walter

Walter Blackman Comments on CLICO and NLICO Restructuring Plan

Walter Blackman - Actuary and Social Commentator

Walter Blackman – Actuary and Social Commentator

The following statement uttered by the leader of government business Senator Maxine McClean in the Senate yesterday [7/09/2015] sounds an ominous warning […]for long suffering CLICO policyholders.  The leader of Government Business in the Senate today warned that there were no guarantees that CLICO policyholders will recoup all their investments

No Promise. It appears long suffering CLICO policyholders will receive a haircut!

The BU family is fortunate to have Walter Blackman share his insights about government’s plan to restructure CLICO. Government’s plan is to transfer CLICO assets to New Life Investment Company Incorporated (NLICO). That company would be responsible for issuing Government bonds to CLICO for the purpose of transferring the real estate assets of CLICO to NLICO – Barbados Today. Walter is a trained Actuary and fully aware of the nuance of the Barbados market. BU regards him of one of the most qualified Barbadians to comment on this issue.

The following is a comment posted by Walter in response to a question from the Blogmaster.

David September 7, 2015 at 6:39 PM #

@Walter – The BIPA appears to be in favour of the restructuring plan therefore one must assume they are fully apprised of the risk.

David,

It would indeed be unbecoming and disrespectful of me to make any unflattering remarks about the efforts of the BIPA at this time. The biggest risk the BIPA faces is that it might have been given a front row seat invitation to witness and participate in the burial of its policyholders’ hopes. I said hopes, because that is all the policyholders are left with.

However, similar to the little dog in the nursery rhyme, I must “laugh to see such fun” that results when fools try to play the part of wise men.

Let us look at this CLICO problem from a very basic and simple standpoint.

If I were Prime Minister of Barbados, and thought that at least one Barbadian had common sense, I would have been forced to provide that one Barbadian with four elementary pieces of information:

1.The present value of CLICO’s total liabilities
2.The present level of CLICO’s verified assets
3. The level of statutory reserves CLICO ought to have
4. The level of Statutory reserves CLICO actually has

David, have you seen or heard any of this elementary data coming from the PM or the MOF?

The Prime Minister accused the Judicial Managers of paying themselves “dizzying millions” from CLICO’s remaining assets. Why couldn’t he tell Barbadians the exact figure?

If, despite the fact that CLICO possessed “dizzying millions”, the company was still forced into Judicial Management, how can he convince me and you that the government intends to inject $53 million dollars in the new company and that will be enough to solve the problem? Who pulled this 53 million dollars out of a hat?

If you were to look closely at some of the high level personnel involved with NEWCO (or NLICO or whatever it is called), you will discover that they are people who have come to the end of their careers and have very little to lose, reputation wise. We have already discussed Wismar Greaves, the deputy chairman. From all reports, Clennel Goodman, the chairman, is a RETIRED banker. George Hutson is a former MP and cabinet minister who the Prime Minister wants us to believe lacks the ability to serve in the senate or in his cabinet. So, for the time being, we can view him as a RETIRED politician.

Finally, if you had listened carefully to the recent utterances of Dr. Ralph Gonzalves, PM of St. Vincent and the Grenadines on CLICO, you would have come away convinced that Dr. Gonzalves was accusing the Government of Barbados of deviating from its promises made to him and other prime ministers by trying to use this inadequate and unilateral approach.
If they could deliberately try to bamboozle their prime ministerial colleagues from the OECS, do you think they would think twice about tricking and outfoxing the BIPA? I certainly don’t.

As I said before, stay tuned.

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65 Comments on “Walter Blackman Comments on CLICO and NLICO Restructuring Plan”

  1. Caswell Franklyn September 8, 2015 at 2:54 AM #

    When the Clico matter first came to a head, government ignored the law and set up some extra-judicial or should it be illegal oversight committee that allowed people to siphon off what little assets Clico had to distribute. The policyholders should have taken the government to court at that time. Instead, the policyholders place their trust in a crooked administration whose main interest was to secure the investments of its friends. Most of what happened appears criminal and I am yet to see the DPP bring anybody before the courts.

    Like

  2. Sunshine Sunny Shine September 8, 2015 at 5:34 AM #

    The government who sought to protect their friends in CLICO made that clear from the beginning. Did it not start with the lies told by David Thompson, when he said that all was well with CLICO Barbados? As the plot thicken, a further excuse came forth that would ensure 10 million dollars of tax payers money would be used in a so-called bailout, after assuring all Barbadians in a declaration of eloquence that they had nothing to worry about. Then comes the forensic report with their findings that this administration sought to seal from public view with a rat shit justification because of revelations that clearly showed a former Prime Minister and his friend obviously were sharing vested interests. Following that did not the Fruendel Stuart Administration also made it clear that their interest was to protect CLICO friends and not the policy-holders when he ignored the findings of that report and sought to shut certain mouths by obtaining a list he requested of those who bought some real estate but never alluded to the fact that that real estate deal could have been another shady CLICO Parris transaction, His interest was to implicate and shift the focus and blame away from the two ”esteem sons of the Barbadian soil. The two were spoken highly of: Parris for the heights he gain and Thomson- for his yeoman service. Both exploited but nonetheless vindicated to be herald by DLP administration as two outstanding sons of the soil, All along, this government did all that they had to do to protect CLICO and their friends. So the DPP is not interested in investigating one shite because his ring is worn on the same finger as the rest. It’s open season, and the politicians are giving us a show of things never spoken of before with behaviours that were never so open and disgusting. Yet with all the evidence: ministers speaking out of context and a Prime Minister who remains silent to protect, its business as usual in the good old Barbados we know. This DLP that I use to love are brutish, wicked sons of bitches.

    Like

  3. David September 8, 2015 at 6:45 AM #

    The Clico Barbados problem did not begin in 2008.

    Like

  4. ac September 8, 2015 at 7:26 AM #

    Looks like some people get their early morning orgasmic relief by coming on BU and jerking off political nonsense about the govt

    Like

  5. Hamilton Hill September 8, 2015 at 7:28 AM #

    Didn’t I read or hear somewhere that the Honorable Minister of Finance gave the assurance that the company was formed, then it was discovered that he, to put it nicely had spoken out of turn? What more evidence is needed before all Barbadians come to the realization that the F reundel Stuart Administration is ethically challenged and just CAN NOT BE TRUSTED?

    Like

  6. David September 8, 2015 at 8:23 AM #

    What BU cannot understand is how is this new entity NILCO expected to be viable if the business of insurance is driven by the confidence of the market in which it operates.

    Like

  7. are-we-there-yet September 8, 2015 at 8:33 AM #

    Hamilton Hill, re. your 7:28 am post.

    You’ve summed this matter up nicely.
    the F reundel Stuart Administration is ethically challenged and just CAN NOT BE TRUSTED

    Its leadership does not respect morals, the people, nor time honoured conventions that at least allows the ship of state to run on an even keel. Thereby lies much of the distress we now find ourselves in re. governance.

    I hope kamla’s loss is a portent of things to come here in the not too distant future.

    Like

  8. Sunshine Sunny Shine September 8, 2015 at 8:58 AM #

    @the cunt AC

    I played with my cherry far earlier before I wrote that. You should try it sometime. I prefer long vegetables hmm make the best play things. Be that as it may, your despicable useless lot set all these wheels in motion yet you say I writing nonsense. Which part of nonsense can you refute.

