Last week we learned that Lawrence Duprey and his fellow CL Financial shareholders are victims of a badly-handled bailout. According to the Duprey version, the State must halt all asset disposals a…
CL Financial Bailout – Duprey’s Gambit
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204 responses to “CL Financial Bailout – Duprey’s Gambit”
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Why is Duprey not in prison. Out in Miami talking about he fears for his life, but sneaking in and out of Trinidad.
People in the Caribbean need to stop putting their hard earned money in insurance companies, you are only insuring that the insurance executives have money to steal, while you are left with nothing.
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What is needed are serious laws to protect the insured and the country from crooks like Duprey and the leper Parris.In the USA they would both be in Orange jump suits.I think they both might still have to face that prospect.
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Gabby, U correct dem is pure scum!
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Serious laws! Are you kidding? Regional governments are the reasons why the Dupreys and Parrises of CLICO are free to enjoy their steal. Everything shows clearly that CLICO was an orchestrated PONZI, that these men knew of the collapse for a long time and did everything in their power to milk the insurance company of millions. Yet, you have our leader praising him and calling him friend. There lies the real problem.
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Sunshine Sunny Shine May 3, 2016 at 12:38 AM #
“Serious laws! Are you kidding? Regional governments are the reasons why the Dupreys and Parrises of CLICO are free to enjoy their steal.”
@ SSS
It is interesting that you mentioned “regional governments.”
This DLP administration made a proposal to establish a new company, New Life Investment Company Inc (NLICO), to oversee CLICO’s operations and avoid liquidation, as well as to look after the interest of the former insurance company’s Barbadian policy holders. This decision has met the approval of the Judicial Manager (who previously suggested liquidating CLICO) and the Barbados Investors and Policyholders Alliance (BIPA).
President of BIPA, June Fowler, said her organization supported the restructuring plan, “not only because there was nothing else on the table, but because policyholders would benefit if the Government stood true to the proposals.”
Recall that during his budget presentation on June 15, 2015, MoF Sinckler revealed that when the matter returned to the High Court, the Ministry of Finance and the new company set up to oversee CLICO’s operations, New Life Investment Company Inc (NCLICO), would present fresh affidavits to the court to avoid liquidation.
However, according to the August 5, 2015 edition of Barbados Today: “Eastern Caribbean countries regulated by the Eastern Caribbean Currency Union (ECCU) and a number of corporate policyholders, as well as a large group of individuals from the business community have objected to the Freundel Stuart administration’s proposal to take over the collapsed insurance company.”
St. Vincent & the Grenadines PM Dr. Ralph Gonsalves wrote a letter to PM Stuart expressing the “vigorous objection of the ECCU to the proposed Barbados only plan, which is now emerging as a Barbados only plan.”
There is supposed to be a legal requirement, in St. Vincent & the Grenadines, on insurance companies to deposit a “security bond” with government, to be held in an escrow account to compensate policy holders in the eventuality of a CLICO situation.
If Gonsalves’ ULP government did enforce this legislation, how does he expect Barbados to pay CLICO’s Vincentian policy holders?
So…. did CLICO also had a “free run” in SVG?
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Afro Raymond wrote a great piece there.
The bailout appears to be another stretch of insanity.
@Gabriel, serious laws??? There are laws.
What the Caribbean need (and I going get cuss here), is for (if they agree) assistance and agreement for the FBI or Scotland Yard to become the official supervisor of financial institutions in the region for five to ten years, with the power to prosecute offenders.
I know I going get cuss for suggesting that, some a wunna going talk bout ‘we don’t need them’…
Yeah, yeah.
But really, if not, we will just be playing with playdoh for the next fifty years. And not a thing done.
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Crusoe
The only people who will object are those who have already compromise the integrity. Regional governments have a very strong hold on law enforcement. The courts are nicely rig to make it appear like justice is taking a natural course but the outcome always favours those with the connections. The CLICO debacle needs outside investigation, but I guess by now all the documentation that would look these wicked men to their wicked deeds have already been destroyed or well covered up.
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Artax
They make it so obvious as to why they have to do everything to keep CLICO afloat. And we know that it has nothing to do with the policy holders but more so to there obligation to the CLICO boss who have feathered their nests for a long time. Parris trump card is at work. The democratic labor party has no choice but protect the interest that vested in their interests. How can Parris lose.
