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CL Financial Bailout – Duprey’s Story: SIFI vs PIFI

On Sunday 22nd May 2016, the front-page story in this newspaper was headlined ‘We will pay it back‘. That article featured very interesting quotes from former CL Financial Executive Chairman, Lawrence Duprey as well as the Minister of Finance & the Economy, Colm Imbert, on the prospects for repayment of the huge sums of Public…

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On Sunday 22nd May 2016, the front-page story in this newspaper was headlined ‘We will pay it back‘. That article featured very interesting quotes from former CL Financial Executive Chairman, Lawrence Duprey as well as the Minister of Finance & the Economy, Colm Imbert, on the prospects for repayment of the huge sums of Public Money spent on this CL Financial bailout.

Duprey claimed to have made a formal proposal to the State to repay taxpayers and all stakeholders who are owed money, while insisting that the amount owed was yet to be determined. The failure or refusal of the State to publish any audited statements in relation to this CL Financial bailout appears to be impeding the discussions as to a settlement of this massive debt. The sidebar contains a summary of how the Public Money spent on this bailout has grown from the initial 2009 estimates of $5 Billion to a 2016 figure now said to exceed $24 Billion.

Source: CL Financial bailout – Duprey’s Story: SIFI vs PIFI

14 responses to “CL Financial Bailout – Duprey’s Story: SIFI vs PIFI”

  1. REAL TING Avatar
    REAL TING

    Really? All of this corruption, if it was not so sad, would be laughable. In fact it is laughable, we not laughing but the world is, at us.

    Duprey over the seas and our boy right here on the rock, two peas in a pod but, wait not really, because Duprey claiming he has enough money to pay back, but our smart one here claims he has none, in fact he needs the little that was frozen to be given back to him so he can continue the lifetstyle he built for himself. Poor fellah. Even we PM feeling sorry for he.

    Sparrow was a class calypsonian with his take on three coins in a fountain, only this time it is – a so-called smart Baje, an EinsteinTrini and a whole heap of poliTRICKcians – can I add in two nations of complainers who when called to action go to a fete instead and drink enough rum and dance their troubles away.

    Yes, we are laughable and yes it is sad, all of it, is just plain sad. No tears can show how sad it all is. These beautiful islands going to rack and ruin because of a chosen few.

    And we chose them alright.

    And again, like we like it so as I sip on my Mount Gay VVXX Old without a care. “Mildred, you home darlin’? Come join me, I gine pour on for ya, put on de music and you tight tight dress, play dat sweet tune please and leh we take a little dance, De night still young.”

  2. Well Well & Consequences Avatar
    Well Well & Consequences

    Both Duprey and Leroyarris should be locked away in a dark cold dungeon in Europe with only the politicians from Barbados and Trinidad who facilitated this scam against policyholders, protecting their tiefing friends and defending it to this day, for their company…none of them should be allowed too close to Caribbean people…the nerve of these parasites.

    Duprey knows as does Parris that they cannot go anywhere in the worpd and manage any company, they are tainted and damaged goods…the reason why Duprey thinks he can have CL returned to him…well tough tits, the politicians already raided the bailout, the insurance companies now belongs to the taxpayers of both islands, …lol

  3. Vincent Haynes Avatar
    Vincent Haynes

    Chuckle…..interesting to see more interest in the old colonial system rather than the new evolving system…..

    Eric Williams’ mantra…Forward ever,backward never…the meaning of which seems to be lost on our present day Caribbean populli.

  4. Well Well & Consequences Avatar
    Well Well & Consequences

    Backward is thiefing from the population, being protected by politicians who are thiefing too…. and none are serving prison time, ya cant get more backward than that..lol

  5. David Avatar
    David

    The issue here again is about GOVERNANCE. CL Financial / CLICO issue exposed the weakness of our regulatory system to monitor pan Caribbean companies. Looking up Duprey or Parris without strengthening compliance is like shooting Osama Bin Laden without a relevant foreign policy.

  6. David Avatar
    David

    Dean St. Hill

    14 hrs · Bridgetown, Barbados ·

    Why do things in Barbados take such a long time? I was reflecting that the local Credit Union Movement started making moves towards protecting deposits within the sector more than six years ago. Today its still on the agenda… not implemented! Changes to various pieces of legislation are now required and it seems protecting the savings of the over 100 thousand members of the movement is not really that important to Legislators.

