CLICO Final Forensic Report UNSEALED
Here is the CLICO Final Forensic Report unsealed by Justice William Chandler on 10 March 2015.
476 responses to “CLICO Final Forensic Report UNSEALED”
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It is clear based on the JM’s language by encouraging more probes into CLICO be done they saw sufficient in the audit to have informed their position. This DLP government will NEVER commission a probe. What is sure is that the legacy of David Thompson and the DLP is assured.
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I see that March 12 is the final day to submit a photo of your favourite yardfowl in all its splendor to the Acme Supermarket Yardfowl Competition for chance to win big prizes. If someone can submit a photo of ac, he/she would almost certainly be the grand prize winner of shopping spree.
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artexeres . have you ever thought that i purposely misspell EVEDIENCE to piss you off and guess what it seems to be working ,so muh boy keep checking and pissing all over your draws , Btw i here men diapers are on sale,
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@ DD good one LMASOFF..
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Another view of this CLICO mess confirmed by the Forensic Report is these so-called elite who knew what was happening:
Followlng our Interview of Mr. ThomhUI, he provided a copy of a resolution made by certain directors of
the Board ofCHBL, which was dated as of May 15, 2005, being the date of the above noted contract. The
resolution notes it was made by written consent In lieu of a Board meeting. With respect to a
‘Management Contract” the signing directors “ralffied, approved and confilmed” the actions of Mr. Duprey
and Mr. Thomhlll with respect to the May 15, 2005 agreement with PFS. The document has signatures
next to the names of Mr. Woodbine Davis, Mr. Anthony Ellis, Mr. Leslie Haynes and Mr. Vishnu Ramlogen
and appears to have also been signed by Mr. Parris and the Corporate Secretary, but not Mr. Thomhili.
The quality of the document copy provided ‘ls poor end to date we have been unable to confirm when the
document was signed. Counsel tor CHBL received a copy of this document from counsel to Mr. Parris – page 12 -
ac
LMASOFF..???
Don’t know that acronym
Please spell it out.
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ac March 11, 2015 at 11:24 PM #
“artexeres . have you ever thought that i purposely misspell EVEDIENCE to piss you off and guess what it seems to be working..”
“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….”
The above statement is sufficient proof that you lot are a bunch of idiots. As such, I do not believe you purposely misspelled the word and in doing so, you’re not pissing me off at all. You are doing what is expected of you.
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This is part of what I have gathered from the report so far:
David Thompson, as Prime Minister of Barbados and Minister of Finance, Terrence Thornhill as President of CIL, and Cheryl Haynes as Vice President of CIL jointly or severally discussed a method to be used to get $3.333 million from CIL into the hands of Leroy Parris.
To get the ball rolling, PM David Thompson decided to manufacture an invoice to suggest that the multi-million dollar heist was being pulled off by Thompson & Associates, a law firm from which he officially relinquished ownership on May 22, 2008. (I need to go back and reread carefully what Leroy Parris said about Thompson’s actual control of the company at this time.)
For good measure, Thompson designed the invoice to give the impression that Mr. Maurice King, QC was in on the action. Why? I can’t even hazard a guess.
After the invoice was manufactured and designed by David Thompson, he e-mailed it to Terrence Thornhill at 11:42 a.m on December 30, 2008 without writing a word. Terrence Thornhill received the e-mail and forwarded it to Cheryl Haynes on January 16, 2009 without writing a word.
The $3.333m check was issued the same day, signed by Messrs.Thornhill and Haynes the same day, and was paid to “Thompson & Associates” ( in the form of a deposit to a First Caribbean Bank account # 1853408 in the name of David Thompson – Client’s A/C) on the same day. As easy as stealing candy from a baby.Lawyers are universally held in low esteem when it comes to honesty and morality. In explaining a situation in which CIL was defrauded and money got laundered into Parris’ account, Thornhill said that the invoice was from an attorney, so there was no need to question it, and besides, it appeared legitimate. Mind you, these are words from a qualified accountant and a senior insurance executive, not to mention co-conspirator.
The reasons and purposes as presented by the invoice were false. The invoice itself, as an accounting document manufactured by David Thompson, was very real and effective. It succeeded in getting the job of money laundering done.