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We need public servants to step up and whistle-blow.
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David
They would have to be the ones not on the take and serving the lord.
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According to evidence led at the Commission of Enquiry into CL Financial in Trinidad,the senior management and directors were drawing extra fat salaries and perks with Duprey topping the list so far at $90 million annual salary!
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@Gabriel
Do not forget that CL Financial is/was a private company. The governance/regulatory bodies failed to apply risk matrices to protect policyholders. The reason why? Corrupt politicians and public and private actors.
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Yes @Crusoe Alfa Raymond has written well on this matter of the proposed bailout showing the absolute interweaving interests and almost complete intent to ‘defraud’ by the past and present governments and the CLICO executives.
Interesting that you should cite FBI or Scotland Yard – or is it New Scotland Yard. I get your drift but considering that these same fellows were and are overseeing paltry attempts to prosecute/investigate executives of the financial institutions that took AIG into government ownership and all the other financial two-step dances we now know about….
And they were present when the libor (interbank rate) was being manipulated, then why them!
Methinks you could also bring in the NSA, OSS, MI5, SEALS, OIC and whomever else for this alphabet soup. The executive chefs (the big gov’t cheeses) have final control on what is cooked…not contrary to popular belief those who actually stir the ingredients. LOLL.
@Artax, with due respect to the Bajan plan, but if I was in St. Lucia and saw the evidence of direct malfeasance by a sitting PM of Barbados, heard that the CLICO exec has millions on a/c at the Bim central bank and to wit know that the Bajan JM has thus far garnered over $10M in fees (money that can’t go to policyholders now can it) I too would be a little pissed about this latter day saints (ooops) attempt to form a new company.
You may be quite right that their regulations & control were also piss poor but to them it could appear as if they are again being doubly screwed by these crooked Bajans.
@David, yes indeed we need our own private alphabet agency!
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Has anyone given consideration to the thought that during all these many years of free trips, pool parties, secret getaways, gift giving and villa stays that someone could have been video taping the various going ons and now has a treasure trove of digital evidence with which to persuade naysayers that it is their best interest to protect the ungodly?
Tell me, if you and a friend (male or female) were secretly recorded doing the dirty in some exotic location, would you be willing to freely offer up the videographer for prosecution over a little thing like misappropriation of (other peoples) funds? Really!
I don’t know if anything like that would ever happen to our upstanding officials, just sayin’.
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I bet the FBI and the Scotland yard would have greater success rounding up our lot than they did their own, though. The reasons for that should be obvious.
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Donna,
Yes our lot dont hide their tracks nearly as well as those up north.
Our lot dont PAY the FBI/ SY protection money via the Pols (Washington DC) in the USA/UK.
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Some of us are aware of CLICO many in the form of campaign contributions were diverted to present compliant candidates at general election time. Hopefully with time we will be able to prove it.
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That they would Donna that they would. So as the lawyers here say QED they ain’t coming… back. We troll back to Mr Thompson…and mix in the blogmaster’s remark “… many in the form of campaign contributions were diverted to present compliant candidates at general election time.”
But least we Caribbean folks of short memories forget that Trinidad (God bless the bobol state) had a top Canadian cop -nay, I misspeak they had two – as their police commissioner and deputy already.
Jog the memories and remember they got run out of Dodge eventually in a few short years and the badjohns did still run de place. The ‘above reproach’ National Security Minister Mr Jack Warner himself criticized them vehemently and kicked them out.
As Gearbox would say, Aaaaargh!
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Wait, my “boring” remark like it wake you up! Gearbox, one of my favourite characters.
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de pedantic Dribbler May 3, 2016 at 7:20 AM #
“You may be quite right that their regulations & control were also piss poor but to them it could appear as if they are again being doubly screwed by these crooked Bajans.”
@ de pedantic Dribbler
After availing myself with more information, I have to agree with your above comments, to a “certain extent,” and “Sunshine Sunny Shine’s May 3, 2016 at 5:17 AM” comments re: “They make it so obvious as to why they have to do everything to keep CLICO afloat. And we know that it has nothing to do with the policy holders but more so to their obligation to the CLICO boss who have feathered their nests for a long time.”