    Barbados CUs Move Forward on Deposit Insurance | World Council of Credit Unions

  7. Vincent Haynes Avatar
    Vincent Haynes

    David June 3, 2016 at 4:02 PM #

    The issue here again is about GOVERNANCE.
    ……………………………………………………………………………….

    We are all saying the same thing……look at below excerpt Nation 02June article:

    There is only one way to stop politicians from dominating decision-making in this country and that is to change the governance structures to increase broader-based participation and to minimise the loopholes. The ultimate responsibility should still rest with the Cabinet, but the process of checks and balances has to be strengthened and the intent of legislation and the law enforced.

    • Dr Clyde Mascoll is an economist and Opposition Barbados Labour Party advisor on the economy. Email: clyde_mascoll@hotmail.com
    – See more at: http://www.nationnews.com/nationnews/news/81856/matters-report-reform#sthash.T9L03564.hMEbDbZg.dpuf

  8. Well Well & Consequences Avatar
    Well Well & Consequences

    The local credit union is waiting for government to legislate and the government is waiting for the Bjerkham, Maloney, Bizzy gang to come up with a new scam to steal the credit union’s member money, over 1 billion dollars would be a big tief…big payday for them all….they should all be in prison.

  9. Alvin Cummins Avatar
    Alvin Cummins

    @Well Wel land David, et al:
    Ever since this matter broke I have been showing the connection between CLICO and CL Financial. I was pilloried, because all of you ignored the role of CL Financial and Duprey and wanted to pin the whole thing on Parris, now Well
    well
    says: “Both Duprey and Leroyarris should be locked away in a dark cold dungeon in Europe with only the politicians from Barbados and Trinidad who facilitated this scam against policyholders, …
    If there were no infelicities on the part of Duprey why do you want him to be also locked in “a dark dungeon…”
    I am vindicated.

  10. millertheanunnaki Avatar
    millertheanunnaki

    @ Alvin Cummins June 4, 2016 at 12:31 PM

    Whoever argued Duprey did not commit infelicities? Duprey was the brains behind the entire stream of scams. Parris was just the yard-boy, the gopher and the enforcer.
    Duprey was not a citizen of Barbados. Parris is.
    Why did he (Parris) allow himself to be used, ‘screwed’ and abused in such an open fashion, although with monetary vaseline?
    That has put lie to the notion that Bajans are smart people. A fallacy often peddled by jingoistic hypocrites like you.

  11. Colonel Buggy Avatar
    Colonel Buggy

    @WW&C
    Duprey knows as does Parris that they cannot go anywhere in the world and manage any company, they are tainted and damaged goods…
    …………………………………………………………………………………………………………
    Barbados not included , of course. Parris now runs a business,somewhere in Bridgetown, importing car parts. It would not surprise me if some of his customers are not some of those whom he has fleeced in CLICO. Or perhaps, supplying spare parts to government to manipulate the $5 Million blood money he has in the Central Bank.
    Only in Barbados!

  12. Well Well & Consequences Avatar
    Well Well & Consequences

    Yeah…the leeches like Parris has given the island a bad name.

  13. Well Well & Consequences Avatar
    Well Well & Consequences

    Alvin…stop being an idiot. Is Duprey going to court in Barbados every few months for stealing Clico policyholder’s money, did Duprey get a judgement against him in a court in Barbados to return Clico policyholder’s money, does Duprey havr 5 million dollars laundered in Barbados’ central bank, did the banks in Barbados tell Duprey take his money out of their banks…no, that is all Leroy Parris.

    Why dont you Vindicate yaself from the Cahill scam too.

    Look Alvin….

    http://www.barbadostoday.bb/2016/06/04/yes-to-medical-ganja/

    Lol…

  14. David Avatar
    David

    AUDIO: The Power Breakfast Show interview on 102.1 FM – 1 June 2016

    by AfraRaymond

    Afra Raymond is interviewed on the ‘The Power Breakfast’ show on Power 102 FM by Rhoda Bharath and Richard Ragoobarsingh discussing about the ongoing CL Financial bailout sagat. 1 June 2016. Audio courtesy Power 102 FM Programme Date: Wednesday, 1 June 2015 Programme Length: 35:04

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