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CL Financial Bailout – Fit and Proper Action

Is it conceivable as opined by Afra Raymond that Lawrence Duprey will be able to regain control of the once all powerful CL Financial? – Barbados Underground That opening stanza is my tweet of a witty friend’s remark at Ferdie Ferreira’s booklaunch and 85th Birthday celebrations on Wednesday 14 June 2017. It was not surprising…

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Is it conceivable as opined by Afra Raymond that Lawrence Duprey will be able to regain control of the once all powerful CL Financial? – Barbados Underground

That opening stanza is my tweet of a witty friend’s remark at Ferdie Ferreira’s booklaunch and 85th Birthday celebrations on Wednesday 14 June 2017. It was not surprising to see Lawrence Duprey and Carlos John sitting together at that event. We may be seeing Duprey more and more, the way this fiasco is unfolding. There were some media reports that John was suing Duprey for some money owed, but the case now appears to have been resolved by agreement. I took little note of that case, except for one aspect, explained in the sidebar.

By now, we know that Duprey intends to regain control of the CL Financial empire which was bailed-out by the State after its failure in January 2009. There have been reports about Duprey’s legal demands that the State remove its Directors from the CL Financial board, with the State having asked for more time to respond. That contest for control of CLF is not the topic of this article, I am concerned here with the apparent failure and/or refusal of the Central Bank to apply its fit and proper regulations to the CL Financial chiefs.

Full text – CL Financial Bailout

28 responses to “CL Financial Bailout – Fit and Proper Action”

  1. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Accordingbto this article, Owen Arthur sold Barbados’ National Bank to CLICO/CL Financial…what an idiot, damn fool. What’s wrong with DBLP ministers they cant stop these crooked arrangements with insurance companies.

    Caribbean people should stay well away from Lawrence Duprey and all his businesses, stop giving your money to thieves.

    “I actually base the fit and proper case against Duprey and the other CLF chiefs in the CLF letter of 13 January 2009 to the then Minister of Finance, Karen Nunez-Tesheira. That letter, signed by Duprey as CLF’s Executive Chairman, admitted that the group had failed and requested ‘urgent liquidity support’ from the Central Bank, as ‘lender of last resort’. CLF owned and controlled three banks – Barbados National Bank, Clico Investment Bank and Republic Bank – yet was forced into in an illiquid situation. Just imagine that.”

  2. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    I would imagine BLP government kept it a big dirty secret from the people, who really bought BNB….their national bank.

  3. Hal Austin Avatar
    Hal Austin

    Failure of regulation. If the regulators suspect wrong doing they should have called in the prosecution authorities. The excuse of being little islands cannot hold water. Our leaders are honest or they are dishonest. Full stop.

  4. Bush Tea Avatar
    Bush Tea

    @ David
    …are you sure that Dompey has not been using Hal Austin’s name on this site…?
    What the hell is Hal saying at 6:14 AM?

    If the leaders are dishonest ….then what failure of regulation is he talking about?
    Wuh If the leaders appoint the regulators how the hell will they “call in the prosecution” if they suspect wrong doing? …. was he here when the old Central Bank Governor came to his senses?
    What has being ‘little islands’ got to do with it? Trump is doing the same shiite in the USA…

    Steupsss … the only thing he said there that makes any sense is ‘Full stop”

  5. David Avatar
    David

    @Bush Tea

    We are all saying the same thing. There was a catastrophic failure to regulate CL Financial because of its large and diverse footprint. It does not excuse the vagabongs wh took advantage because of greed and the other human failings.

    In the case of CL Financial the regulator allowed Duprey to funnel money to extra regional market and when those markets went bust in 2007/2008 that was the tipping point for the collapse. Afra’s writing over the years show how the incestuous nature of our business space in the Caribbean supported a culture of corruption and incompetence.

  6. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Government corruotion and incompetence.

    The government ministers, DPP and civil servants seems to be in every criminal’s pocket, taking bribes and selling out people and country to parasitic business people..

  7. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Bushman…you are right, if every government minister in DLP and BLP and the DPP are corrupt and taking bribes from Duprey, Parris, Kutappa-Harris and every conman in the business sector..no amount of regulators can help.