The governments of the Eastern Caribbean Currency Union territories (Anguilla, Antigua & Barbuda, Dominica, Grenada, Montserrat, St. Kitts & Nevis, St. Lucia, and St. Vincent & the Grenadines) and the Bahamas established the ECCU Policyholders Relief Programme to pay, in three (3) phases, policy holders who invested in the failed British American Insurance Company (BAICO).
It is interesting to note that, during the 79th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB), which was held on July 25, 2014 at the Buccament Bay Resort in St Vincent, chairman of the meeting, Ralph Gonsalves said the council “noted the current status of CLICO International Life (CIL), including the approval of the Barbados Cabinet, to implement the CIL resolution plan for Barbados policyholders and approved in principle a counter-proposal that INCLUDES ECCU policyholders.”
Perhaps with Barbados choosing to establish NLICO, Gonsalves concluded that our government refused to fulfill their obligations.
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Focus on the fact that some Bajans have lost their retirement income because of the failure of Clico.
The focus must be on going after the assets of Clico Barbados.
However in Barbados their is a strategy used by some professionals ( note I did not say Lawyers ).It is called “wait till dey dead.”
Bajans can forget about Duprey. He cannot get them their money.
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correction “there”.
Also note that the Clico “owners and Executives”still living large while the pensioners / investors suffering.
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Why are Duprey and Leroy Parris not both in prison as they should be for stealing policyholders money.
Fruendel Stuart should be in prison for protecting Parris and using the Central Bank as a laundry for Parris’ stolen money.
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BTW….I took a trip to TT a couple years ago and the Clico execs were being executed at the rate of at least one a month, they were not even safe in their gated communities. All of those siphoning off policyholders money should be in prison and not walking around all proud of themselves and protected by politicians. ..but time is longer than twine.
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“Well Well & Consequences wrote “Why are Duprey and Leroy Parris not both in prison”
They are entitled to their day in court.
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Put all dem before de Judge today or sooner. I know my good pal Mr Justice William Chandler would give them a fair hearing before throwing the book at dem!!! BUT fellas like him wont get the case! Can we even trust the Judges in Bim?
Heard about a fella who had a row with certain fellow political types in the DLP and had 2 large men with hammers visit his home in retribution BUT he is a trained Commando type so he disarmed them and broke a jaw and an arm in the process. Judge ruled he used too much force and fined him $2,000!!! Plenty Bajans would have used high speed lead,myself included. -
Hants…my idea of a day in court is quite different.
MoneyB. …I am very sorry that is all he did, he could have done even more damage, ruptured spleens, ruptured livers, destroyed kidneys…. and paid the same 2k fine.
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Those of us closely following the CLICO matter appreciate the tactic is to proceed with settlement by the custodians before criminal proceedings. Isn’t this a matter the T&T Commission had to deal with as well?
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Question : Does Cariom CSME arrangement has a financial regulatory body that oversee or liason with other national regulatory entity -to police the financial landscape across the region? A lot of financial institutions across the region are intertwined, in order to mitigate the contagion of these kind of failures , some kind of regional harmonisation in this are is required.
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@fortyacresandamule
There has been cooperating by regional central banks post CLICO debacle if public utterances by central bankers are to be believed.
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@David,
Laughing out loud and saying “did,t I tell wanna so?. Lawrence Duprey…How much annually…90 million? CL financial… connection? Inter company transfers etc. etc. I connected the dots years ago and told wanna so. -
Alvin Cummins May 3, 2016 at 10:18 PM #
“Laughing out loud and saying “did,t I tell wanna so?. Lawrence Duprey…How much annually…90 million? CL financial… connection? Inter company transfers etc. etc. I connected the dots years ago and told wanna so.”
@ Alvin Cummins
So….. what exactly is your point?
You PURPOSELY choose to ignore the EVIDENCE revealed by the Deloitte FORENSIC AUDIT of CLICO Barbados’ accounting transactions in your effort to VINDICATE Leroy Parris’ role in the demise of the company and blame Duprey.
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Artaxerxes May 3, 2016 at 11:36 PM #
So….. what exactly is your point?