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We want to know how any of this circular logic is going to restore the policyholders to the position they were in, or were supposed to reasonably be in, based on having paid their premiums/deposits with the expectation that the statuary authorities had presented CLICO, its affiliates, directors, as fit and proper persons to conduct core and related businesses, activities.
All of this forensic auditing and armchair wrestling by amateurs do nothing, in our view, but to add to the stupefying predicament of policyholders. This social spectacle is happening at their continuing expense. When the dust settles they are the ones who will be out of pocket, see their assets diminished or evaporated.
How is any of this going to make the policyholders, whole?
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@Pacha
Surely you see this issue is about the affected policyholders and more?
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Simple Simon March 11, 2015 at 12:15 PM #
The circumstance you describe is called fraud. Therefore, it should be incumbent upon the fraud squad and DPP to investigate and lay charges as necessary. (as SITH already said).
For money laundering, that is the act of concealment and processing of funds derived from criminal activity.
Now, merely concealing funds not derived from criminal activity is not money laundering.
However, as others have mentioned, in such case, were any incomes derived by companies and individuals thereto, reported and assessed for taxes as necessary.
Tax avoidance is not criminal, tax evasion is.
Thus, one would have to take into account the interweaving circumstances to assess whether
a) any initial fraud took place
b) if so, were there efforts to conceal the proceeds from such activity
c) were there efforts top conceal income from the Commissioner of Inland Revenue.
d) if (a) or (c), any processing and concealment of funds thereto is money laundering they the perpetrators are liable under the legislation to prosecution for that as well.One nest of trouble.
And yes, I do hope that the DPP gets external help from experts in financial criminal prosecutions, to assess if this is indeed the case or not and act accordingly.
As for the directors of that company noted above….
darn…. a name in there…. wow. One tends to get ones eyes opened at times……. respectable… hmmm. And the link is irrefutable, even worse.
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I herby DEMAND that Leroy assets and the remaining assets(including new buildings) of CLICO, BIACO be sold and the proceeds paid to policyowners and investors BEFORE a further cent paid to JM…..otherwise my $300,000 dead dead…..same for odders. June Fowler open ya mout nah…..hollar HARD too…do ya job nah!
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Looka here……Toppin and Deloitte already get $5 million…he lookin for more….what has been disclosed is enuff to pursue in my suggested direction…..WE WANT OUR MONEY too…
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@ David
‘What’ is about ‘what’ policyholders, ‘what’? All we see is another political circus with armchair experts pontificating, Monday morning quarterbacking. When peoples’ live savings are involved!
We want to know how all of this, by any of the actors, either past actions or current, are going to deliver economic justice to policyholders/depositors.
We want to know why policyholders/depositors have to go through these scenarios over and over again, over years? Why unsuspecting Bajans have to serve as fodder for a class of self-centered ‘professionals’
We cannot see no light at the end of this tunnel. If certain people in the system are given, ostensibly, sovereign guarantees which protects them from the vagaries of the market place, why peoples’ normal actions, in doing business with government licensed or statutory agencies, or companies supervised by them should not be afforded the same protections.
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@David: “It is clear based on the JM’s language by encouraging more probes into CLICO be done they saw sufficient in the audit to have informed their position. This DLP government will NEVER commission a probe. What is sure is that the legacy of David Thompson and the DLP is assured.”===========
David, I presume your ‘assured’ refers to ‘assured forever in the annals of shame and corruption’.
This is not about a gov’t probe any longer.
This is corporate malfeasance that must be addressed in the courts. The policy group ideally have the legal stamina to take this to a final conclusion to the CCJ.
CLICO was a personal piggy bank (or possible Ponzi scheme) for a select group of people and hopefully the investigatory needs are within the policy group’s ability (monetary etc) to allow them to get the evidence to show the crimes that were committed and allow them to claw back the monies that was illegally converted to the crooked executives.
The prima facie evidence of illegality (from a former PM. no less) is there re the false invoice. Surely this presages other illegal acts.
This will not be an easy task.
There are powerful people involved (region wide) and the push back and road blocks will be many.
But the courts with all its issues is the route.
And of course, BU and other similar sites are vitally important to keep the spotlight on the incestuous nature of the operations and call the public’s attention to the high crimes and misdemeanors as the court case winds its way slowly through the system.
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What are you on about Pacha…?
There are two separate and distinct issues here.