    It’s a failure of corrupt, bribetaking government ministers to allow the regulatory bodies and system to work lawfully amd effectively.

    Hal is being his usual stupid self.

  8. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Just to prove Hal wrong…there is another insurance fiasco playing out in real time, the sale of CGI building to Scotia Bank,.

    The paying policyholders, the public, keeps that business open, yet, not only was the sale a big secret,  but now it’s being said that employees have been recently laid off, yet npt one word from minister of business Donville Inniss, who can always be seen opening some Kutappa-Harris facilty.

    The same Donville who said CLICO policyholders deserved to  be robbed, both him and fraudulent Fruendel were ready to lock up CLICO victims.

    Not one word from any minister about the future of Transport Board, a contract that CGI Insurance has held for over 15 years gotten through some shady cirrupt dealings under BLP government.

    The the Transport Board does not belong to the Kutappa-Harris family nor the government ministers of either political party, it belongs to the people who fund it’s existence, but no one is saying anything to the people.

    It seems like they are all waiting for the other shoe to drop so they can all blame CGI’s victims. I can see people with active cases against the insurance company maintaining their silence…but why are the government minisrers so silent on the topic of CGI Insurance.

    Ministers and politicians of both political parties, as well as the DPP have all been accused of taking bribes from Harris to look the other why why he commits crimes, fraud  and does whatever he likes on the island without consequences. 

    You would think some or all of these ministers would jump out to refute those accusations and tell us that the insurance regulators are looking at CGI and tell us what is going on with the Transport Board contract.

    But not a word.

  9. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    https://www.barbadostoday.bb/2017/07/04/rss-combating-new-threats-to-eastern-cbean/

    Now that the blogs have exposed it, now we hear RSS telling us about cross border criminal activity, which we know many criminal elements in the business sector have been involved in for years…they made themselves wealthy with these criminal activities.

    “Regional cooperation on defence matters has become even more important as the Eastern Caribbean faces new threats from trans-national organized criminal activity, executive…”

  10. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    The same Donville who said CLICO policyholders deserved to be robbed, by LEROY PARRIS, DAVID THOMPSON & LAWRENCE DUPREY…..,both him and fraudulent Fruendel were ready to lock up CLICO victims.

  11. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Not one word from any minister about the future of Transport Board, a contract that CGI Insurance has held for over 15 years gotten through some shady corrupt dealings under BLP government.

    Now I remember…Carson Cadogan…pimp and slave, what can Michael Lashley tell the electorate about the Transport Board contract with CGI Insurance…as minister of transportation.

    Is CGI about to collapse.

    Word is that one of the owners of CGI Bruce Bayley…is emigrating to Argentina as a very wealthy man.

    Who else is planning to run with policyholder’s millions of dollars,

  12. Gabriel Avatar
    Gabriel

    WW&COB
    Argentina?
    Wait,I was wondering why Cow buy land and hide it in Argentina and say he done investing in Buhbaydus because he does get a raw deal.Bruce gine to Argentina too?Wid we money too?Stuart letting this happen under he watch?Sumting wong.

  13. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Gabriel..it gets worse, you notice not one of those slave ministers are broaching the subject of CGI and the Transport Biard Cpcontract, just like with CLICO, but this time they are not even bothering to lie. …like they did with CLICO.

    Bruce would have his hookup in Argentina, with Cow and polo…it’s thiefing millions and running that will ruin Barbados…..

    …..they were biding time, which of course the slave ministers and politicians would help them do, but they never expected it to become public knowledge this soon.

  14. Alvin Cummins Avatar
    Alvin Cummins

    David and Well Well,
    Years ago I told you people that the person to pursue with regard to the CLICO debacle was Duprey and CL financial. You people laughed at me. Now you see.

  15. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Alvin…go away, the people who were to be pursued are Leroy Parris, David Thompson and Lawrence Duprey…all crooks, did you not read the article….no executives are to be absolved…they all made tiefing decisions.

    That is what we see.

