

    
    

    Artaxerxes February 5, 2015 at 11:12 AM #

    Dear Arta etc.: Let me add for you [Acting on the directions of Dupree] “Leroy Parris conveniently provided the services as Executive Chairman and CEO of CLICO Holdings (Barbados), THROUGH Professional Financial Services Inc., and not in his personal capacity as a bona fide “employee”. It must also be noted that all correspondence relative to payments from CLICO were addressed to PFS and not Parris.”

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40. 

    millertheanunnaki

    February 5, 2015 at 4:19 pm

    
    

    @ Simple Simon February 5, 2015 at 3:41 PM
    “He had tried to set up in Barbados but Owen Arthur who is indeed a hot shot economist smelled a rat and did not give Stanford succor.”
    The man was from the beginning a liar and a thief.”

    So how come the same Owen Arthur did not smell a similar lying King rat and thieving sly mongoose in the form of Dauphin Duprey and his queer consort La Reine de Par(r)is?

    What caused OSA to let his guard down and revealed his slip of stasis in governance and regulatory responsibility? I am sure it would have to be more than $75,000.00 in the kitty.
    Does the cat have OSA’s tongue today? He had a lot to say about the Carrington affair?

    Do you, S S, feel that if Mia were to come out to back calls for Leroy Parris to be charged for criminal fraud that OSA- in Pavlov dog-like fashion -would retort that Leroy is a good boy led astray by a bad man from Trinidad and needs Christian compassion instead of moral retribution?

    The same way OSA can truthfully say that Barbados is a good country but saddled or afflicted with a bad government would he also say CLICO was a good business but saddled with a set of homosexual liars and thieves?
    Poor Cyril Duprey must be crying in his childless grave.

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41. 

    Artaxerxes

    February 5, 2015 at 6:01 pm

    
    

    @ millertheanunnaki February 5, 2015 at 4:19 PM #

    “What caused OSA to let his guard down and revealed his slip of stasis in governance and regulatory responsibility? I am sure it would have to be more than $75,000.00 in the kitty. Does the cat have OSA’s tongue today?”

    Perhaps Arthur may not want to be implicated in this situation because Mia was on this CLICO issue from early, and she may divulge the uncleanliness of his hands in the matter. After all, he was the prime minister and minister of finance.
    Despite what people may say about Mia Mottley, she was applying pressure on the government when the CLICO affair first came to light.

    During a press conference held at the Office of the Opposition on Saturday, February 21, 2009, Mottley revealed the following:

    1) The statutory fund of CLICO Holdings Barbados Ltd is in deficit to the tune of Bds$93 million;

    2) The Statutory Fund being in deficit at CLICO’s parent company in Trinidad that caused its regulators to intervene on behalf of the policy holders.

    3) She also recalled that on January 31, the Prime Minister had told the country that 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”.

    4) She called on Thompson to “address the nation urgently on these matters and level with Barbadians”, saying that he was aware of this situation and that he had “shared these facts in writing with a number of persons closest to him, including his Cabinet”.

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42. 

    Artaxerxes

    February 5, 2015 at 6:12 pm

    
    

    @ Crusoe February 5, 2015 at 4:42 PM #

    “Not necessarily. In certain circumstances, a Court can lift the veil of incorporation. I am not sure if only in criminal matters and not civil, but things have changed in the past few years, whereby ‘seat filling’ directors aka of old, are no longer and directors are personally liable for various matters.”

    I addressed this matter in a previous post.

    Artaxerxes February 5, 2015 at 1:00 PM #

    @CHAUCER February 5, 2015 at 11:51 AM #
    “@ Artaxerxes There is a legal rule known as lifting the corporate veil…”

    Yes, “lifting or piercing the corporate veil” is a judicial process whereby the protection provided by the separate legal personality on incorporation may be lifted so as to render the directors and members personally liable for the debts of the company. The principle was first established by the English House of Lords in Salomon v. Salomon & Co. Ltd case of 1897.

    It is used in circumstances where the Court is of the opinion that companies business operations were not conducted in accordance with the provisions of corporate legislation. For example, in circumstances where the company operated in disregard of the corporate form, engages in fraud or fraudulent conduct of business, the court may lift the corporate veil so the owner(s) would be personally liable for any losses suffered by third parties.

    Hence, the operations of Professional Financial Services Inc. must satisfy either judicial or statutory provisions before court can impose “lifting the veil”.

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43. 

    Due Diligence

    February 5, 2015 at 7:41 pm

    
    

    @ David

    “The failure of CLICO and other failures in the Eastern Caribbean require regional governments to implement a whistleblower policy”

    Perhaps something along the lines of the pay-for-tips program of the US Securities Exchange Commission and the proposed Ontario Securities Commission incentive program mentioned in the comment above at 12:42PM

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44. 

