Tag Archives: Lawrence Duprey

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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Is the Integrity Commission Being Blind Towards CL FINANCIAL?

by AfraRaymond Afra Raymond #14 Highsquare Condominiums, 1a Dere Street, Port-of-Spain 868 625 8168 afraraymond@gmail.com 5 May 2015 The Registrar, Integrity Commission of Trinidad & Tobago, Level 14, Tower D, International Waterfront Centre, 1A Wrightson Road, Port of Spain Dear Sir, FORMAL COMPLAINT Non-compliance of Directors of CL Financial Ltd and its subsidiaries with the Integrity in […] Read more

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CL Financial Was Too Big to Fail or is it Too Many Bigshots to Jail

Trinidad based Afra Raymond continues to be the strident voice in the region asking for transparency concerning the bailout of CL Financial the parent of CLICO Holdings Limited and several other subsidiaries. Listen to Afra Raymond being interviewed by Rennie Bishop on 107.7FM on Sunday 12, June 2016 after the intervention of Lawrence Duprey, and the Auditor General’s 2015 report.

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Whistleblower Policy Needed–Former CLICO Executives Speak Out

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.

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Open Letter to the Director of Public Prosecutions (DPP) about the CLICO (Barbados) Scandal

Dear Mr. Leacock, I am a citizen and taxpayer of Barbados. I am also a pension actuary. My fundamental responsibility, as an actuary, is to provide services skilfully and competently, to operate with integrity, and to uphold and protect the public trust. I believe your chosen profession has imposed similar responsibilities upon you. By definition, therefore, whenever the public trust

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Connecting CLICO’s Dots

The CLICO fiasco continues to hog the news. It is a story which has tainted the government of Barbados for almost the duration of its tenure. BU remains sympathetic to the ‘sufferation’ of thousands of Executive Flexible Premium Annuity (EFPA) CLICO investors and the others. Many were lured by the greed of high interest rates, some appeared to be ignorant

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Will CLICO Policyholders Soon Have Reason To Smile?

There is one characteristic about which Barbadians have boasted through the years, our stable financial environment. Even in the midst of the prevailing economic turbulence Barbados’ financial space has been recognized for its resilience and good management. CLICO’s catastrophic fall as a premier pan-Caribbean company now threatens to besmirch that reputation. BU has blogged voluminously about the CLICO Affair; the

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