  16. Gabriel Avatar
    Gabriel

    Thompson told the House that the local CL Financial operated in accordance with the laws of Barbados and was not the same as what obtained in TnT and that it was properly managed so that he put 10million of our tax dollars into the local company as an act of faith.We now know what that 10 million was for.It came out in the court hearing.This Clico thing is not going away.It will continue to be a matter of concern with all the delaying tactics being employed.When the Dems are voted out of office,all will come to light.
    We should take a page out of Guyana’s book.Duprey visited Guyana in May and apologized to the people of Guyana for the wrongs his company committed there,promising to re-invest in the country moving forward.The Minister told Duprey.Pay back Guyana all you owe with interest,then we can talk about the future plans of your organization.Has anybody heard if Duprey came to Barbados on a similar mission.After all, Barbados was left holding the bag for the EC states as well.

  17. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Gabriel…not only was Bajans left holding the CLICO bag, but Fruendel and PM and Dumbville Inniss both blamed the CLICO policyholders, the victims for what happened…and the thief Leroy Parris, despite the judge establishing that the 3 million dollars stolen from the company and laundered  in Thompson’s law firm actually  belonged to the policyholders/victims…, Parris has the nerve to be trying to get the money he stole, back from the court, by appealing the court’s decision, which is now in limbo.

    Do you really see the slave scum like Fruendel, Inniss etc approaching Lawrence Duprey and telling him he gotta repay the taxpayers those millions that Fruendel is picking up to pay CLICO policyholder/victims, before he can do business on the island again, like prime minister of Guyana did,…after what those vile beasts did and said to the policyholders/victims…, really.

    Do you  see now why the Barbados  slave society, deliberately and makiciously kept that way by the slave ministers and slave politicians of parliament, will always be ripe for exploitation, stealing and destruction by the criminals like Parris, Kutappa-Harris, Duprey, Maloney, Cow, Bizzy, Bjerkham, their children, grandchildren and great grandchildren for generations to come.

    It’s the low class mentality of ministers and politicians who have no respect for the majority blacks and continue to drive and maintain  a docile, compliant, slave society by design…, their own people.

    It appears bajans dont even have to will to put extreme pressure on Michael Lashley, minister of Transport, to tell them what is the future for the Transport Board contract with CGI Insurance, he should never be returned to that St. Philllip seat, kick him out, he is a disgrace.

    It does appear as though we will have to wait until 2018 election when the ministers are kicked out to find out all the wicked, corrupt things they are hiding. 

    ….big problem is Kutappa-Harris is also banking on his corrupt hold on the opposition, on the likes of Jerome Walcott and history with Mia to continue his hold on Transport Board so the people will never find out what he is doing and what he has done. Corruption is the only hold he has left, take away the corruption and he will fade away.

  18. Gabriel Avatar
    Gabriel

    The Trinidad Bureau of Internal Revenue filed claims on the top executive “fat cats” of CL Financial whom they claimed made off with tens of millions of dollars in consultancy fees and commissions for which no taxes were paid while raking in fat annual pay deals with generous perks which included a luxury car,club membership and corporate credit card among other things.The former three top cats including Duprey’s chauffeur were paid a whopping $80 million in fees and commissions for which no taxes were paid in ’08 and ’09.
    When the Dems are voted out in ’18 the first order of business should be a CoI into that Clico debacle and the likes of Paris personally held responsible for the millions lost to policy holders and pensioners….the stinking dog.

  19. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    https://www.barbadostoday.bb/2017/07/05/two-sagicor-general-executives-sent-on-leave/

    Well since Sagicor Insurance dont sell candy, shoes, clothes, food or hardware items, we are left to speculate a little, while Carson goes crazy enough for the blogmaster to turn of comments..lol

  20. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    CLICO = Failed…policyholders were robbed.

    CGI Insurance = ….?.?.?.?.?????!

    …there is definitely something very, very wrong with the contract between this present government and CGI Insurance re Barbados Transport Board.

    It is shades of this governments renewal of the Ionics scam contract with Bizzy, but knowing the CGI conman the dumb slave ministers contracted with , its 10 times worse.

