Tag Archives: CL Financial

CLICO Bailout NOT Forgotten

Posted to Afra Raymond’s website On Friday 30th January 2009, the CL Financial (CLF) bailout started, so today – 30th January 2019 – is the ten-year anniversary of that fateful decision to commit Public Money to bailout the Caribbean’s largest conglomerate. The companies which were to be bailed-out were: CL Financial Ltd (CLF); Colonial Life Insurance Company Ltd (CLICO); Caribbean

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CL Financial Bailout – filling the gaps

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

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CL Financial Bailout – how the Integrity Commission Failed to carry out its duty

There is the saying that there is nothing new under the sun. One aspect of the CL Financial (CLICO) saga Barbadians can learn from is to critique how the Integrity Commission has performed its role given the clamour to impose transparency legislation in Barbados. Citizen Advocate Afra Raymond shares the view that the Integrity Commission failed to discharge its duties

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Afra Raymond Gets CLICO Data – A Case of FOI Working?

The CLICO debacle which has affected several Caribbean countries continues to reverberate. The catastrophic event has changed (should) how pan-Caribbean companies are managed. Are we satisfied that learnings gleaned in the post-CLICO collapse are being documented and changes made to processes and regulations to mitigate against a recurrence? – David, Blogmaster LAST week, nearly six years after he first requested

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CL Financial Bailout – the Eleventh Commandment

Some of us continue to follow the unraveling of the CL Financial matter in Trinidad and related transactions in the other islands concerning CLICO- the conclusion is the same, what a mess! Trinidad has freedom of information and integrity legislation yet citizen advocate Afra Raymond is being frustrated to access information. David – Barbados Underground by AfraRaymond ‘…When we were

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CL Financial Bailout | Still No Freedom of Information Act Promised TEN Years Ago | Amendment to the Police Act is Coming Though!

The news that the Barbados government has reordered the CLICO business by establishing a new company with a general election a few weeks away makes the following Afra Raymond blogs timely. The challenge for Barbadians is we do not have the same leverage as Afra Raymond in Trinidad to go to Court to exact transparency in the CLICO matter because

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CL Financial Bailout – The Caribbean Connection Part Two

The previous article set out my criticism of the CLF bailout situation in respect of the CARICOM claims and our nation’s treaty obligation to exercise non-discrimination in its policies. In that light I am sceptical of the position now being advanced by the CLF shareholders to highlight that group as being a black-controlled conglomerate. My scepticism was rooted in the

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CL Financial Bailout – the Caribbean Connection

My previous article examined the November 2007 appointment of Karen Nunez-Tesheira as our Minister of Finance by then PM, the late Patrick Manning. For whatever reason, the consternation over the appointment of Christian Mouttet to investigate the #ferrygate imbroglio is reminding me of the confusion many people felt when PM Manning made that appointment. An eerie echo from the past,

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CL Financial Bailout – The Tangled Web

by AfraRaymond “…The official also pointed out that no interest was ever charged on the amount of money that was loaned to the CLF group…” —Quote from an anonymous ‘Government official’ in this newspaper on 21 July 2017. Well yes. A bold-faced snatch-and-grab is now being attempted and our total vigilance is now required. According to the ‘Occupy Wall Street’

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CL Financial Bailout – Nitty Gritty

CL Financial bailout – Nitty Gritty by AfraRaymond The CL Financial bailout fiasco is headed towards an epic legal mangle as Lawrence Duprey and his cohort aim to regain control of the Caribbean’s largest-ever commercial/financial group. In swift response, the Minister of Finance is making legal moves to put CLF into liquidation. At the root of this dispute is the actual

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CL Financial Bailout – False Equivalence?

In today’s world of ‘Alternative Facts’ we have to be alert to the special dangers posed by ‘False Equivalence’. False Equivalence arises when two arguments are presented as being of equal relevance, but in fact one is solidly fact-based and the other is mere speculation or invention. Those dangers are especially present in matters of public importance, as recent events

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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

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CL Financial Bailout – Fear of the Facts

“…Whilst in the last five-year administration, the management of Clico, CLF and the associated companies were shrouded in secrecy by the UNC administration, this PNM Government has no intention of operating in that manner. This Government will operate in an open, transparent and accountable manner as it has been doing…“ (The emphases are mine) —Extract […] Read more of this

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Open Letter to Central Bank Governor on CL Financial Bailout

We, the undersigned, have become very concerned about the direction of the “rescue” of CLICO et al after over eight years under the control of the Central Bank and the government. Our principal concern is at the apparent regulatory forbearance being exhibited by the Central Bank in this matter. Our further concerns relate to the legality of the ongoing control

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