The first and most critical one is justice and law. The fact that Bajans are outraged (at last) is a VERY good sign. This kind of shiite has been going on now for YEARS …including under the BLP …and INCLUDING CURRENT BLP aspirants…That Bajans have finally AWAKEN and are expressing outrage is GOOD.
On the issue of what you call “economic justice” ….steps will only be taken to recover policy holders’ funds IF and WHEN issue number 1 is addressed…..
Both HANTS and yourself are being naive when seeking to concentrate on ‘investors getting their money back’. ……Important as that is, it is not as CRITICAL as a national consensus and call for JUSTICE, …and for the LAW to be applied to the guilty crooks in high places.
The truth is that investors had a DUTY of care when they CHOSE to make investments, and a RESPONSIBILITY to follow-up on how those investments are being managed. They were PLENTY of signs for years…that CLICO was a scam, and that large scale dishonesty was involved…..
…the first damn hint was that it was a Trickidadian scheme…..
.. the second was that a former ‘Driver’ was the local boss…
..and they were dozens more.What “economic justice” you talking bout….?
Economic justice is about reaping what you sowed….. -
Look here June Fowler……I hear U on the radio saying BIPA “will continue the agitation”…….what agitation?….do you call holding meeting with us and your intermitant whimper on the radio AGITATION?…..Come on,….we have over 30,000 strong who been wronged……get some placards and organise a march every now and again….do the logistics…mekk it legal….MEKK SOME NOISE….BE HEARD ON BROAD ST….stop being a meek lamb in tis jungle of wolves.
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@ Bushie
Your analysis is predicated on the workings of ‘law and justice’. In these we have little confidence. Indeed, we are surprised that you will think any laws anywhere are constructed to protect average people. The most you will get from this ‘law and justice’ you talk about is what we are getting now. And we have been here before, many times.
To us this is just the official way of covering up this whole issue. How many times must this happen for you to recognize this two-step dance.
You may opt to define ‘economic justice’ in broad terms if you wish but for people whose net value has been diminished………… still diminishing, that deep philosophical mooring is unhelpful.
Alright, it is OK for Bajans to be outraged. But we have seen them outraged before when another wholesale thief was being done. A Bajan seven day wonder! And nothing, absolutely nothing, became of that. Being outraged is not going to reverse governmental lethargy/inaction lasting about five years now. Or prevent this from happening again. Because this society lacks the will, desire, to transform anything.
So being outraged is no more than a systems mechanism to vent, nothing more. But yuh money gone! And this system cannot repair that loss, does not want to!
This is a system which promotes capitalism for the mass and socialism for the few. You are in danger of being on the wrong side of this issue as you hope that through osmosis something different will happen, fundamentally.
We hold no particular animus towards Trinidadians. We wonder why this current, is reserved for Caribbean people but adherents seem more welcoming to others from further afield, people known less well. That bunker mentally seems to belong to a begone era.
You seek to blame the victims. This duty of care of which you speak, why are others to be protected from the operations of markets and not average citizens. To most people the world of insurance and finance is largely mis-understood. The industry is set up in a way to protect the public. Insurance agents, for example, have a duty of care to the public. Given a deficit in understanding why blame John Public. Could this logic work elsewhere?
When lawyers, for example, thief peoples’ money you were not known to blame the victims and we know ALL lawyers in Barbados ‘mishandle’ or commingle clients’ funds or at least withhold interest.
Yes, we believe that policyholders should not only get their money back, they should be made whole. By this we mean inclusive of all consequential losses to this point. Certainly, what is happening now will never and is not intended to bring justice. In any event what is economic justice where an individual’s economy is destroyed?
For years you have known that people are dying in the QEH too, but if you get into an accident you would still want to be taken there. All kinds of people know all kinds of things are bad for them but we still do them anyway. It is unjust to blame average people for the problems at CLICO! And we shall never do that.
Locking up Parris, and all that, is not going to help the people who loss money. It remind us of the man who went to court because he was struct by a rock. When the judge determined that the offender should pay a fine to the court, the victim then enquirer, ‘your honour,did the rock hit the court’. LOL
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bygone era
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Bush Tea March 12, 2015 at 7:40 AM #
What are you on about Pacha…?
There are two separate and distinct issues here.