    Like

  9. Sunshine Sunny Shine September 8, 2015 at 9:13 AM #

    @ Hamilton HIll

    Many that I know, who supported the DLP, are adamant that as long as Stuart and his lot are in it, they will either spoil their votes or cast it for the independent candidates. People are very upset that what they thought would be good management under Stuart, who showed so much promise, is now dashed aside by a man and his ministers who behave like they hate all other Barbadians except the loyal followeing. Brutish vagabonds, insulters, disrespectful and without shame.

    Like

  10. de Ingrunt Word September 8, 2015 at 9:43 AM #

    Oh my lawd David, can you say again: “What BU cannot understand is how is this new entity NILCO expected to be viable if the business of insurance is driven by the confidence of the market in which it operates.”

    I thought I was the only canary in that absolute noxious cave of stiffing gases. This new company makes absolutely no sense as an ongoing business level for the specific reason you noted ‘confidence of the market’.

    The most exciting path to success is for the government to inject funds to prop up the new entity and then sell it off to a competitor who can fold the business into their viable going concern. That’s a win for the policy holders.

    But one can surmise that the others in the industry have already picked the best from the CLICO carcass; so really not sure how viable a sale will be.

    But life is strange. Hank Greenburg from AIG Insurance (one of the most beneficial companies from the US Gov’t bailout) sued and WON that the gov’t was wrong to come in and prop up/take over his company. Everyone initially thought his suit was the most ludicrous thing but lo and behold he won the court fight.

    So who knows what will happen really in this brave business world we forge.

    Like

  11. Dennis Johnson September 8, 2015 at 4:32 PM #

    @DavidBU: @08:23 a.m.

    Raised that issue on my little soap-box too! Also asked what restrictions are there – or will there be – to prevent the new company becoming an ATM. Is there anything that stops anyone from cashing in or out their paper within a certain period? Do we know?

    Like

  12. David September 8, 2015 at 4:44 PM #

    @DJ

    The mechanics of the transaction has not been made public,,,no surprises!

    Commonsense suggest there will have to be a no cash surrender/cashout rule until the company gains a foothold if this is at all possible.

    Like

  13. Bush Tea September 8, 2015 at 4:52 PM #

    It is past clear that NO ONE in this government has any idea of how business operates in real life… When Jepter could be an ‘expert’….. ha ha ha LOL …Ohhh shiiteeee!!!

    These are clearly jokers who never even ran a snow cone stand in their whole lives before…. and who could not survive without someone paying them a salary (or without clients from whom they could steal…)
    It takes a special level of idiocy – on par with that exhibited here daily by AC and Alvin C – to take a region-wide insurance conglomerate and reduce it to nothingness within 10 years.

    Shiite man … even Dompey would have at least been able to salvage something.

    The REAL joke is that those who have looted the assets of CLICO …and those who protect them… will suffer a similar fate as it’s now infamous legal advisor….

    Like

  14. David September 8, 2015 at 5:03 PM #

    @Bush Tea

    At the mention of Jepter Ince who was the manager of the Clico Balance Growth fund, was it published last week the fund was liquidated? Not sure what was posted, perhaps someone can update the blog.

    Like

  15. pieceuhderockyeahright September 8, 2015 at 5:21 PM #

    @ De Ingrunt Word

    You made the point “…This new company makes absolutely no sense as an ONGOING business level for the specific reason you noted ‘confidence of the market’…” (the caps are mine

    and Bush Tea “…The REAL joke is that those who have looted (AND CONTINUE TO LOOT) the assets of CLICO…” the bracketed comments are mine

    Wunna evah watch a pirate movie when de evil pirate find de hoard (not whore, though in this case that word is applicable) how de boss pirates does pick de best uh de treasures?

    NLICO or whatever it get name is the mechanism through which the best of the remaining crown jewels going get rape from CLICO and when all of this is finished DEM going have $$ stolen from the coffers of Bulbados and land.

    This is called “being bult with no grease” but, as bajans are a resilient peeple, many of whom have long been closeted in their DownLowe practices, it is easy to take this rogering and there is no need for a Davis Clerk license….we like it so

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  16. Artaxerxes September 8, 2015 at 6:08 PM #

    THE FOLLOWING EXCERPTS were taken from a CANANEWS On-Line article, dated January 31, 2009, headlined: “NO FEAR: Thompson tells CLICO investors not to panic.”

    BRIDGETOWN, Barbados, CMC – Prime Minister David Thompson has added his voice to those urging people with deposits, insurance policies and other investments with CLICO Barbados Holdings that they should not panic following the Trinidad and Tobago government’s decision to come to the rescue of parent company, CL Financial.

    Thompson, in a statement Saturday, said he met with Trinidad’s Junior Finance Minister Mariano Browne on Friday to discuss the situation. He also held talks with the Governor of the Barbados Central Bank and other relevant regulatory authorities.

    “I am satisfied that the actions taken by the Trinidadian authorities are correct and appropriate for the circumstances facing CL Financial in Trinidad,” he said, referring to a Memorandum of Understanding entered into by the Patrick Manning administration in Port of Spain and the Trinidad-based CL Financial to bail the conglomerate out of serious financial trouble.

    Thompson said he understood that Barbadians would be extremely concerned “AS IT WOULD BE DIFFICULT TO CONCEIVE that CLICO Barbados and CLICO Trinidad ARE NOT INEXTRICABLY BOUND”.

    However, he sought to allay those fears.

    “With respect to the Barbadian operations, I have consulted today with Minister of State in the Ministry of Finance Senator Darcy Boyce, the Governor of the Central Bank and the Supervisor of Insurance, who are the heads of the relevant regulatory agencies that oversee CLICO’s operations here, and WE ARE FULLY SATISFIED that CLICO’s BARBADIAN OPERATIONS ARE SOUND, PRUDENTLY MANAGED AND WELL REGULATED,” the Prime Minister said.

    “BARBADIAN DEPOSITORS, INVESTORS AND HOLDERS OF INSURANCE POLICIES CAN THEREFORE BE CONSIDERED SAFE IN THE CONTEXT OF OUR FINANCIAL SECTOR,” he said.

    That being the case, Thompson said it was not in the interest of depositors here for there to be any panic.

    “Such panic would reverberate through our financial system and compromise our ability to ride out this situation and the global economic challenges. It is in the interest of all Barbadians for calm thinking and normalcy in our financial sector,” Thompson said, adding that his administration would constantly monitor the situation.

    HE ALSO VOWED TO ACT IN A TIMELY MANNER TO PROTECT THE FINANCIAL INTERESTS OF ALL BARBADIANS, SHOULD THE NEED ARISE.

    As word about the bail-out spread Friday, CLICO Holdings Barbados Limited Chairman Leroy Parris said the action in Port of Spain “had no effect on Barbados and the Eastern Caribbean”, pointing out that the Barbados operation had an asset base in excess of US$700 million and was on a path to continued growth and profit.

    CENTRAL BANK GOVERNOR Marion Williams also URGED Barbadians NOT TO REMOVE THEIR BUSINESS from any of CLICO Holdings Barbados Limited’s VARIOUS ENTITIES, DESCRIBING IT AS “A WELL-RUN COMPANY”.

    She said the move by the government in Trinidad should do well to protect their investments.

    “The current situation will affect the company,” Williams acknowledged, but added that since the Central Bank of Trinidad had taken action to safeguard the assets there then “so that as long as the assets in Trinidad are safeguarded, then that augurs well for the assets of (subsidiary) companies here”.

    “Given that the financial system has the liquidity support of the Central Bank, and we have an arrangement for inter-bank guarantees, there should be no need to move investments,” the Central Bank Governor cautioned.

