CL Financial Bailout – The Tangled Web

Former Executive Chairman of CL Financial, parent company of CLICO

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’ protestors I saw at Zuccotti Park in 2012 – […]

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13 Comments on “CL Financial Bailout – The Tangled Web”

  1. Well Well & Consequences Observing Blogger July 26, 2017 at 7:48 PM #

    “The lead attorney for Lawrence Duprey and his cohort is former AG, Ramesh Lawrence Maharaj SC, who was to my memory the first public official to sound the alarm as to the insolvency at CLICO in 2001. Maharaj was referring to the 1997 Report of the Supervisor of Insurance which stated that CLICO was ‘technically insolvent’. His alarming disclosure was taken up by Trevor Sudama (who was also a UNC MP at that time) and Camille Robinson-Regis (who was a PNM MP, then in Opposition). That warning and his unforgettable quip, when asked who he was speaking about – ‘I do-pray, I do-pray‘ – led to his dismissal as AG. History is truly rich in irony.”

    Truly troubling.

    Justice Jackass deduces that an intent to repay…IS REPAYMENT.

    The government cannot let that go, they are trying to thief back the company in a daylight robbery.

    People would sharpen their machetes.

    Like

  2. Bernard Codrington. July 26, 2017 at 8:36 PM #

    Very interesting. Very educative. Professional competence and integrity are the hallmarks of good governance.

    Like

  3. Gabriel July 26, 2017 at 9:20 PM #

    The Govt of TT has been given the green light to appoint liquidators to safeguard the CLF/Clico assets from the clutches of the Duprey clique.

    http://www.trinidadexpress.com/20170725/news/freeze-on-cl-assets

    Like

  4. David July 26, 2017 at 9:23 PM #

    @Gabriel

    What is the latest in Barbados?

    Like

  5. Well Well & Consequences Observing Blogger July 26, 2017 at 9:29 PM #

    Good…that first justice was crazy…erred was putting it mildly.

    Like

  6. Gabriel July 27, 2017 at 9:02 AM #

    Barbados seem to be at a standstill.I believe events in Trinidad will affect decisions in Barbados and the EC States.None of these countries has the financial space to manouevre out of this quagmire.Its interesting to note that Lawrence Ramesh Maharaj was fired as AG by Panday in 2001 for revealing the mess CLF was in,that it was insolvent all that time.One wonders what OSA was doing all that time as that was a huge red flag raised by the AG of TnT.Barbados could have been saved from a heap of trouble but that is hind sight.The citizens were never made aware and so blindly bought into Clico’s 800 new policies even when the company was clinically dead.

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  7. Gabriel July 27, 2017 at 10:39 AM #

    The GOTT’s Minister of Finance weighs in on the CLF/Clico debate to dismiss rumours of a fire sale of the Companies’ assets.I think Barbados is in a similar situation.

    http://www.trinidadexpress.com/20170726/news/8216clf-fire-sale-impossible8217

    There was a period in our relations with Trinidad that the Trinidad Express and the Trinidad Guardian were on sale daily in Barbados.There is now so much ownership of our resources by Trinidad based entities that the average man in the street need to be kept abreast with the business,economic,political and social scenery of the twin island republic.The interest must be rekindled.Our future is tied up with that country.

    Like

  8. David July 27, 2017 at 10:57 AM #

    It is interesting the noise being generated by ordinary citizens with support from the media. Barbados should take notes although the TNT scenario is more complex.

    Like

  9. David July 31, 2017 at 5:51 PM #

    Dear Colleagues

    Please see attached a Joint Media statement from Mr Afra Raymond (http://www.afraraymond.net), Mr David Walker and myself Rishi Maharaj (CEO Disclosure Today).

    “The more you know, the more you know you don’t know.” This quote seems to epitomize the current scenario the country is facing regarding the CL Financial fiasco. Over the past eight and a half years each of us in our own capacity have made several requests for financial information regarding the bailout.

    Additionally The Prime Minister’s recent statement on the CLF legal actions also raises some interesting questions. There now seem to be more questions than answers after the Prime Minister’s statement but at least we have made a start.

    It is therefore our view that in the best interests of protecting taxpayers, it is clear that the government should immediately lift the veil that they erected and be open with the public.

    Regards

    Rishi Maharaj
    Chief Executive Officer

    Like

  10. David July 31, 2017 at 11:11 PM #

    ***** FINAL CLICO COURT HEARING *****

    The BIPA Leadership team and its attorneys today attended what they hope will be the last of countless hearings at the Supreme Court over the last six and a half years, not to mention as many meetings between the many parties involved, in which they played their part in the long and often frustrating process leading to the recovery of the savings and investments of individual CLICO policyholders.

    Justice William Chandler was finally satisfied with the mountain of submissions, affidavits and associated documents filed by the various parties, and approved all aspects of the transfer of assets and insurance policies from CLICO to New Life Investment Company and Resolution Life Insurance Limited, and shortly before midday today, signed all the relevant orders.

    The final part of the process will now commence within the next two weeks with an advertisement in the press and letters going out to all policyholders giving further information.

    There will follow a period of 90 days during which policyholders will be able to confirm with the Judicial Manager’s office that all details regarding their policies are correct. At the end of this 90 day period, the actual transfer of assets and policies will take place and shortly thereafter, payments to policyholders with pensions, matured policies and other valid claims will commence in accordance with the terms of the Transfer Agreement.

    BIPA is hopeful, as are all concerned, that policyholders will start to receive payments this side of Christmas. In any event, the matter has now been cleared by the Court and we are finally in the implementation stage of the Transfer Agreement.

    BIPA will shortly convene a meeting to update its members on the details of the Agreement.

    Like

  11. Hal Austin August 1, 2017 at 2:46 AM #

    “The lead attorney for Lawrence Duprey and his cohort is former AG, Ramesh Lawrence Maharaj SC, who was to my memory the first public official to sound the alarm as to the insolvency at CLICO in 2001. Maharaj was referring to the 1997 Report of the Supervisor of Insurance which stated that CLICO was ‘technically insolvent’. His alarming disclosure was taken up by Trevor Sudama (who was also a UNC MP at that time) and Camille Robinson-Regis (who was a PNM MP, then in Opposition). That warning and his unforgettable quip, when asked who he was speaking about – ‘I do-pray, I do-pray‘ – led to his dismissal as AG. History is truly rich in irony.”

    This event should have raised alarm bells in Barbados. Don’t the various insurance supervisors have a memorandum of understanding? The Clico problem in Barbados is a supervision and regulation problem. We must admit that, compounded by nonsense about a judicial management review.
    Further, any allegations of criminality by Mr Parris is the responsibility of the DPP’s office; even the minor charge of ignoring a legal order by the regulator has failed to come to court through the incompetence of the Registrar’s office. The case has simply not been listed.

    Like

  12. David August 3, 2017 at 1:25 AM #

    CL Financial bailout – hide and seek

    by AfraRaymond

    This title denotes the search for truth and the meaning of that truth. The main issue to be confronted this week is the attempt to once again create an alternative narrative, this time in relation to interest charged on the Public Money spent in this bailout. Every year, I observe The Season of Reflection, between […]

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  13. Gabriel August 4, 2017 at 9:05 AM #

    When will the intrigue end in this Clico/CLF matter?

    http://www.trinidadexpress.com/20170803/news/two-new-probes-into-clf

    Like

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