The first and most critical one is justice and law. The fact that Bajans are outraged (at last) is a VERY good sign. This kind of shiite has been going on now for YEARS …including under the BLP …and INCLUDING CURRENT BLP aspirants…@ALL YOU WROTE WE AGREE WITH , ALL OF THEM NEED TO BE IN A COURT OF LAW , NEED TO BE CHARGED, NEED TO PUT ON TRIAL AND PEOPLE TO RENDER UPON THEM , NO CLOSED DOOR BULL SHIT THEY DO IN BARBADOS.
REMEMBER CLICO LAND FRAUD ALSO , WE HAVE THE PLANTATION DEED FOR THE LAND HE LISTED IN THE COURT AS HIM BEING THE OWNER,
LAND OF QUEEN BEATRICE HENRY AND VIOLET BECKLES PLANTATION LANDS
THE QUEEN OF ENGLAND MUST ALSO FOLLOW THE LAWS OF THE KING , MAGNA CARTA OF 1215 NOW 2015 , 800 years and the King still rules,and a King will Rules soon again , all QCs will eat dirt for the KC will Rule,
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@ Pancha
Locking up Parris, and all that, is not going to help the people who loss money. It remind us of the man who went to court because he was struct by a rock. When the judge determined that the offender should pay a fine to the court, the victim then enquirer, ‘your honour,did the rock hit the court’. LOL
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So with the Scotia Bank black rock bank robbber….but his ass still up at Dodds and mudda and step fadda paraded on TV for all to see for $14,000 mostly which was spent…..
SO WHAT IS UR POINT?…….one law for the Meads, annuda for the Persians?
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@ john Hanson
But these very courts have made the thief of which you so eloquently speak possible. Why appeal to Satan about the Devil? These issues should have been dealt with politically, early on, by the government. MAM was right!
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My Two Cents March 12, 2015 at 8:54 AM #
What about William Layne the former permanent secretary he’s bashed Mr. Green Verbs non-stop but if you read the fine print it suggests hanky panky transactions took place under his watch. While holding no brief for Parris who really is a piece of work this is not a straight forward slam dunk. Looks as if people who bawl most and act virtuous are not washed in the blood of the lamb. Enquiring minds will keep a close eye as this fiasco unravels.
The more Peter Wickham speaks the more we realize why he was identified as a CIA informant by Wikileaks. He cant be trusted and he’s not that far removed from Parris except by a little better grasp of grammar.
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@Dee
Yes like Bushie stated this is about enforcing corporate governance. What Pacha is missing is that life is a continuum and what occurred yesteryear does not follow it will occur today.
On Thursday, 12 March 2015, Barbados Underground wrote:
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@Onions
What BIPA what!
230 members out of 10,0000?
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Bushie wrote “HANTS being naive”
No Bushie. When ever there is a issue involving money those at the bottom are the last to be considered.
Some pensioners like the ones on BU don’t NEED or RELY on pensions.
They are others who do and seeing people getting lock up, and morality does not feed them or pay their bills.
I totally support the quest for justice in this fiasco but I also think that the pensioners and policy holders should get their money before the Lawyers and accounts suck the well dry.
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Yesterday the BBC carried a story to the effect that the British Supreme Court ruled that a divorcee can sue her former husband for a financial settlement based on his new found wealth even though they were divorced twenty years ago.
If Parris and ALL his directors and con men and con women think they are home and dry under this rotten Democratic Labour Party,wunna got another thought coming.Bajans will get their due one way or the other.None of wunna will be safe until these matters are lawfully addressed. -
@ David
……230 BIPA registered members YES, .. BUT dunn know I mean those who have CLICO and Brittish Amer.policies who being unfaired and about to be ROBBED. Call a march June and U would see the response….bet it even bigger than Mottley march.
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I heard that there is a joke making the rounds in Bim that a one school man (Parris) tricked all the two and three school or lettered men/women all around him either as employees or Board members of the various entities which he controlled.
Why didn’t the JM go to Court to compel Ms. Haynes to testify? Seems that she was at the centre of some decisions including the issuance of the fateful cheque and her input would be valuable since they were missing a massive amount of communications including Mr. Parris’ emails etc.I know a few people who knew Thompson professionally and they are at a loss to understand why he would issue that invoice since he knew or ought to have known that the whole affair would be exposed in the wash, unless of course he knew of his terminal illness much longer than the timeline provided and decided to do some “estate planning” knowing that he would be pushing up daisies long before the excreta hit the fan.