    Like

  17. Artaxerxes September 8, 2015 at 6:15 PM #

    The below excerpt should be of significant interest to Alvin Cummins, especially since he is of the opinion Duprey should be held “accountable and responsible” for the Barbados “episode” of the CLICO debacle.

    “Thompson said he understood that Barbadians would be extremely concerned “AS IT WOULD BE DIFFICULT TO CONCEIVE that CLICO Barbados and CLICO Trinidad ARE NOT INEXTRICABLY BOUND”.”

    Alvin, PLEASE NOTE, that your Prime Minister, David Thompson mentioned “CLICO Barbados and CLICO Trinidad ARE NOT INEXTRICABLY BOUND.”

    And NOT Bushie, PUDRYR, De Word, Prodigal, David, AWTY, SSS, or Artaxerxes.

    Like

  18. Walter Blackman September 8, 2015 at 6:16 PM #

    Dennis Johnson & David,

    Both of you raised valid points. From a theoretical and practical standpoint, an agreement can be worked out where a moratorium can be placed on policy loans and the payment of cash surrender values.

    However, those who raised the confidence issue cannot be ignored. Using basic psychology, if I needed a life insurance policy why would I bypass ICB, Sagicor, or Guardian Life and purchase one from NLICO? Am I stupid?
    Then, how bright can the future of the company be if It can’t attract young, healthy policyholders?

    Additionally, there are policyholders on CLICO’s books whose health is so impaired that they are virtually uninsurable elsewhere. Some of these people have been dying whilst the company has been unable to pay death claims and more will die this month, next month, next year, year after next….
    What is the current amount of unpaid death claims that are waiting to be paid by NLICO? Will the government pay these death claims with junk bonds?

    Everything the government touches turns to brass. Do you believe that NLICO will be an efficient well-run insurance company with expense levels that will make it price competitive?

    The more questions we are forced to ask, the more justified we are in keeping our distance from this company.

    Lack of confidence is a problem that NLICO will find extremely difficult to overcome.

    Like

  19. Caswell Franklyn September 8, 2015 at 6:22 PM #

    Walter

    You misspelt “shit” brass is not the correct spelling.

    >

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  20. Gabriel September 8, 2015 at 6:34 PM #

    Walter
    I am repeating myself but this cabinet is so lacking in confidence by the investing class both local and foreign that everything business wise is stagnating in Barbados.Who the hell in their right mind trust anything Staurt say,or Sinckler,Jester,Quisling,Jones,Bassman Boyce,Lowe,Kellman,Blackett…….none of these people are trustworthy.Someone mentioned Hutson is a board member of Nlico.For years Errol Barrow made sure no body with a conviction in the courts of Barbados can be employed at Seawell Airport.Along comes a political neophyte named George Hutson,subsequently named minister of international transport and changed that bye-law at the airport.Grantley Adams got some criminals in its employ……I wonder if Stuart knows these things.

    Like

  21. Artaxerxes September 8, 2015 at 7:02 PM #

    David September 8, 2015 at 5:03 PM #

    “At the mention of Jepter Ince who was the manager of the Clico Balance Growth fund, was it published last week the fund was liquidated? Not sure what was posted, perhaps someone can update the blog.”

    In the year 2000, Jeptar Ince played a significant role in the establishment of the CLICO Balanced Fund Inc (CBFI). He ensured potential investors that the Fund was a viable venture and suggested they seek the appropriate financing from CLICO Mortgage & Finance Corporation to invest in the Fund.

    I was reading CBFI’s annual reports and audited financial statements for the years 2006 to 2012 and found some very interesting information.

    For example, on page 18 of the 2006 Annual Report, article 6: “Related Party Transactions,” described related parties as: “Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial operational decisions.

    It is interesting to note that as at December 31, 2006:

    “Due from related company includes $84,547 (2005 – $Nil) due from Clico Administrative Services Inc. This amount is unsecured and without terms of repayment.”

    1) CLICO Holdings (Barbados) Limited holds all of the common shares of the Fund.

    2) CL Investment Management Services Inc. provides INVESTMENT MANAGEMENT AND ADVISORY SERVICES to the Fund and “is entitled to an INVESTMENT MANAGEMENT FEE EQUIVALENT TO 1.75% PER ANNUM OF THE NET ASSET VALUE.”

    3) CLICO Administrative Services Inc. PROVIDES ADMINISTRATIVE SERVICES TO THE FUND and is entitled to an administrative fee equivalent to 0.25% per annum of the net asset value.

    4) CLICO Mortgage and Finance Corporation provide custodian services to the Fund in accordance with the Custodian Agreement with the Fund, and “is entitled to a custodian fee equivalent to 0.25% per annum of the net asset value.”

    5) CLICO International Life Insurance Company Limited IS RESPONSIBLE FOR MARKETING AND DISTRIBUTION of the shares in accordance with the Distribution Agreement, and “is entitled to a distribution fee equivalent to 0.20% per annum of the net asset value.”

    This is a total of 2.45% per annum of CBFI’s the net assets value.

    Like

  22. Simple Simon September 8, 2015 at 9:24 PM #

    @Walter Blackman “If you were to look closely at some of the high level personnel involved with NEWCO (or NLICO or whatever it is called), you will discover that they are people who have come to the end of their careers and have very little to lose, reputation wise. We have already discussed Wismar Greaves, the deputy chairman. From all reports, Clennel Goodman, the chairman, is a RETIRED banker. George Hutson is a former MP and cabinet minister who the Prime Minister wants us to believe lacks the ability to serve in the senate or in his cabinet. So, for the time being, we can view him as a RETIRED politician.”

    These gentlemen have nothing much to lose financial wise either.

    The good people of St. James Central retired George Hutson, many years ago. It is unlikely that they will recall him.

    Like

  23. Simple Simon September 8, 2015 at 9:53 PM #

    @Artaxerxes September 8, 2015 at 6:08 PM ” “NO FEAR: Thompson tells CLICO investors not to panic.”

    Whenever someone tells me don’t panic, indeed I do not panic, but I take steps to look out for me.

    Even when Thompson was saying “don’t panic” he was ensuring that he got as much for himself out of CLICO as possible.

    Like

  24. Artaxerxes September 9, 2015 at 2:52 PM #

    @ David

    I posted information relative to CBFI in response to David’s query about said Fund and it seems as though you do not understand the enormity of the situation.

    Do you realized that CLICO created a number of “paper companies” as a means to siphon money from CBHI?

    Like

  25. David September 9, 2015 at 4:16 PM #

    @Artax

    If the government continues to ignore the electorate what is left to do?

    How do we demand justice from the bowels of our democracy we are so proud of?

    How will changing political party bring resolution?

    It is an idiot who will do the same thing day in day out and expect a different result.

    This party in office is already gearing for the next general election. Given the number of groups it hS alienated what do you thing will have to occur in the next two and one half years?

    Like

  26. Artaxerxes September 9, 2015 at 5:40 PM #

    @ David

    The problem I have with CLICO is that the company made too many payments to related companies and associates. Essentially, this CLICO scenario reminded me of a situation I confronted a few years ago when I worked for an accounting firm, which was hired to conduct an audit of a construction company.

    Although the financial statements were prepared in accordance with the generally accepted accounting principles and fairly presented, in all material aspects, the financial position of the company, I inadvertently discovered that the owners created a number of “related companies,” which received payments for providing a number of services for the parent company.

