Tag Archives: CLICO

COVID-19 Exposes Food First Policy

  Covid-19 (Coronavirus) was classified by the World Health Organization this week as a pandemic. The aggressive infection rate has forced unprecedented decisions, Italy is on ‘lock down’, President Trump has issued a travel ban on traffic originating in Europe… cancellations of major sporting events. Although Barbados has not reported its first case up to the time of updating the

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The Grenville Phillips Column – Gluttons for Punishment

About ten years ago, CLICO was unable to meet its obligations to its over 20,000 policy-holders.  Fortunately, CLICO had assets which could be sold and equitably distributed to policy-holders.  They could then sue the government for any short-fall for its failure to properly regulate the company.  That was the advice given to policy-holders, but they rejected it and chose to

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What a CLICO MESS!

The following extracted from the Barbados Investors & Policyholders Facebook page – David, Barbados Underground Barbados Investors & Policyholders Alliance 5 hrs ·BIPA is aware of the cessation of premium payments to ResLife with immediate effect and understands that as the Government of Barbados is pushing ahead with its mandate to dissolve the ResLife operations, then this first step in

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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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Government Suspends Payments to Former CLICO EFPA Policyholders

The decision by the government of Barbados to default on the the New Life Investment Preservation Bond should not have come as a surprise to those with a finger on the pulse of current affairs. Prime Minister Mia Mottley indicated on winning the government that with the country in debt 15 billion dollars with a GDP of 171%- third highest

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Walter the Actuary a BLACK man | Charles the Actuary a White man

[Barbados Underground] Walter Blackman responded to BU commenter TheOGazerts on the observation that Barbadians are engaged in the Charles Herbert, a rich Bajan Actuary that contrast starkly with Walter, a Bajan Actuary who is Black and forced to return to the USA to make a living – David, blogmaster   TheOGazerts, Barbados, our idyllic island home, will continue to vomit

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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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Walter Blackman’s Last Post Before the General Election About CLICO, Corruption by Politicians and the Bullseye on Ryan Straughn’s Back

The following is a response to the blogmaster’s observation posted on the  April 26, 2018 11:30 PM directed at Walter Blackman: – “What will be interesting in the days and few weeks ahead is how the various political parties craft their messages to the public”. If you start me up If you start me up I’ll never stop      –The

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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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Accounting Firm Held Liable for Negligence

The split decision handed down recently by the Supreme Court of Canada (Deloitte & Touche v. Livent Inc. (Receiver of)  ) held the accounting house- albeit conditionally- responsible to extend a duty of care to clients. By negligently conducting the audit, and impairing Livent’s shareholders’ ability to oversee management, Deloitte exposed Livent to reasonably foreseeable risks, including losses that would have

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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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