Since his assets were frozen by the court, the former CLICO boss has lamented that he had been experiencing hardship – Leroy Parris (BT) The mouth of Mr. Hal Gollop, lead lawyer for Leroy Parris, has been running like a sick nigga botsy of late. His protestations about client Leroy Parris are easily accessed on a weekly basis in theRead more
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Prime Minister Freundel Stuart has done the unthinkable by breaking his silence on the CLICO mess. To quote him: “. . . Wait. There is going to be a lot to be said on this. Do not mistake my silence for an incapacity to speak. The time will come when all things will be made clear and explained. I ain’t saying anything yet” He added: “I have a list . . . of all of the persons who invested in the Executive Flexible Premium Annuity [EFPA], but I ain’t saying nothing yet. I know all the people who earning quick money, who were entranced by the lure of attractive interest rates. I know them, I have all of the names”.
Given the pace – or lack of it – at which Stuart moves Barbadians should not expect to hear from him anytime soon. Instead CLICO policyholders would prefer to hear the government enunciate a plan to resolve the plight of the policyholders.Read more
Originally posted on Barbados Underground:
The CLICO Mess has brought into focus a bigger issue, the lack of a reliable governance framework. BU maintains we have witnessed a catastrophic regulatory failure which continues to challenge all jurisdictions CLICO operated. This view is contrary to William Layne’s who continues to dumb down the role of the regulator. The CLICO Mess has…
The number two man for many years in the entity that was CLICO Barbados Holdings Ltd (CBH) is Terrence A. Thornhill. He sat and walked next to the embattled former CBH Chairman Leroy Parris. The recent Deloitte’s Forensic Report confirmed what many know and that is Thornhill is the man who has witnessed the unsavoury, immoral and illegal deeds exposedRead more
Each day, as this saga unfolds, more and more of the innocence of Barbadian society gets destroyed. Some Barbadians, who are thinking for themselves, have already raced ahead to recognize that CLICO is just the tip of a national iceberg.The hard-earned money of Barbadian taxpayers has been receiving similar treatment for the last 30 years also – Walter Blackman
The BU household agrees with pundits who suggest irreparable harm has been done to the legacy of the late Prime Minister David Thompson caused by the recent revelations contained in the CLICO Final Forensic Report unsealed by Justice William Chandler. Before the CLICO meltdown many Barbadians were prepared to give credit to Thompson for his Families First Campaign and other people centric initiatives. He promulgated the view “Family values are crucial and the role of fathers and mothers is vital to children’s development.” What a noble effort by the late Prime Minister Thompson which sadly appears to be the usual political rhetoric.Read more
Here is the CLICO Final Forensic Report unsealed by Justice William Chandler on 10 March 2015.Read more
Open Letter to Former Permanent Secretary William Layne: ‘CLICO Was a Time Bomb Waiting to Explode and Explode it Did’
The CL Financial/CLICO saga continues to occupy the news space in Barbados and regionally. Many have predicted it will take years to unravel if not resolve. And given the sloth of the Barbados Court system and the interlocking interests of politicians and prominent others there is good reason for those with material interest in the matter to batten down for the long haul.
One individual who has had a prominent role to play and a lot to say about the CLICO/Parris matter is William Layne. He is a retired permanent secretary in the ministry of finance appointed to Chair the CLICO Oversight Committee established by the late prime minister David Thompson. Another little discussed role Layne held was Supervisor of Insurance. Layne in a hard hitting CLICO exposition titled RECENT FINANCIAL FAILURES IN THE CARIBBEAN – WHAT WERE THE CAUSES AND WHAT LESSONS CAN BE LEARNT? delivered a few interesting observations on what lessons we can learn about the demise of CLICO in Barbados.Read more
BU seeks clarification, in the public’s interest, on a 5 millions dollar deposit listed on an asset disclosure to the Barbados Court in an Affidavit filed by LEROY PARRIS to overturn an order freezing his assets and those of Branlee Consulting Services Inc. BU is unaware the Central Bank of Barbados is authorized to accept deposits from individuals. Last weekRead more
The failure of CLICO and other failures in the Eastern Caribbean require regional governments to implement a whistleblower policy. It is evident regional regulators are more committed to managing within national boundaries therefore pan Caribbean companies will continue to be a challenge. BU believes a whistleblower program facilitated by Caricom can act as an ancillary mechanism to support the function of moribund regional regulators. The lack of labour mobility in the Caribbean means individuals are not motivated to risk personal financial hardship and victimization in the name of doing what is ethical and moral.
The following comments were posted in another forum by individuals purporting to be Neval Greenidge and Larry Davis, both former CLICO executives. There is always the case to question the motives of former employees in a situation like the one unravelling with CLICO. In light of what has transpired all actors who played a part should be clinically interrogated to accurately piece together the truth behind the demise of CLICO Barbados Holdings and subsidiary companies.Read more
Blogger extraordinaire Trinidadian Afra Raymond will be hosted on The 95 Mandate on i95.5 FM radio talk show Friday 6 February 2015 at 10AM to discuss CL Financial bailout.
The 95 Mandate talk show is hosted by Mariano Browne a well known personage to Barbadians whose bio records he was CEO of Caribbean Commercial Bank, a CL Financial owned company and former PNM minister of finance. It is no secret Mariano Browne was fired by Lawrence Duprey as CEO of Caribbean Commercial Bank. As a former CL Financial insider he offers a unique insight into the workings of CL Financial, parent of CLICO.
The coming together of Raymond and Browne promises to be an informative occasion.Read more
The following was extracted from the Forensic Audit of CLICO International Life Insurance Ltd (under Judicial Management): Report as of December 5, 2011 “Included in the balance owing by CHBL is a payment for $3.333mm made by CIL to the law firm of Thompson & Associates (legal advisors to CIL and CHBL) in January 2009, pursuant to an invoice datedRead more
There was a report in the local press on the weekend that Canada Loyal Financial is interested in bailing out CLICO. The policyholders have been emitting noises of quiet optimism since the announcement. Some of us however are alarmed a foreigner stands to own a significant acreage of our lands. If Canada Loyal Financial is able to acquire CLICO itRead more
We do not charge membership fees and believe we can offer low prices to Barbados shoppers, just as we have in our most recent store opening in the Cayman Islands, which was also a partnership with local business people NorthWest Company trading as Cost-U-Less July 2008 It has been almost five years from the time of the announcement Cost URead more
The Everton Cumberbatch Versus Leroy Parris, Larry Tatem And Breakers Investment Inc Matter – Part II
A response to BU’s earlier blog – The Everton Cumberbatch Versus Leroy Parris, Larry Tatem And Breakers Investment Inc Matterwas a cry to have sight of the documents for the defendants. We are pleased to post additional documents which shine light on the other side of this matter. We highly recommend that the BU family read these documents which giveRead more