    The owners bought equipment and vehicles with the parent company’s funds and created a number of “investment companies” through which they rented the said equipment and vehicles to the parent company.
    For example, supposed the owner’s name was John Browne, he created a company called “JB Investments” and would rent trucks and tractors to the parent company.

    The owner and his sons also created a number of small construction companies, which were subcontracted by the parent company to provide construction services.

    They also created a company to provide administrative and payroll services, as well as being responsible for selecting the various categories of employees for the parent company.

    Let’s say, for example, the parent company’s was called “PC Construction (PCC)” and the administrative company, “Administrative Services (AS).”
    At the end of each week PCC would submit the relevant time sheets to AS to facilitate the preparation of the payroll. After the payroll was processed AS would send an invoice for the payroll amount and a $50 service fee to PCC, which in turn would issue a cheque.

    Under this operation, these employees were essentially employed by AS, but were “subcontracted” to perform duties for PCC, and as such, PCC was not liable in any way for them. Hence, if PCC decided to close operations, the company would not be liable to pay those employees severance, as the onus would be on AS to provide such payments. Unfortunately, AS had no assets to levy upon to facilitate payment, so those employees would have to go through the NIS Tribunal to receive their severance.

    This is how owners of companies unethically manipulate the accounting system to basically “steal from themselves” and take advantage of their employees or investors.

    Like

  27. David September 9, 2015 at 6:34 PM #

    @Artax

    Understood and while CLICO probably practiced this on a large scale what you described is a routine occurrence in Barbados. You are focusing on the symptom though, the poor performance by regulatory and external audits need to enter the discussion if we want to honestly debate the debacle.

    Like

  28. Gabriel September 9, 2015 at 7:00 PM #

    David,Artax
    How could this be.Clico was well served by former Justice Woodbine Davis QC and Leslie Haynes QC,both of whom are held in high esteem in Barbadian business and legal services.Add to these top drawer legal experts,the Leader of the Opposition in Her Majesty’s Parliament of Barbados,the Hon David John Howard Thompson QC in house legal adviser to the Clico companies.It is improbable that Clico would ”cook the books” under the noses of these brilliant gentleman of honesty and integrity.

    Like

  29. David September 9, 2015 at 7:06 PM #

    @Gabriel

    We should not have to rely only on the reputation of the gentlemen named by you. The Board books and robust audits by the Office of the Supervisor of Insurance and the Price Waterhouse should support.

    Like

  30. Caswell Franklyn September 9, 2015 at 7:21 PM #

    These men are attorneys-at-law and not accountants and would have therefore relied on financial reports of supposedly reputable accounting firms. The could not be held liable for any financial irregularities if they can show that they relied on those experts. The experts on the other hand should have been dragged before the courts and accused of at least negligence.

    Also, the investors and policyholders had a case against the regulator as the law stood then but they chose to listen to the Government’s silly assurances and did not file any actions against the Crown. The Supervisor of Insurance would have been liable since that office misled those policyholders and investors by giving a consistent clean bill of health to CLICO when the Supervisor knew or ought to have known otherwise.

    >

    Like

  31. de Ingrunt Word September 9, 2015 at 7:51 PM #

    But gentlemen, unscrupulous though the actions described by Artax may be he also knows that legally it was all above board.

    So David’s point that it’s a routine occurrence also speaks to scrupulous, healthy state of our business climate….(I say with deep sarcasm).

    Caswell, you are being very, very kind with your remarks that the attorneys mentioned “would have therefore relied on financial reports of supposedly reputable accounting firms”.

    Both gentlemen are accomplished corporate attorneys and as company directors are expected to use their skills and business acumen to provide good governance and practices at the Board discussions. It is incumbent on them to properly review the company details and ask the key questions and not just enjoy the awesome perks and fees as a Board member.

    I would agree that many people were fooled and hoodwinked by some bogus data but surely the issue related to the reserves and the company’s ongoing inability to meet the necessary requirements would and should have been noticed by folks of the caliber described,

    Like

  32. Gabriel September 9, 2015 at 7:54 PM #

    It is my understanding that attorneys at law are required to be trained in Accounting 101 as a minimum at UWI.I am told also that Accounting is a sine qua non in every law office in Barbados.

    Like

  33. Alvin Cummins September 9, 2015 at 10:25 PM #

    @ The Honourable gentlemen above, especially Artra in his 5.45 p.m. post.

    This is what I have been saying for a long time with regard to CL Financial and its relations with its subsidiaries, which it used as media for inter company loans, services etc.(Mentioned in the report of the Judicial Manager) Remember when the life insurance salesmen were deemed, by the courts, to be employees of the insurance companies, when the companies wanted to show that they were independent contractors?
    Again,
    I have observed it in many companies here. They win a contract to provide a service; they form a company to buy the trucks needed, they then rent the trucks from the company, one of their children operates (owns) the company to supply the trucks, etc etc. From the beginning this is what I have been saying re the connection with CL Financial and CLICO (Barbados). People seem to have forgotten also that British American, was also part of CL Financial, and policy holders there are in the same position as CLICO (Barbados) policy holders. How come nobody on this BLOG mentions British American?
    Are there managers of Pension funds who should not have invested in EFPA (illegally) but
    did, and now find themselves in potter?

    I also asked a question earlier about who the auditor for CLFinancial, and the Judicial Manager was, so far no answer. David where are you on this matter? Is there a conflict somewhere here?

    Like

  34. Artaxerxes September 9, 2015 at 10:42 PM #

    de Ingrunt Word September 9, 2015 at 7:51 PM #

    “But gentlemen, unscrupulous though the actions described by Artax may be he also knows that legally it was all above board.”

    De Word, note I mentioned: “This is how owners of companies UNETHICALLY MANIPULATE the accounting system to basically “steal from themselves” and take advantage of their employees or investors.” And unfortunately, De Word, these practices are NOT illegal.

    These “dummy companies” are legitimately registered, under Companies Act of Barbados, to perform the duties in accordance with their registration status.

    Too often, many potential investors invest in ventures without first examining the ventures’ annual reports and financial statements, or hiring an accountant to interpret the “accounting jargon” for them.

    David mentioned the poor performance of the regulatory bodies, in the case, he would have been referring to the then Supervisor of Insurance (whose functions are currently undertaken by the Financial Services Commission). According to the FSC’s web-site:

    “The Finance, Tenders and Audit Committee assists the Board in ensuring the integrity of the financing and financial reporting process is maintained. This is achieved by reviewing the financial reporting process; the systems of internal control and management of financial risk; the audit process; the tendering process and the financing process. The Committee also ensures that FSC’s process for monitoring compliance with laws and regulations and its own code of business conduct is sufficiently robust.”

    As it relates to the regulation of insurance companies, the regulatory body is responsible for inspecting the insurance company’s “records on an annual basis to ensure compliance with regulations” and “analyze the company’s financial records.”

    We must bear in mind that CLICO’s auditors were PriceWaterhouseCoopers, which is a reputable and internationally recognized accounting firm.
    Assuming that the SoI performed the functions outlined above, we could also assume the department relied on examining the company’s audited financial reports (and PWC’s reputation) as a basis of assessing the company’s compliance, rather than commissioning an independent audit. Hence, CLICO’s being continually given “passing grades.”

    Although Gabriel may be correct in stating: “attorneys at law are required to be trained in Accounting 101 as a minimum at UWI and that Accounting is a sine qua non in every law office in Barbados,” surely they would not be trained in the intricacies of accounting, but would have to rely on an accountant’s interpretation of certain accounting data.

