CL Financial Bailout – Steal of a Deal

Submitted by Afra Raymond
Afra Raymond

Afra Raymond

The CL Financial bailout was a steal of a deal for the owners of that troubled company. After all, the wealthiest man in the Caribbean was able to obtain an interest-free loan exceeding $25 Billion in Public Money at a time when no one else would lend him. […]Our Treasury was effectively the ‘lender of last resort’, so those terms were hugely in favour of CL Financial and its controlling shareholder, Lawrence Duprey. What is more, the shareholders kept all their shares.

In the previous column, I stated my view that Mariano Browne had taken what seemed to be a position supportive of Lawrence Duprey’s attempt to regain control of CLICO. I also pointed out that Browne was a member of the Cabinet when that fateful and detrimental deal was made to bail out CL Financial in 2009 and called on the significant members of that Cabinet to explain their rationale. I went further to say that Browne was one of the five significant persons who had been requested to testify and refused to do so.

Read full text of blog –  CL Financial Bailout – Steal of a Deal


  • A very interesting position taken by Browne, a man we know well in Barbados, to challenge decisions taken by T&T cabinet of which he was a member.


  • Where is the outrage from CLICO policyholders?

    Where is the outrage from Barbadians period?

    Why are we not having the level of discourse about what led to CLICO’s demise and collateral issues?

    Are we lacking in financial intelligence? This would challenge the popular view Barbadians are better educated than most.

    What is the problem?

    We have politicians and friends who continue to frustrate this issue – we can start at the 3.3 million dollar cheque – with no reason to fear reprisal from the electorate.


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