One of my closest relatives had a six figure sum invested with CLICO but took the money out despite entreaties from the agent about the higher than market interest rates offered. This relative was a graduate of the school of “hard knocks”.
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@ David
”Yes like Bushie stated this is about enforcing corporate governance. What Pacha is missing is that life is a continuum and what occurred yesteryear does not follow it will occur today.”
But David, what is this thing which you call ‘corporate governance’? Do you really have an understanding of the practical or internal workings of corporates.
Life maybe a continuum OK, but in life when we fail to learn from past mistakes, and we have had many, we are also destined to repeat them. Nothing that is happening now will prevent this from occurring again. Maybe sooner that you may expect.
Even you and BU are beneficiaries of this situation. At the expense of the ‘poor’ policyholders!
Hants is right! The policyholders should have been made whole. That position does not diminish the need to use the guillotine, as well!
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@Pacha
On what basis are you suggesting may not learn from past mistakes this time around? If you make the policyholders whole we still have to fix the hole.
On Thursday, 12 March 2015, Barbados Underground wrote:
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@Crusoe at 6:46: Your remarks are well stated and within that astute clarity do you really believe that if the DPP or Fraud squad have not yet acted that they will now unless some completely different set of circumstances intervene.
You speak of outside financial help but that can only be needed if an investigation actually STARTS and then someone needs guidance re the ex-Barbados aspects of the investigation.
There are absolutely no complex financial issues involved here that competent local accountants/lawyers cannot unravel.
The problem is finding the evidence amidst all the shredding and bad record keeping. Let me take that back: the problem is the WILL to find the evidence amidst …
The willful failure by the DPP to move on the blatant invoice fraud, for example, is indicative that there is no WILL to get to the bottom of this mess.
The failure by the BRA to investigate the tax evasion indicated by that invoice and the possible further VAT evasion implicit in the several other instances of Parris’ salary payments being invoiced from DT and Assoc also speaks to a lack of conviction to upend this conspiracy.
Leroy Parris did not fool anyone.
The fact that a supposed respected lawyer and the leader of the DLP political party group has been implicated in these crimes; and the fact that the current PM calls Mr. Parris his friend; and the fact that he is seem warmly fraternizing with the current Min of Fin; and the fact that he was a financial contributor to the former PM of the BLP political group; and the fact that several respected and experienced business leaders sat on his Board of Directors while all the shenanigans took place; and the fact that some of those directors were in partnership with Parris on other business clearly suggests that everyone is in bed together.
This is going to be a tough battle as there are big monied folks as defendants; but it is a fight that can still be won.
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But David
These are issues we have previously agreed upon. Our difference is that what Bushie is calling ‘law and justice’ as is traditionally practiced, does not hold an adequate remedy for CLICO policyholders. Or anybody else in the past in their position. Maybe you may want to put yourself in their stead.
Surely David, making the policyholders whole (restorative justice) and consigning Parris et al, to the guillotine are not mutually exclusive actions. Or should not be.
In the absence of a radical transformation the culture of law/s will continue to do what it/they has always done.
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My Two Cents March 12, 2015 at 8:58 AM #
My Two Cents March 12, 2015 at 8:54 AM #“What about William Layne the former permanent secretary he’s bashed Mr. Green Verbs non-stop but if you read the fine print it suggests hanky panky transactions took place under his watch.”
It is erroneous for you to suggest that the “hanky panky transactions took place under” the watch of William Layne.
The government of Barbados appointed an Oversight Committee, effective Tuesday May 12, 2009.