    Like

  35. Alvin Cummins September 9, 2015 at 10:47 PM #

    @De grunt word…
    I refer you to Hant’s post and the web site referred t and the letter written by C.McHale on the CIBC/FCIBC matter.; the sale of Barclays and the failure of CIBC to pay monies due to the Government of Barbados. According to MacHale, over half a billion dollars due. This should have been investigated fully and the Governor of the Central Bank, the Minister of Finance and even the Prime Minister should have acted on this issue.

    Like

  36. Artaxerxes September 9, 2015 at 10:55 PM #

    Alvin Cummins September 9, 2015 at 10:25 PM #

    “I also asked a question earlier about who the auditor for CLFinancial, and the Judicial Manager was, so far no answer. David where are you on this matter? Is there a conflict somewhere here?”

    I answered your questions. If you recalled, you asked those questions in the “Wanted: Bajan Politicians and Public Officials.”

    “Alvin Cummins September 8, 2015 at 8:35 AM # @Artra: Who were the auditors for CLICO? Who were the auditors for CL financial? Who were the auditors for the Judicial Managers?”

    ++++++++++++++++++++++++++++++++++++++++++++++++++
    My reply was as follows:

    Artaxerxes September 8, 2015 at 9:36 AM #

    Alvin Cummins September 8, 2015 at 8:35 AM #

    “Who were the auditors for CLICO? Who were the auditors for CL financial? Who were the auditors for the Judicial Managers?”

    Please, Mr. Cummins, it’s ARTAX(erxes), NOT ATRA

    The auditor for CLICO and CL Financial were PRICE WATERHOUSE COOPERS.

    On April 14, 2011, the Supreme Court of Barbados (the “High Court”) appointed Deloitte Consulting Ltd. (“Deloitte”) acting through Messrs. Oliver Jordan and Patrick Toppin as Judicial Manager of CLICO International Life Insurance Limited (the “Company” or “CIL”) pursuant to Section 57 of the Insurance Act of Barbados. [Page 2: Report to the High Court of Barbados CLICO International Life Insurance Limited (Under Judicial Management) Judicial Manager’s Final Recommendations]

    On July 8, 2011 the Judicial Manager submitted an Application to the Court setting out the basis for its recommendation that a forensic audit of CIL be undertaken by the Forensic & Dispute Services team of Deloitte & Touche LLP in Canada (“Deloitte & Touche LLP”) to assist the Judicial Manager in identifying, securing and reviewing the documentation available to support the inter-company balances and to identify related party transactions. [Page 1: Forensic Audit of CLICO International Life Insurance Ltd. (under Judicial Management): Report as of December 5, 2011]
    +++++++++++++++++++++++++++++++++++++++++++++++

    The above excerpts clearly indicate that Deloitte & Touche LLP, were the auditors for the Judicial Manager.

    Like

  37. de Ingrunt Word September 9, 2015 at 11:26 PM #

    Artax, we are on the same page re how the companies operate to ‘steal from themselves’ as you say. But totally different book re your last remark, “surely they would not be trained in the intricacies of accounting, but would have to rely on an accountant’s interpretation of certain accounting data.” Like Caswell you too are being very, very kind to the attorneys and other non-accounting directors.

    Beyond Gabriel’s comments re the basic course work required we are talking about ‘corporate attorneys’ of years experience.

    These are guys who would have done a lot more than Accounting 101. These gentlemen were at the Bar for years and specifically handled many maters related to business and finance. They surely understood the mechanics and tools used to craft financial statements and were able to decipher and READ them properly.

    So I cannot accept your or Caswell suggestions that they needed to “rely on the accountant’s interpretation”. Certainly not after the annual statements were prepared to allow everyone to understand the financial health of the company,

    Also because of their training they would be able to ask any and all pertinent questions if there were doubts.

    I also know that you know that every Board of Directors of a private company is comprised of a majority of yes men/women loyal to (and generally selected by) the Chairman/CEO. Even publicly traded companies suffer this affliction.

    You also know that Auditors can often be hoodwinked or allow themselves to be hoodwinked even as they exercise their professional duties with all apparent careful due diligence. And I can say that without being unkind to accountants,

    Situations like Enron or like those of the US Insurance/Investment Banks caught in the mortgage meltdowns of the’08 financial crisis could not have happened without a combination of the factors mentioned above.

    So Artax, it always confounds me that lawyers or MBA and other heavily credentialed executives (often top of their classes at uni or former winners of best performer here or top analysts there) become so unable to understand basic financial business metrics or remember how to ask intelligent questions when they are sitting in the hallowed halls of Directorship.

    C’est la vie!

    Like

  38. Caswell Franklyn September 9, 2015 at 11:33 PM #

    Walter

    I am not being kind, I am trying to tell you what the law required of them.

    >

    Like

  39. de Ingrunt Word September 9, 2015 at 11:49 PM #

    Caswll, I presume your response, “I am not being kind, I am trying to tell you what the law required of them” was directed to me and not Walter, so another query/point back to you.

    Yes we all accept the role of the auditors and legal requirements but as far as I know there are signatures (generally two) from Directors on those fin reports.

    In sum the Board’s acceptance of the financials from the Accountants so Directors too have a great legal responsibility to ensure that the auditors are doing the right thing.

    The various checks and balances are firmly in place but those with the responsibility are not acting as required.

    There is ample blame to be shared to all. The directors can absolutely not be exempted.

    Like

  40. Alvin Cummins September 10, 2015 at 12:00 AM #

    @Artax,

    I knew they were the auditors for the Judicial Manager, they were also the auditors for CL Financial, the head office of CLICO and CLICP (Barbados). Don’t you see a conflict of interest here?

    Like

  41. Artaxerxes September 10, 2015 at 12:16 AM #

    @ De Word

    I agree with your comments re: “These gentlemen were at the Bar for years and specifically handled many matters related to business and finance. They surely understood the mechanics and tools used to craft financial statements and were able to decipher and READ them properly.”

    However, attorneys would be more versed in the “law aspect” of finance such as the law of corporate governance, corporate management, corporate insolvency, corporate finance, revenue law, company law and insurance law. However, I write under correction.

    It is important to note that students who are about to commence undertaking professional studies are given a “Book of Ethics,” which outlines specific protocols/rules that should be adhered to/followed.

    For example, ACCA Rulebook contains regulations, by-laws and the Code of Ethics “with which members are required to comply.” Also, CGA issue students with their “Code of Ethical Principles and Rules of Conduct,” which contains “the minimum standards of acceptable professional behavior.”

    With this in mind, some professionals are lured by greed to breach these ethics, thereby giving the profession a “bad name,” while tarnishing their reputations in the process.

    I’m not here to judge…. we are individualistic human beings with “our own” specific idiosyncrasies.

    Like

  42. Caswell Franklyn September 10, 2015 at 12:27 AM #

    de Ingrunt Word

    I meant Walter but I don’t mind having an exchange with you.

    All the law requires is that a director act honestly and in good faith with a view to the best interest of the company, and while doing so, he is only required to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

    A director is not liable if he acts in good faith on statements contained in a written report or opinion of the auditor or some other professional person engaged by the company who is competent to give advice in respect of the matter in question.

    Lawyers are not required to be accountants, they are only required to have basic accounting knowledge.

    >

    Like

  43. Artaxerxes September 10, 2015 at 12:30 AM #

    Alvin Cummins September 10, 2015 at 12:00 AM #

    “I knew they were the auditors for the Judicial Manager, they were also the auditors for CL Financial, the head office of CLICO and CLICP (Barbados). Don’t you see a conflict of interest here?”

