THE NAME of Therold Oneal Fields has been struck from the roll of attorneys in Barbados. This decision was made by the Court of Appeal today, as the court also ordered him to pay $601 000 with interest of eight per cent to his former client, Patricia Simpson, who had hired him in 2008 in […]
The Governor of the Central Bank Delisle Worrell delivered his review of the performance of the Barbados economy for first quarter, 2015. Governor has hitched his hope to the tourism wagon, so far it has worked for quarter one. However BU’s interest remains fixed on a decline in exports, increase in public sector debt as a % of GDP and employment indicators and international reserves are at 2013 level.
Minister of Finance Chris Sinckler advised Barbadians one of the reasons government introduced the controversial solid waste tax was to repay several millions owed to Sustainable Barbados Recycling Centre (SBRC). The man behind SBRC is Bizzy Williams recently confirmed on national radio government still owes about 30 million dollars. BU is forced to ask government […]
The Deloitte CLICO Forensic Report exposed to the world that a cheque for 3.333 million dollars was paid to Thompson & Associates by CLICO for legal services rendered. The invoice to support the payment was found to be a ‘false invoice’. Maurice King (lawyer) is listed on the fake invoice as providing a watching brief […]
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 […]
Barbadians continue to wait for 2013 Tax Refunds deep well into 2015 because government is cash strapped. A big problem for government is revenue leakage; many individuals who owe government are delinquent. Surprisingly, among the list of defaulters are prominent names who continue to be handed government contracts. What ever happened to the debts owed […]
Submitted by the Mahogany Coconut Think Tank and Watchdog Group It would be an act of gross hypocrisy for the Mahogany Coconut Group, to oppose the recent statements of the Prime Minister of Barbados, Mr. Freundel Stuart, regarding his intentions to move the country to Republic status. The MCG from its inception has canvassed for […]
The latest Auditor General report repeats findings by that office contained in earlier reports. Is is apparent the important office of the Auditor General’s office is being deliberately sabotaged by government. How else can we explain justification for the largest Cabinet in post-Independence history presiding over a shrinking eco0nomy yet the office of the government auditor continues to be hampered performing its role. Bear in mind while the government ignores this important office the private sector has beefed up its compliance procedures in a world where there is now heavy focus on corporate governance.
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.
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…
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, […]
Barbados Underground Calls for the Immediate Resignation of Speaker of the House Michael Carrington and Deputy Speaker Mara Thompson
The Barbados Underground household listened today with deep sadness to the news Deputy Speaker Mara Thompson denied the request from the Opposition to debate a No Confidence Motion against Speaker Michael Carrington. Barbados finds itself in a position where the Speaker of the House was recently directed by by a Barbados Court to pay a […]
Here is the CLICO Final Forensic Report unsealed by Justice William Chandler on 10 March 2015.
Without knowing the intimate details of the NIS’s problem, I will speak from a position of authority from my involvement in ICT strategy and implementation and from at least 25 years of experience. Barbados is woefully lacking in the ICT arena. This position of inefficiency comes from a lack of vision on the part of ICT decision makers of which they are really none within the government. Let’s look at the supposed CIO of government, although that is not his official title. This person, who has been named Chief E-Government Officer can move about from ministry to ministry touting glorious projects which he proposes to perform but has yet to show one iota of value.
Sir David Seale recently accused Sandals Barbados of preferring Jamaican Appleton Rum at the expense of the local product. The hotel management responded by labelling Sir David’s accusation ridiculous and mischievous. BU understands Sandals Barbados stocks a Mount Gay product for display purposes and that ALL rum used for mixing is Appelton rum.
See a copy of a letter Sir David has addressed to the Nation newspaper to defend his good name.
One of Canada’s largest newspapers The Globe and Mail published an unflattering story last week titled Trouble in Paradise: Inside Canadian banks’ billion-dollar Caribbean struggle. It comes at a time the government of Barbados has been telling Barbadians the economy is on the bounce. It is no secret the three sectors which drive the economy […]
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.