“We noted a substantial payment of commissions to a company controlled by Mr. Parris on May 8, 2009, shortly before the appointment of the Oversight Committee under the terms of the Memorandum of Understanding (‘MOU’) between the Government of Barbados and CHBL dated May 12, 2009.” [Page 2]
The transactions to which you have alluded were performed prior to the appointment of the OC. The following excerpts from the report give an example:
“Based on our review of vendor history reports, the payments to Branlee Consulting Services Inc. generally related to override commissions as well as the rent relating to an employee seconded to CIL by Colonial life In Trinidad. We identified one cheque payment to Branlee Consulting for 2008 override commissions In the amount of $876,683. The cheque was dated May 8, 2009 shortly before the formal appointment of the Oversight Committee on May 12, 2009.” [Page 13]
“We note that the cheque to Branlee was deposited on May 18, 2009 after the Oversight Committee was appointed. In discussion with Mr. William Layne of the Oversight Committee, he noted that this payment was made at a time when the Memorandum of Understanding was under negotiation.” [Page 13]
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@ Sargeant March 12, 2015 at 9:11 AM
“I heard that there is a joke making the rounds in Bim that a one school man (Parris) tricked all the two and three school or lettered men/women all around him either as employees or Board members of the various entities which he controlled.”So why do you think the miller refers to Leroy Greenverbs Sunny Pokey Parris as the smartest man in Bim and deserving of being inducted in the national heroes hall of fame?
I have been saying for the last 2 -3 years what is now being seen as a joke. Why do you think your man of the highest integrity Lord P M Fumble refers to his close pal and closeted friend King Parris as a most estimable gentleman and successful business executive in Barbados worthy of the highest commendations and adulation.
I have always argued that despite what others might think of the people of St. John
that country bumpkin parish has produced not only the smartest men of the Bajan business world but also some of the highest paid executives of the land. Money talks while bullshit walks.Just listen to Lord Fumble of Integrity Land speak about his ‘honest’ understanding of what has yet to occur under his watch:
“Why Good governance? Good Governance is
characterized by the principles of participation,
consensus, accountability, transparency,
responsiveness, effectiveness and efficiency,
equity and inclusion, and the rule of law.It assures that corruption is minimized, the views
of minorities are taken into account and that the
voices of the most vulnerable in society are heard
in decision-making and the allocation of resources.”Can we expect the RULE of LAW to bring JUSTICE to the vulnerable CLICO policyholders especially those holding life insurance policies and pension annuities, Mr. Cloud Nine P M of Integrity Hill?
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And I say once more,if it’s necessary to put a cat among these pigeons bring in outside legal help,preferably people like Ramesh Lawrence Maharaj who is carrying the fight to Clico on behalf of the Trinidad Policyholders.Maharaj said Clico got cash in the bank to the tune of 17 billion dollars so I don’t understand how Parris can write off Duprey debt and Parris can transfer Barbadian policyholders monies to Clico or Duprey in Trinidad,and Bajan policyholders can’t get back their money or their insurances or their pensions.Bipa need a proper lawyer like Maharaj,not a pussycat.
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Sargeant March 12, 2015 at 9:11 AM #
“Why didn’t the JM go to Court to compel Ms. Haynes to testify? Seems that she was at the centre of some decisions including the issuance of the fateful cheque and her input would be valuable since they were missing a massive amount of communications including Mr. Parris’ emails etc.”
Under the circumstances and keeping within the scope of the audit, the auditors would have probably over-stepped their boundaries if they went “to court to compel Ms. Haynes to testify.”
However, the auditors described, in the report, the role Ms. Haynes played in the scenario relative to disbursement of the funds.
“CIL cheque #00092 dated January 16, 2009 was signed by Mr. Thornhill and Ms. Haynes. The cheque was most likely provided to Thompson and Associates that same day as It was deposited to a First Caribbean Bank account #1 853408 on January 16, 2009. As noted above, we were unable to interview Ms. Haynes as part of our work.” [Page 9]
However, recall the JM brought a civil suit against Parris and the estate of Thompson. Therefore, since the matter is before the court, the JM will note Ms. Haynes as an important witness in the matter, but as demonstrated by her reluctance to give evidence to the auditors, she would be deemed as one willing not to co-operative. Hence, she may be subpoenaed to testify in the civil suit.
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There is no doubt that a number of white collar crimes have occurred at CLICO and its various Associates and Subsidiaries.
The DPP and possibly the Financial Services Commission should start the ball rolling with some of the low hanging fruit – Fraud charges should be laid at the feet of the three Clico executives who conspired to pay LP that gratuity – LP – who seems to have approved the invoice, who also received the money along with this Cheryl Haynes and Terrence Thornhill.
That first round should then lead to another round which might see Mara having to answer for her part in the fraud. It is critical to get sworn affidavits and people testifying under oath – that’s when the truth or at least the least of the lies would appear.