    David

    February 5, 2015 at 7:45 pm

    
    

    @Miller

    To your earlier comment you do not think a well funded whistleblower program would pay for itself?

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45. 

    millertheanunnaki

    February 5, 2015 at 8:02 pm

    
    

    @David February 5, 2015 at 7:45 PM

    From tax payers’ money controlled by corrupt or corruptible politicians? Or from private enterprises like undeclared contributions to political parties and politicians?

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46. 

    David

    February 5, 2015 at 8:04 pm

    
    

    The program can be funded from the proceeds of fines.

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47. 

    millertheanunnaki

    February 5, 2015 at 8:11 pm

    
    

    @David February 5, 2015 at 8:04 PM

    Ok.
    Let us start by levying on the ill-gotten assets of Lawrence Duprey and Leroy Parris. Since putting both in jail would be certainly a travesty of natural justice. From one rung of material heaven to another layer in their own bailiwick of sexual depravity.
    The house on Dayrells Hill seems like a good place to start the orgy of revenge.

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48. 

    Walter Blackman

    February 5, 2015 at 8:14 pm

    
    

    Anthony February 5, 2015 at 9:10 AM #
    “One day I got a call out of the blue from Neval saying that he had just been made Managing Director of Alico and he thought that I should know some inside knowledge of Clico and about my investment at the time.
    Also I could tell that he was toting for business for Alico.
    I told him to come over to my former office and we could discuss.
    After I hanged up the phone Neval then advised me how to go about cancelling the Policy and getting a refund.”

    Anthony,
    Since you bought the policy from CLICO, if an agent from CLICO had approached you and tried to convince you to replace that policy with another policy sold by CLICO, that action would have raised concerns about an illegal practice in insurance call “churning”.
    If an agent from another company (in this case ALICO) approached you with a sales pitch aimed at getting you to surrender your policy from CLICO and enticing you to buy a policy from ALICO instead , that action raises concerns about an illegal practice in insurance call “twisting”.
    It is the job of an alert and knowledgeable regulator to investigate cases like these to determine if the law has been broken, or, if, (in this case), Neval was using legitimate concerns,“facts and circumstances” to sell you a policy that would have made you better off when compared to the policy you had already bought.
    There is a very thin line between condemning and commending Neval for the action he took in your case. No one on BU is in a position to draw that line, given the “facts” presented.

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49. 

    Anthony

    February 5, 2015 at 9:30 pm

    
    

    @ Walter Blackman

    My only reason for commenting was that I could not believe him being truly sorry for leaving HIS clients behind at Clico but contacting me AS SOON AS HE STARTED ALICO and passing on inside Clico information.

    All I have stated are the facts.

    You can believe what you want to.

    I got back my investment.

    His clients should have also been afforded the same opportunity.

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50. 

    DeeWord

    February 5, 2015 at 10:25 pm

    
    

    It’s interesting that Caswell’s post going back to DACMUS (DaCosta and Mussons) days was the first one here.

    That harks back to a time of a BS&T Head Office in Carlisle House where some folks used to call it South Africa because of the absolute racial hue and demeanor in the office. At one point, I believe Clyde Walcott (later Sir Clyde) was one of the few non-caucasians there.

    Back to a time of Douglas Lynch and his close affiliation to Barrow’s DLP. Perhaps the genesis of the comments re political White Shadows.

    I am sure Pieces and Caswell and others can fill in some of the blanks of that time.

    But nostalgia aside, I well remember (was a mere lad then) that the talk of Parris from his DACMUS days was exactly as Caswell said. It was common knowledge to anyone who was around the comp. back them or associated with an employee from there.

    In sum, Parris was always a smooth, pretty boy who was absolutely not book smart; he was ingrunt as Pacha said. But he was good at the craft of ingratiating himself to people and selling his wares i.e. wholesale foodstuff or later insurance.

    He obviously sold his wares well and charmed many a policy holder thus rising to be CEO of his company.

    He is certainly not the first and surely will not be the last person so described to rise to a position of great importance based on his inherent selling skills.

    He did not create the financial products sold nor did he manage the fancy accounting and interest rate offers, so villain though he be there are many more heads that need to be chopped off in this fight.

    A whole sale commodity sales rep with a suspect mental prowess does not go on to run a major financial institution without formidable backing.

    Others have made the point that we need to get to that network behind Leroy Parris: a network that involves politicians whose palms he greased for years, corporate chieftains who installed him and told him what to do and the managers who kept the wheels greased and the turbines spinning in full knowledge of the malfeasance.

    Is little Barbados ready to be rocked asunder?

    The Cawmere wonder boy that started his political raise to fame with a rollicking pull down of Senator on a CBC-TV program called ‘Understanding’ some 30+ years ago, now framed as a charlatan and vagabond of fraudulent ill-repute.

    Are we ready to rumble??

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