CL Financial Bailout – filling the gaps

Afra Raymond, Citizen Advocate

Citizen Advocate Afra Raymond continues his relentless pursuit for transparency in the CL Financial debacle which unfolded in 2007/2008 and shocked the volatile economies across the Caribbean.

The blogmaster uses the opportunity to remind the newly elected government of Barbados that there was a hint of a promise to pursue principals involved in the local subsidiary governed under the legal entity CLICO Holdings Limited (CHL). We have not forgotten the catastrophic regulatory failure, poor governance and management incompetence that led to untold suffering for some Barbadians and unwanted stress on the pockets of taxpayers.

David, blogmaster

This article sets out my ongoing search for all the details of all the payments made under the CL Financial bailout. That includes my recently-concluded litigation and my new requests for information under the Freedom of Information Act.

The Consent Order of 24th January 2018 required the Ministry of Finance to provide these details –

  1. Any unaudited financial statements of CL Financial Limited for the years 2008-2011 in the possession of the Ministry of Finance which were relied upon to prepare the affidavits of Minister Winston Dookeran filed on 3 April, 2012 in High Court proceedings CV 2011-01234, Percy Farrell and Others v Clico and others.
  2. Any list of the creditors of CL Financial existing at the date of the request in the possession of the Ministry of Finance, the names of the EFPA holders of Clico, the dates of the repayment of EFPA holders of Clico and the identities of those whose investments have been repaid.

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2 thoughts on “CL Financial Bailout – filling the gaps

  1. Can you see changes coming at VOB? Was that not a “the grab” of a drowning man …David Ellis and the PM’s interview? Who got the most direct camera shots? Moreover, “down-to-brass-tacks” the day after, was all centred around the “drowning man”.

    Haynes Darlington.
    P.S. Put this on the back burner, please. At Harvard we call it “The Peter Principle” . Reaching the level of incompetence.

  2. It’s the hinting here and hinting there without actually doing anything that is worrying, time moves very fast, so we expect to hear more about pursuing the Clico thieves in the coming months.

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