There was also clear evidence of executives making use of “Insider” or privileged information for their own benefit – getting money while the MoU was being negotiated for example. Being paid the “over-ride commission etc. Again this would be a matter for the DPP along with the FSC and Corporate Affairs.
To my certain knowledge CLICO advised by DT avoided paying any taxes dating back to many many years – possibly have never paid/filed returns but am not 100% sure of specific dates of taxes filed. They simply did not file income tax returns even though they avoided taxes by claiming losses against some of the subsidiaries. In Tax Law this is acceptable BUT in order to make the claim you have to actually file the returns – you can’t just claim it without filing. THEREFORE the BRA should ensure that Government gets its taxes and Directors who are personally liable for unpaid taxes and/or NIS ought to be dealt with. This is simple and basic stuff. NIS should do the same – though I believe they were keeping uptodate with NIS.
These crooks also never paid any other taxes – when purchasing these huge tracks of land they would (under the guidance of DT – and associates) declare a dispute thus avoiding the actual payment of taxes – in theory for a few months BUT because DT was who he was it seems none of these tax collectors was comfortable dealing with the matters and they have all languished. the upshot of that is unpaid taxes to the tune of millions on nearly every land transaction CLICO has been involved in. This is in relation to property transfer taxes especially and also applied to when they bought companies. They would have effective control and never pay the state it’s due!
That is the real reason DT and Associates had to be paid above market rate – their value in saving millions on transactions meant much much higher fees. Unfortunately DT didn’t live long enough as MoF to write off all those amounts.
We must keep an eager eye on the current MoF who no doubt has a brief on all these CLICO matters.
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@ Artaxerxes at 10:04 AM … Under the circumstances and keeping within the scope of the audit, the auditors would have probably over-stepped their boundaries if they went “to court to compel Ms. Haynes to testify.”=====
You are being diplomatic. The JM would have themselves been hauled to court by Ms. Haynes if they attempted to compel here to testify.
They had no proper grounds to compel her to do anything.
Even in the scenario “recall the JM brought a civil suit against Parris and the estate of Thompson. Therefore… she would be deemed as one willing not to co-operative. Hence, she may be subpoenaed to testify in the civil suit”
She may still come to court under subpoena and refuse to answer questions.
This case is going to be a very hard road to hoe but the evidence is there.
I would love to see criminal prosecutions initiated but I know that’s an ingrunt dream.
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@Tell me something I don’t know March 12, 2015 at 10:27 …. Excellent.
We all share your wishes.
So let me see if I can tell you something you do know:
As a young child did you ever play with one of those feed bags, or if that’s before your time, a sweater or something your mum knitted.
You know, where you have this seemingly complex length of string or sweater and you start to pull on the right loose thread and voila in a few minutes the bag is opened or the entire sweater is unwoven.
If that has ever happened to you then its clear that “we must keep an eager eye on the current MoF ‘ and the PM and others because they will do EVERYTHING to ensure this complex length of string knitted to a sweater does NOT “un-weave”.
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Recall David Thompson’s first order of business in 2008 was to increase taxes on every conceivable good and service in this country.His second order of business was to swear how good Clico is managed and to prove it he putting 10 million dollars of taxpayers monies in the Central Bank for Clico to draw down.The lying,effing scumbag for a bastard. He thief,and turn round and use we taxes to prop up he thiefing ways.
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Bushie i just can’t under where Pacha coming from- i would ask him like Mr Barrow asked his speaker Mr Neville Maxwell-
Whose side are you on? the shameless crooks or the poor unsuspecting policy holders like myself
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For what it is worth consider this. We know the $3.333m check was issued the same day, signed by Messrs.Thornhill and Haynes the same day, and was paid to “Thompson & Associates” ( in the form of a deposit to a First Caribbean Bank account # 1853408 in the name of David Thompson – Client’s A/C). Cilent A/C is a “trusr” bank account maintained to keep clients money from comingling with the private business accounts of a law firm. Part of the fraud is that the cheque was deposited to the client account when in fact payment for services and should have been deposited to the operating account and not the trust account. Undoubtedly the money then went from the client trust account to LP. That had to be done by cheque and it is that cheque that will have to be inspected. One can conclude that this cheque was signed by the office manager of what used to be the law firm owned by Thompson. First Caribbean must of then become nervous of the potential of money laundering and instructed the funds be removed from their bank. The funds are reported to now be at the Central Bank. It is difficult to believe that they now do not know that these funds were not tainted.