    I’m sorry, Alvin, but I am not seeing any “conflict of interest,” since there are two completely different accounting firms performing different functions.

    Deloitte and Touche LLP were appointed as FORENSIC AUDITORS by the Court after being recommended by the Judicial Manager.

    PriceWaterhouseCoopers were the FINANCIAL AUDITORS for CLICO and its subsidiaries.

    Like

  44. pieceuhderockyeahright September 10, 2015 at 7:32 AM #

    The selection of the JM as , the Forensic Auditors was and is flawed from get go

    Neither of these parties should have been chosen from the incestuous pool of inbred foxes to count the chickens.

    When the international agencies are conducting due diligence and or review of its client portfolio accounts they DO NOT APPOINT locals or firms that are locally domiciled AND, in the event that they do appoint regional entities, theirs is a thorough examination of the “relationships” between the parties so that the Oliver Jackmans/Woodbine Davises/Leslie Haynes’ who-is-my-child’s-godfather/godmother excessively or improperly intimate or exclusive relationships should not complicate the job at hand.

    It is as if this audit was designed by men, now dead, and perpetuated by men, so called “alive” yet “dead”, who, in the vein of a General-Custer-like-attack-strategy, have said “If we cannot get them in the mountain pass we shall get them in the plains” and have proceeded to effect that strategy, WITHOUT FAIL..

    It is not so much an issue now of if what has happened can be recalled or rectified because ALL of “the brotherhood” will join together to protect these carrion.

    In moving forward as we must, with the CLICO investors just “cutting their losses” irrespective of them being retirement nest eggs as sad as that statement might seem in the face of this coverup that is what we are faced with.

    Anything else speaks to a WHO WILL BELL THE CAT situation to either (i) seek restitution on behalf of the defenseless rabble against this well entrenched violation, in the full light of day and (ii) make sure that it does not happen again and to have the mechanisms in place that will absolutely dissuade the bevy of thieves and scoundrels waiting in the offing of thinking “it is we turn to divvy up THE FATTED CALF”

    Like

  45. Alvin Cummins September 10, 2015 at 10:09 AM #

    @Artra,
    The recommendation for Deloite and Touche to be Judicial Managers came from PWC. The auditors for years of C L Financial and its subsidiaries. Isn’t that a conflict of interest? The courts could have its own advisors recommend any of thousands of audit firms with more than arms length distance from Cl Financial; and its subsidiaries,as well as PWC, and any of its connections, and have a really good Forensic analysis done. Why did the courts listen to PWC, who has more than passing interest in the outcome?

    As Piece….indicates it is too late now, but if PWC. were the auditors for CL Financial and its subsidiaries, including CLICO and its subsidiaries. and they, as Judicial Manager, recommended Deloite Touche, to the Court to be the Forensic auditors, and they were accepted by the court as such, I don’t understand why the court accepted a firm recommended by the “Fox” to look after the chickens? They are both foxes, so I still see a conflict of interested. Deloitte and Touche still has a measure of “loyalty” to PWC. Of course there should be a measure of integrity around, but in this debacle ALL the players have to be suspect, where the integrity train is travelling.
    This is one of the points I have been making from the beginning, although everybody wants to convince me that I am an idiot. Maybe I am. We shall wait and see.

    By the way, where does the so called “fatted calf come into this debacle?”

    Like

  46. de Ingrunt Word September 10, 2015 at 10:09 AM #

    Caswell, thank you for the clarification and response to my errant note. In that regard I am duty bound to make this clarification also. I am not indicting lawyers generally and it is quite clear and understandable under company law re LLC and similar what the responsibilities and liabilities of directors are.

    I am stating quite simply that the Directors of CLICO performed to the most base ineffectual standards re ‘acts in good faith’.

    I am saying sir that men of that caliber displayed a paucity of “the care, diligence and skill that a reasonably prudent person” should have.

    Let’s me see if I can express it to you this way. Even if a Director was a certified accountant he understandably would still ONLY be required to rely on the “professional[s]…engaged by the company who is competent to give advice….” re the company’s financial health. He would not certainly not be responsible for the accuracy of the financials itself, just as the lawyers on the Board were not ‘responsible’ for Mr. Thompson’s professional legal guidance. Caswell I understand that. I understand why the company’s act must limit liability of Directors.

    BUT….why if they can be so vacuous and fundamentally, ineptly useless do companies stock their Boards with all these high flying credentialed folks?

    You are so right that company Directors just need to “act honestly and in good faith with a view to the best interest of the company” after the professionals have spoken.

    So why these sharp shooters? What…to fool the public that keen eyes are on the job ?

    Why then don’t companies have house-wives, teachers, Union leaders, Blogmasters and others who have shown a character imbued with integrity, clarity of vision and deep ethical virtue as the principal folks on their Boards?

    CLICO could NEVER have happened if 50% of those directors were truly virtuous people who asked the probing questions to which their intelligence and experience should have guided them.

    However, let me end our accidental aside with your perfect legalese “A director is not liable if he acts in good faith..”

    So may they live with their good faith until the day the Lord seeks their presence; and may they not stay a day longer. With men and women of such faith our country is surely being well served…

    Liked by 1 person

  47. de Ingrunt Word September 10, 2015 at 10:23 AM #

    BYT, Caswell not to prolong this but I deliberately refrained from any long talk on how PROPERLY run companies establish committees among Board members to closely review and comment on key aspects of the company’s activities. Most of those type companies have some form of Board audit review committee.

    So there is limited defense of CLICO’s ineffectual Board as their actions fly in the face of proper company governance done successfully by many companies in B’dos and around the world.

    CLICO was obviously Duprey/Parris’ personal fiefdom and all those associated with it seemingly accepted that in order to be a part of the Board room crew.

    Anyhow I dun wid this Business Management redux. We know what we know and we will believe what we want to believe so enough said.

    Liked by 1 person

  48. Artaxerxes September 10, 2015 at 11:01 AM #

    Alvin Cummins September 10, 2015 at 10:09 AM #

    “The recommendation for Deloite and Touche to be Judicial Managers came from PWC. The auditors for years of C L Financial and its subsidiaries. Isn’t that a conflict of interest?”

    On Monday, 18 May, 2009 during his 2009-2010 budget presentation, then Prime Minister, the late David Thompson, said rather than choosing “the lengthy and cumbersome route of Judicial Management under the Insurance Act,” the government would appoint, in the interim, a government-controlled Oversight Committee, which would “be responsible for the approval of expenditure and decisions related to CLICO’s financial subsidiaries.” [Trinidad & Tobago Guardian Online, Friday, May 22, 2009]

    Thompson said further stated “that a Memorandum of Understanding (MoU) was signed between the government and CLICO for the establishment of the Committee, which would comprise of six (6) members; four members appointed by the government and two chosen by CLICO Holdings.”

    In December 2010, CLICO’s MANAGEMENT WAS INFORMED by the Supervisor of Insurance of the intension to place CLICO under Judicial Management, in accordance with Section 57 of the Insurance Act.

    According to the Friday, March 18, 2011 edition of “Trivester News (on-line):

    “The government of Barbados applied on March 17, 2011, to the High Court in a bid to have CLICO International Life Insurance placed under judicial management. Solicitor General Jennifer Edwards, presented a petition for the appointment on behalf of Supervisor of Insurance Vernese Brathwaite.”

    “This follows an announcement by Minister of Finance and Economic Affairs Chris Sinckler that the special oversight committee, which was headed by Permanent Secretary in the Ministry of Finance, William Layne, had RECOMMENDED in December, 2010 that the company be PLACED UNDER JUDICIAL MANAGEMENT.”