You PURPOSELY choose to ignore the EVIDENCE revealed by the Deloitte FORENSIC AUDIT of CLICO Barbados’ accounting transactions in your effort to VINDICATE Leroy Parris’ role in the demise of the company and blame Duprey.
Why waste your time to respond to an old spent hen. I don’t anymore, there is a bigger cause here to expose and fight against. Let him continue to wallop in his conceit, it makes sound important.
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An old spent hen…..ouch!
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Alvin … Ne vous arrêtez jamais . Duprey est un escroc , Leroy Parris est un escroc et Fruendel Sturat est un escroc pour permettre Leroy Paaris au blanchiment Clico assurés de l’argent qui Parris a volé, dans la banque centrale de la Barbade , de rire à haute voix à cela, vous continuez à défendre escrocs……..vous êtes connu par la compagnie que vous gardez .
Ya sight.
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Kaymar Jordan when she was at the Nation newspaper wrote voluminously about the CLICO affair, now at Barbados Today hardly the same.
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Peter Harris and his practices are already in duck’s guts, unless he changes them, he might be reluctant to antagonize the government seeing as his panties are all exposed.
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It isn’t only Duprey who is involved.
The politicians set the whole thing up to get control of land for development
The really sad/funny thing is they never understood there was no water!!!
The problem now is how to navigate away from a position of being blamed for the destruction of Barbados.
…. and they also want to keep their ill gotten gains even if the writing is on the wall that the gains may not be gains at all!!
Sorry for writing in parables but who has ears to hear, let him/her hear!!
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Confess and come into the open
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@Well Well,
I know they are all crooks. I am not defending them ALL. My beef is with Barbadians who focus on ONE individual; an “employee” : whether you want to admit it or not, without attaching any; or little, blame to the main perpetrator; Lawrence Duprey and CL Financial. However you cut it the Trinidad connection has to be involved in any settlement.QWe Bajans would carry any other Bajan to the gallows, rather than attach blame where it is due. We wantt to crucify Parris, bury him and seal the tomb, rather than involve all the others who are also to blame; Thornhill, Duprey, the whole Board etc. My point being that Parris; not blameless, should not be singled out. ALL are involved.
And as for the money in the Central Bank, if a Banking institution has a large sum of money in a deposit that is not, or cannot be collected, where does it go? Where can it go? It has to be lodged in the Central Bank. When a Bank publishes the list periodically of uncollected money in accounts, what do you think happens to those funds? Tell me, for I need educating.
Well Well, I can never stop. You should know me by now, we have been in correspondence for a number of years now. Nous disez que Parris a vole’ l’argent a CLICO. Il n’y a pas d’evidence de cette passe. Les agents du EFPA, qui obtene l’argent de les persons que les achtee, ils ont les escrocs.Artra,
Seems like a personal vendetta on your part.
sss,
merde!! -
Mr. Cummins
What phrase, sentence or words in my contribution gave you the idea I have a personal agenda?
However, your contributions on the CLICO fiasco clearly illustrates an individual who has been hurt by the forensic audit reports revealing evidence which suggests that your former beloved leader and a prominent DLP financier were involved in financial improprieties.
Hence, you have consistently disregarded or ignored this vital evidence, in your attempt to “exonerate” the two individuals in the court of public opinion, while passing ALL the blame to Duprey.
Surely the man on the “Cream of wheat” box would conclude that, based on your actions thus far, it “seems like a personal vendetta on your part.”
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Alvin Cummins
Stronzo. Stupido vecchio idiota.
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Maintenant, votre jouent muet Alvin . Duprey , Parris et Stuart devraient tous être en prison pour avoir volé eithe assurés de l’argent ou de tolérer le blanchiment d’argent sur une partie Stuarts . L’étole assurés de l’argent ne doit être déposée à la banque centrale si elle n’a pas été réclamé par personne, alors il aurait été eschwed à l’état.
But we all know that was not the case Alvin, the stolen policyholders million which you condoned was not eschewed to the state, nor returned to the policyholders, but lodged in an account at the central bank, am sure in Parris’ name.
Comment pouvez-vous tolérer le vol des autres parce que vous êtes membre de yardfowl d’un parti politique , comment pouvez-vous être si fier , vous pouvez être pas mieux que les voleurs .