    …the more secretive and silent government remains about this contract, the louder we can hear the corruption in which they are all involved.

  21. Gabriel Avatar
    Gabriel

    There’s something rotten in the State of Denmark..remember the know all Minister Kellman got cuffed at his mouth for stating on Brasstacks that Sagicor supposedly got a bail from government.We hope they are not bailing from the clico or the baico proposals which seem to be stuck in no man’s land.Not a word from anyone,not Sagicor,not bailout not the judicious manager not the minister of gine ants.Nobody ain’t talking.With top drawer people being sent on leave,one is left to speculate as to the raison d’etre.

  22. Gabriel Avatar
    Gabriel

    Not baipo,not the Minister of fine ants….

  23. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Something very nasty is going on as usual and the slave ministers are hoping and praying it dont hit the blogs before election next year or there will be no way to stop the 70 thousand voters from finding out and voting accordingly.

  24. Vincent Haynes Avatar
    Vincent Haynes

    Gabriel

    The two big ups at Sagicor under suspension…..would they be the reason that hiccups exist?

  25. Gabriel Avatar
    Gabriel

    Vincent
    In the absence of accuracy speculation is rife.In any case any company which sends its top executives like the President and CEO plus,frighteningly the Chief Financial Officer on leave means the stakes are high and creates a huge doubt in the market place. The Dow would be showing a big sell off in Sagi stock if they were in the US.Life insurance used to have a good name in Barbados until crows and crooks like the Clico people mis spent and stole and with it an unsuspecting general public’s confidence in financial institutions especially life insurance companies.

  26. David Avatar
    David

    @Vincent

    Unfortunately what happened here is a repeat of when individuals are given the keys to the city and they cant control themselves. Human nature.

  27. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    For Hal Austin’s benefit.

    http://www.nationnews.com/nationnews/news/98522/pay

    Former Acting Supervisor of Insurance Vernese Brathwaite was sent on leave by government to protect thiefing Leroy Parris and the CLICO scam, at taxpayer’s expense, when she tried to do her job of regulating CLICO…

    Seven years later, she is still being paid by taxpayers and is not required to work, you know why, because the reason she was sent on leave could result in a massive lawsuit against government, sending a civil servant on leave so that the ministers’ friend Parris can rob CLICO policyholders does not qualify as a valid reason to fire a civil servant….so it is cheaper to keep her, with taxpayers footing that bill.

    “GOVERNMENT HAS PAID more than $1 million to two senior public officers who did not drive a stroke for up to seven years.

    The two had been sent on special leave, but continued to earn their salaries.
    In what a trade unionist has described as “a coward’s way out” of dealing with matters head-on, the Freundel Stuart administration has paid former Commissioner of Inland Revenue, Sabina Walcott-Denny, her annual salary, excluding allowances, of $135 024, or a total of $540 096 over the four years she has not worked.

    Former acting Supervisor of Insurance, Vernese Brathwaite, who has been on leave for seven years, is being paid her annual salary of $98 087, or $686 609. (MB)”

  28. Gabriel Avatar
    Gabriel

    In the House on Tuesday Minister of Finance Chris Sinckler sought to “clear the air” regarding the failure of the Clico bailout matter to move forward.The Minister was adamant that his Dems government did everything it was asked to do,so Sinckler sought,Pilate like,to wash his hands of the foul stench that continues to dog Clico and by extension Parris and his cohorts in crime.
    Today’s Trinidad Express is saying loud and clear that the TnT government has moved to the High Court there since JUNE 11th,repeat JUNE 11th to declare Clico bankrupt and unable to repay its debt to the government of $15 billion.Bear in mind that Sinckler must have known either via his efficient counterpart in the Ministry of Foreign Affairs and Foreign Trade or the equally efficient Caricom Ambassador Bobby Morris that the TnT government had gone to court on Clico despite the efforts of Duprey to convey a contrary position on Clico’s future.
    The decision of Trinidad is bound to richochet in Barbados and the EC States all of which are looking for loss redemption

    http://www.trinidadexpress.com/20170712/news/wind-up-clico

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