First Caribbean Bank will have copes of the cheques and deposits of account #1853408. First Caribbean have a moral obligation to cooperate with the policy holders in tracing these funds and establishing who in fact signed for the disbursements.
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“First Caribbean have a moral obligation to cooperate with the policy holders in tracing these funds and establishing who in fact signed for the disbursements”.
What moral obligation what- morals went through the window with the Speaker’s continued occupation of the Chair of the highest court in the land with the tacit approval of a sitting Prime Minister and a confused disgruntled former. -
@Dee Ingrunt Squared March 12, 2015 at 10:54 AM
“…If that has ever happened to you then its clear that “we must keep an eager eye on the current MoF ‘ and the PM and others because they will do EVERYTHING to ensure this complex length of string knitted to a sweater does NOT “un-weave”…”
Very very well said indeed. These are very dirty waters indeed and I always worry about what desperate people will do when it looks like all their work will become unravelled just because someone is pulling on the length of string.
Of course it is not coincidental that he was elevated to the position of MoF by DT as one of his very last acts as a mortal. One wonders what pact was made such that the cabinet as proclaimed on that death-bed continues in basic form to be the cabinet of today. Yes – Freundel is slow but I suspect there was more in that “death-contract” than we might anticipate.
Finally – Let me do like Chris H. Gayle and take a swing at this one which is in my zone: HOW DARE the MoF take the position he’s taking with the Hoteliers in barbados. I don’t hold a brief for them BUT SANDALS – a non-Bajan firm gets all these concessions. Without a MoU with the BAS or anybody else. They are importing whatever they want to without any list or any warnings to be cautious. The Min of Tourism recently called for a salary increase since the hoteliers got their concessions. AND NOW WE ARE TO HEAR that they have not indeed actually gotten these concessions – and the season is almost at an end?
How could any bunch of officials – these Ministers and the Cabinet seriously operate in their environment of half-truths, outright lies, propaganda and downright deceptive behavior.
For the President of the BHTA to have to state publicly that they do not actually have the concessions is in itself damning. BUT to also hear that they have basically been taken for a never-ending ride is unacceptable.
The time is fast coming for ordinary bajans to take action and this may soon require workers to picket SANDALS itself.
Whatever the BHTA accepts ought to be exactly what was given to SANDALS. It is unacceptable for a bajan-run and bajan-owned enterprise no matter how big or how small to be asked to compete against SANDALS with all its known expertise, resources AND THE CONCESSIONS given to them by OUR GOVERNMENT.
Lord. Hear our prayers..
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@ balance
“……i would ask him like Mr Barrow asked his speaker Mr Neville Maxwell-
Whose side are you on? the shameless crooks or the poor unsuspecting policy holders like myself”
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Come on balance … “poor policy holders LIKE MYSELF….”
LOL….Boss you are no more ‘poor’ than Barrow was…Pacha is thinking at too high a philosophical level. This is a simple case that a bushman with a whacker can explain…
..one ALWAYS rakes leaves in the same direction that the wind is blowing….
Now that the wind is picking up behind the CLICO crooks, the best way to collect the scattered monies is to rake along with the prevailing winds…
…not to ignore the winds and run around wildly behind the money…. -
CIBC will honour its legal agreement with the customer, nothing to do with morality.
On Thursday, 12 March 2015, Barbados Underground wrote:
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@balance
Not only do they have a moral obligation but First Caribbean likely have a legal obligation to cooperate. After all they are the ones that terminated the LP relationship and they are ones that allowed the Thompsons to money launder. I will guarantee you one thing “if you don’t ask you wont get”. First Caribbean are controlled from Canada and as such must abide by Canadian regulations. Policy holders should be pushing for copies of the cheques or other documents that allowed monies to transfer from the client trust account. Follow that money and you will find out who the participants of the money laundering scheme are. Who signed those disbursement documents?
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Bushie
LOL! LOL!
You mean we spent our whole morning giving you our best and you come here distilling everything we said to a few sentences, man. You’re the reeeeeeeeal boss!
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Pachamama re. your 1:00 pm post.
I second that.
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