CL Financial Bailout

Recent events have forced a further re-examination of the proposition that Lawrence Duprey and his chiefs could regain control of the CL Financial group. The Public Interest has been betrayed or badly delayed at every stage of this matter, which is the only reason we are forced to have this painful conversation.

In the BG of 27th April 2017, both Anthony Wilson and Mary King took aim at my assertion that Lawrence Duprey and his chiefs should not be allowed to regain control of the CL Financial group. Last week I responded to them, but subsequent statements from the CLF chiefs show that regaining control of the entire group is the target. Those events include the abortive meeting between Lawrence Duprey and the CLICO Policyholders’ Group, led by Peter Permell; the several press statements from Duprey and his spokesmen, Carlton Reis and Claudius Dacon and the Mid-Year Budget Review from Finance Minister, Colm Imbert.

Read full article – CL Financial bailout – Marooning the Pirates

5 thoughts on “CL Financial Bailout

  1. CL Financial bailout – the endgame

    by AfraRaymond

    Lawrence Duprey and the other CL Financial chiefs could soon be regaining their positions, which is a public concern at this time. I consider that to be an unacceptable prospect and that was stated in my joint open letter to the Central Bank Governor on 31 January 2017. Both Anthony Wilson and Mary King took … Continue reading CL Financial bailout – the endgame

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  2. Barbados Investors & Policyholders Alliance

    26 May at 11:48 ·



    Following the lengthy process of negotiations between the Judicial Manager for British American Insurance (BAICO), the Barbados Government and Sagicor which started nearly six years ago, BIPA, together with BAICO’s 13,000 or so policyholders were looking forward to the final handover of policies to the insurance giant on 31st May 2017, as per the Judicial Manager’s Final Report dated December 31st 2016 which the Court approved in full.

    However, BIPA was unnerved by the appearance in the press on Wednesday 24th May of a paid advertisement placed by the Judicial Manager stating that, “due to further discussions with Sagicor and the Government of Barbados, the transfer cannot be executed by this date.”

    BIPA has been advised that the Judicial Manager will return to Court on 31st May to give an update on the situation, however the Alliance is questioning the need for an ‘update’ on this crucial date other than to confirm that the transfer has taken pace. “What ‘further discussions’ could Sagicor and the Government still be having at this 12th hour?,” asks BIPA President June Fowler.

    On May 4, 2017, it was reported in the press that the Chief Operating Officer and General Manager of Sagicor Life Inc., Edward Clarke was “eager to see a resolution before the end of the year.” He further stated that “he was hoping that policyholders of BAICO would be given some good news within another month.” However, Mr. Clarke also mentioned that “a lot of time had passed and a lot of things have changed since we started the process”.

    “I am now concerned about the connection between the statement that ‘a lot of things have changed’ and the non-specific push back of the completion date of 31st May,” says Fowler. “Payments of outstanding claims were due to commence within the next few weeks, and I will say without reservation that to ask policyholders to wait any longer without good reason after all these years of waiting, is completely unacceptable.”

    BIPA hopes the Court will thoroughly investigate the reason for the delay and ensure that whatever action is necessary to get things back on track will be taken with all due haste.

    BIPA will be present in Court on the 31st May to ensure its members are kept updated on developments.

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