    On Wednesday, April 13, 2011 the Supreme Court of Barbados (the “High Court”) appointed Deloitte Consulting Ltd. represented by Oliver Jordan and Patrick Toppin, as Judicial Manager of CLICO International Life Insurance Ltd., pursuant to Section 57 of the Insurance Act. [Broad Street Journal]

    Alvin, based on the above information, surely you must agree that your suggestion relative to “The recommendation for Deloite and Touche to be Judicial Managers came from PWC,” is INCORRECT.

    Unless you are willing to present evidence to substantiate your claim.

    Like

  49. Artaxerxes September 10, 2015 at 11:32 AM #

    Alvin Cummins September 10, 2015 at 10:09 AM #

    “………. but if PWC. were the auditors for CL Financial and its subsidiaries, including CLICO and its subsidiaries. and they, as Judicial Manager, recommended Deloite Touche, to the Court to be the Forensic auditors, and they were accepted by the court as such, I don’t understand why the court accepted a firm recommended by the “Fox” to look after the chickens? They are both foxes, so I still see a conflict of interested. Deloitte and Touche still has a measure of “loyalty” to PWC. Of course there should be a measure of integrity around, but in this debacle ALL the players have to be suspect, where the integrity train is travelling.”

    Alvin, I suspect you are “throwing sprats to catch a whale.” In other words, I think you are purposely presenting erroneous information in the anticipation that other contributors would make the correct information available to you.

    PWC was NEVER appointed as Judicial Managers, nor did that accounting firm recommend Deloitte “to be Forensic auditors.” The Judicial Manager was appointed on the recommendation of the government appointed Oversight Committee, (under the chairmanship of William Layne).

    “On July 8, 2011 the Judicial Manager (represented by Oliver Jordan and Patrick Toppin) submitted an Application to the Court setting out the basis for its recommendation that a forensic audit of CIL be undertaken by the Forensic & Dispute Services team of Deloitte & Touche LLP in Canada (“Deloitte & Touche LLP”) to assist the Judicial Manager in identifying, securing and reviewing the documentation available to support the inter-company balances and to identify related party transactions.” [Page 1: Forensic Audit of CLICO International Life Insurance Ltd. (under Judicial Management): Report as of December 5, 2011]

    Like

  50. Alvin Cummins September 10, 2015 at 6:46 PM #

    @Artaxerxes,

    You said: “…Deloitte and Touche LLP were appointed as FORENSIC AUDITORS by the Court after being recommended by the Judicial Manager….” You seem to be an accountant in the know. Tell me then,
    Who was the Judicial Manager? Who recommended the Judicial Manager, to be the Judicial Manager? I will let others from BU substantiate my “claim.”

    I take you back to Barbados Underground; May 3 2014, at 3.08 p.m. written by Judders @David, and June 7th 2014 at 2.28p.m. written by Dirty Laundry, re : CIBC/FCIBC, PWC,CLICO,BAICO,United Insurance,Clarke, Gittens and Farmer,The Governor of the Central Bank, Leslie Haynes,(One time counsel for CLICO, “who acts for .Anthony Da Silva of INNOTECH Services)”)Oliver Jordan.etc,etc,.and all the blogs therewith.

    Oh what a tangled web we weave when trying to deceive.

    Like

  51. Alvin Cummins September 10, 2015 at 8:06 PM #

    @Artaxerxes; I got it right didn’t I?,

    Anyhow, I am not throwing anything out to catch anything. I tell it like I perceive it to be, since according to you folk I am an idiot and a yard fowl. I just go according to those better placed and more sensible than me, and their postings. That is why I went all the way back to 2014; and I was not in Barbados in June that year (2014) so I could not have been influenced by anyone. I could only know what I have read, copied and have in my archives, and they make very interesting reading. What a mess Barbados has been in for lo these many years; and I am talking of before 2008; years before. The names called and the situations, the scenarios and the people involved; drugs, murder, intimidation, so many awful things, I am shocked. Yard fowls and Yard ducks have similar masters acting in the same ways with the same friends that each master and servant is protecting. As Bushie would say…”Bare bars bowlery, and shite. But since I don’t know who Bushie is he might be one of the big ups involved. Murdah!

    Like

  52. Alvin Cummins September 10, 2015 at 8:58 PM #

    @Artaxerxes,

    For the information of those who may not be aware; I am sure you are aware,Excerpted from an article entitled “CL auditors come under fire.”

    …n particular, auditors PricewaterhouseCoopers (PwC) Trinidad and Tobago, were grilled over apparent failures to question the word of former CLF officials Lawrence Duprey, L Andre Monteil and Gita Sakal and – in once instance – for not even bothering to check the CLF financial statements when doing audits of related subsidiary companies that relied heavily on CLF’s financial health.

    In contrast, the auditors appeared to have taken a more cautious approach for the accounts of smaller, less important firms in the CLF group, such as British American Insurance Company (Trinidad) Limited (BAICO), than they did with Clico’s accounts, where billions of funds belonging to third parties had accrued.

    PwC partner Keith Daniel, the firm’s head of insurance services up to 2011, and a partner for the last 20 years, faced questions by lawyers for now State-owned Clico; the Clico Policyholders Group; counsel to the Inquiry and even lawyers from Ernst & Young.

    There were at times heated exchanges between the witness and the attorneys. So much so that by the end of the sitting, which began at 9.30am, Daniel asked chairman of the inquiry, Sir Anthony Colman, for a break.”

    As I said I only tell it as other people tell it.

    Like

  53. Alvin Cummins September 10, 2015 at 11:00 PM #

    @Artaxerxes, the excerpt is from a T&T article by Andrew Bagoo in Newsday.! March 1st. 2013. There is much more, even more interesting.

    Like

  54. Artaxerxes September 11, 2015 at 8:01 AM #

    @ Alvin Cummins

    Why are you associating/correlating the CLICO Trinidad issues with CLICO Barbados?

    It seems as though you are confusing the issues and me in the process. You are asking questions pertaining to CLICO Barbados and responding by presenting information about CLICO Trinidad & Tobago, PURPOSELY IGNORING the FACT that they are two COMPLETELY DIFFERENT SCENARIOS.

    I’m done with you and that because I do not understand where you are going with your line of argument.

    Like

  55. Bush Tea September 11, 2015 at 8:59 AM #

    @ Artax
    …first it was AC…
    Now it is Alvin….
    Wait … you got some kinda fetish for ACs? …. skippa leave the man nuh!!

    Cuh shiite man!!
    Alvin just told us that he researches his ‘facts’ by referencing past issues of BU – probably postings by ‘Judders’, ‘Dirty laundry’, AC and Dompey…. and you talking shiite bout ‘you do not understand where he is going with his line of argument’…?

    The man is a nut……
    What don’t you get?

    Like

  56. Artaxerxes September 11, 2015 at 9:08 AM #

    @ Bushie

    Hahahahahaha

    Like

  57. Alvin Cummins September 11, 2015 at 6:40 PM #

    @Artaxerxes.

    /Users/alvincummins/Desktop/B.dos underground1.jpeg

    Like

  58. Alvin Cummins September 11, 2015 at 11:50 PM #

    @Artaxerxes,
    What are the different scenarios? the auditors for CL Financial, were questioned regarding the collapse of CLICO (Trinidad). The Judicial Manager for CLICO (Barbados) has made certain statements regarding the Inter-company transfers from CLICO subsidiaries to CL Financial (Trinidad). There is no getting away from the fact that there were inter-connectivities. Yet you pour scorn on David Thompson when he said the same thing. It is YOU people who are nuts.