I am really not surprised by your stance.
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@ Artax May 4, 2016 at 11:23 AM
“Surely the man on the “Cream of wheat” box would conclude that, based on your actions thus far, it “seems like a personal vendetta on your part.”The man on the Cream of wheat” box, Frank L. White, was a highly talented Bajan whose early adventurous spirit goaded him to journey to America just after the civil war and allowed him to become one of the best known chefs of his time.
He is from a Barbadian past that instilled an esprit de corps which encouraged risk and adventure to travel and to carve out a path for success and recognition much like Rihanna of today.
But certainly unlike the present day brass-bowls who myopically perceive Bim as the font of all knowledge and the pivot around which the rest of the world revolves (especially the rest of the English-speaking Caribbean) only to be morphing into a veritable barrel of “over-educated” crabs. -
What Alvin is pretending did not happen is it was not Duprey lodged the stolen policyholders money in the central bank, nor was it Duprey’s name on the 3 million dollar cheque, money stolen by both Thompson and Parris.
The Trinidad government has documented every penny Duprey stole, and as it goes, if Thompson and Parris had not stolen so much money, the policyholders, at least the ones in Barbados, would already have back their money..the place is littered with thieves and thievery, not a fit place to invest your money, particularly with people like Alvin who condone stealing from others.
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@ Miller
For the record, my reference to the man on the “Cream of Wheat” box was not meant to be derogatory remark. I used his image to illustrate he has the ability to think rationally, even though he is an “abstract character” on the box.
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@millertheanunnaki May 4, 2016 at 12:43 PM #
@ Artax May 4, 2016 at 11:23 AM
“Surely the man on the “Cream of wheat” box would conclude that, based on your actions thus far, it “seems like a personal vendetta on your part.”The man on the Cream of wheat” box, Frank L. White, was a highly talented Bajan whose early adventurous spirit goaded him to journey to America just after the civil war and allowed him to become one of the best known chefs of his time.
Based on a number sources (Google is a wonderful thing)
“Frank L. White: African American chef best known as the model featured on Cream of Wheat breakfast cereal boxes. White was born in Barbados in 1867 before immigrating to the U.S. in 1875 and becoming a citizen in 1890. White lived much of his life in Leslie, Michigan, and was working as a master chef at a Chicago restaurant the time he was photographed for the cereal box in 1900. White died on February 15, 1938, and is buried at Woodlawn Cemetery. In June 2007, his grave, which was previously unmarked, received a headstone.”
The headstone contains his name and an etching taken from the man depicted on the Cream of Wheat box.
Born in Barbados in 1867 before immigrating to the U.S. in 1875, age 8 years old.
Methinks it was his parent(s) who had the adventurous spirit that goaded them to journey to America.
Nonetheless, an interesting bit of Bajan Trivia.
Not sure that RiRi would refer to herself as the second coming of the man on the “Cream of wheat” box; but she sure sweet like the brown sugar on Cream of Wheat.
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@ Artax May 4, 2016 at 1:05 PM
Never interpreted it to be “derogatory”, Artax.
Just expanding on your analogy to show that Bajans and their overseas-born descendants have always punched above their weight for ‘international recognition’. It’s not a modern-day phenomenon.Frank White was just one of the ‘many’ (in Bajan hyperbole) trailblazers.
Lieutenant Walter Tull made his mark not only on the football filed but also by becoming the first highly decorated black officer in the British Army leading white troops into battle during the First World War and even celebrated on the Royal Mint collection of British coinage.
Even Tituba, the mixed–race Amerindian native of Barbadoes was noted to be the high priestess of witchcraft aka obeah in Salem famous through the ages for its witch trials. -
@ Due Diligence May 4, 2016 at 1:27 PM
Methinks it was his parent(s) who had the adventurous spirit that goaded them to journey to America.Most likely his parent(s) would have taken him to America.
But it also highly likely he could have stowed away as many boys did as “cabin boys”.
You must remember it was less than 40 years since the abolition of slavery and there was no compulsory education, no Child Care Board or social Services to care for the welfare of children of former slaves or those born ‘off the plantation’. -
Miller
Point taken
Bajan “cabin boy” makes good.
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