    This is taken from the blog of:
    Dirty Laundry June 7.2014 at 2.28.p.m.

    “…Let us return to the real issues here. Barbados used to be admired cos everything worked, good government, good Civil Service. Competent mostly honest non political Judiciary:Regulated economy and society:Sad to say”used to” this PWC and CIBCFCIB matter when fully publicized will cause Bajans to have very serious concerns on several scores and seriously cause foreigners to take a second look at Barbados.
    Barbadians and Foreigners for that matter should normally be able to feel some degree of trust in PWC;Price Waterhouse Coopers. As an international Accounting Firm, and expect that the PWC firm and PWC partners abide by the Law; to have integrity; expect that partners can’t be bought/corrupted; that PWC would not corrupt the judiciary; that PWC would operate within the Law.
    I fear, not so.
    Not on ,amy scores.
    An International and National disgrace.
    All while the so called regulatory authorities , despite being we’ll are of all the illegalities simply look on. Why? Because emasculated by Politicians and corrupt Attorneys at Law

    Recall PWC was auditor for the CLICO British American group all about the Caribbean. PWC knew all that was happening at CLICO BAICO; as did many of the attorneys who benefitted from doing the paperwork for those Criminal Ponzi robbers. Check the list of parties in CLICO litigation.See who the attorneys were. Read the CLICO Audit accounts by PWC CIBCFCIBC Well. Well. Who was the senior executive who opwnwd Leroy Parris Bank account.Why did CLICO do so much business with CIBCFCIBC??
    Now consider the receivership on <cHale. Totally unlawful from the start to now. See who the players are; CIBCFCIBC/BAICO PWC…As in CLICO BAICO
    Clarke Gittens Farmer Attorneys.

    …See this now, it is Ramon Alleyne (ROA) of Clarke Gittens Farmer who applied for the Judicial Managers Report to be sealed…to try and keep the corruption private from the Caribbean people who lost their money with CLICO. It was Oliver Jordan who was the Senior man at CIBCFCIBC then went to Deloite Judicial Manager of CLICO BAICO, an now the same Oliver JORDAN gets the report sealed and goes to PWC the auditors of CLICO to carry on his good work.

    Cover up. Coincidence? No way you poor victims. All planned from the top. Is this another coincidence? Brian Clarke a PARTNER AT CLARKE GITTENS FARMER, LEFT HIS family firm of attorneys to work for CIBCFCIBC, as general Counsel. Just as Leslie Haynes was Counsel to CLICO. You all want to know why?

    You remember McHale spoke out at CLICO General Meeting; spoke about CLICO Auditors and Directors. Strange coincidence?????

    Clarke Gittens Farmer,CIBCFCIBC and PWCbeen trying to destroy McHale Financially since late 2012….helped by Leslie Haynes who acts for Anthony DaSilva and INNOTECH services and Gordon Seale go Bouganvillea and Michael and Angela St. JOHN OF TROPIC AND GLACIAL ICE. You want the full scoop? How to corrupt and influence the Judiciary? …the Regulators? RBPF.

    You all want the real down low? You would like to hear the dirty politicians involved?

    At the Almond Beach Club AGM a highly regarded business man asked if he could be expected to trust the PWC Audit Report; or if the company had bought them off.

    United Insurance, Audited by PWC; can any policy holder or depositor rely on the audit report of PWC?

    Chris Sambrano was one of the PWC McHale receivers….resigned his Partnership at PWC and gone to Ernst Young…Who audit CIBIFCIBC.

    You want more dirt? Go to the McHale takes on Gordon Seale blog here.

    Now I (Alvin Cummins) am only writing what was already written by others. I have picked sense out of nothing. So if Bushie says I am talking shite, these are not my words but the words of the bloggers. Fight and quarrel with those bloggers, They know more than me, and are supposedly more sensible.

    Like

  59. Alvin Cummins September 12, 2015 at 12:34 AM #

    @Artaxerxes and Bushie,
    So you knew what I was speaking about, before I wrote. So I am not such a nut, neither do I talk shite. So it must be Judders and SC, and Dompey, and Dirty Laundry, who are speaking the truth. Strange, that now I have researched it I am a nut. Well I have presented excerpts/ It is up to BU nation to judge whether I am really a nut. You say Chris McHale is a person who should be committed. Why? Because he speaks the truth? But, he presents the evidence. Why are people so quick to rush to judgement? Our society leaves much to be desired.

    Like

  60. Bush Tea September 12, 2015 at 7:23 AM #

    @ Alvin
    Repeating what other anonymous bloggers said is not ‘RESEARCH’.
    It is called ‘hearsay’
    …or in this case ‘seeblog’..

    Like

  61. Alvin Cummins September 12, 2015 at 10:07 AM #

    @Bushie,
    Don’t give me that Bull Turd. The reason I “researched”; (went back to 2014) inserts by other bloggers is to present their opinions. Don’t forget YOU are one of those “anonymous bloggers, so ANY OF YOUR COMMENTS; IS ALSO “HEARSAY”. I AM PUTTING THEIR OPINIONS IN THE PRESENT so as TO ACQUAINT THOSE WHO MIGHT NOT HAVE SEEN THEIR EARLIER COMMENTS, TO BRING THEM FORWARD. THEY ARE TOO IMPORTANT TO LEAVE IN THE ARCHIVES.Please note I always indicate where the quotations are from. I NEVER write as though they were my own contributions. When they are mine I so indicate. My “research” has unearthed a lot more. I’ll keep those close to my chest until the appropriate time

    As I said, I don’t know who you are, neither do I want to know, but I suspect you are closer to the whole debacle than you would like people to know.

    By the way, are we in a court of Law, or just a court of public opinion? L believe it is a court of public opinion, so “Hearsay” or ‘seeblog’ is perfectly acceptable as contributions to the discussion.

    Like

  62. Bush Tea September 12, 2015 at 2:04 PM #

    Alvin
    Every time Bushie figures that you have reached the nadir of idiocy, you manage to find a new hoe….

    Like

  63. Alvin Cummins September 12, 2015 at 6:59 PM #

    But Bushie, you ent saying nutting!!Not a ping nor a pang!!!

    Ef yuh ent got nutting sensible to say, don’t say nutting.You already point out dat I is a nut, an a idiot. Big deal.

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  64. David September 13, 2015 at 5:07 AM #

    @Walter

    Do you want to comment on minister Denis Kellmam’s Facebook status?

    Where ever you go, in Barbados you will hear the bright classroom students saying “do not mind the MP for St Lucy, he is also talking foolishness.” When the BLP decided to increase the pensionable age and the rates i spoke out against them, explaining what would have happened. I warned them that it would have caused the young people not to receive work at their most productive age and also it would increase the cost to employers decreasing employment. Also what occurred is that while the NIS was building reserves the country and the businesses were recording losses and down grades. it occurred because of bad advice from the actuary, causing the NIS Boards to rape the economy using a policy of their own Government. NIS then turned around and told the Government , we did not beg you to give us the reserves and if you want to borrow you have to pay us higher ,than what we can receive on open market., depriving Government of its credit rating, and having cash. They had no better opportunity to invest, but they bled the Government without caring that they are all part of the Government.

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  1. Understanding the National Insurance Scheme of Barbados (2) – Risks and issues | Barbados Underground - September 17, 2015

    […] David September 13, 2015 at 5:07 AM # […]

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