CLICO Was a Den of Thieves

Wednesday 15th, December 2010 / 08:14 Published by

Former CL Financial chairman, Lawrence Duprey is fighting to keep incriminating documents from being made public as a Bahamian liquidator pries into the corruption that was CLICO.

Duprey, who has been called the Bernie Madoff of the Caribbean, filed a motion to block the surrender of documents arguing that this would violate his personal privacy.

The court action was disclosed in two reports filed in the Supreme Court of the Bahamas last month by the official liquidator of Clico (Bahamas) Limited, Craig Gomez.

The reports paint a picture of a web of companies, pending debts and guarantees from CL Financial here to Bahamian Clico companies and questionable insurance policies for which secret bank accounts were opened to deposit “purported premiums” from Guyana and Suriname Clico operations.

The notorious Duprey family have advised Bahamian authorities to seek other methods to get to the bottom of the tangled web left behind in the wake of years of management under Duprey’s corrupt helm.

“They further went on to say that we should look for alternative means to track the trail of monies being passed out of Clico (Bahamas),” Gomez noted wryly.

In the end, the protective order was granted, but only in part. The US court, Gomez said, ruled that it would not restrict Clico (Bahamas) in the scope of the discovery.

It is suspected that certain judges and senior politicians from several countries who are involved in the case are as corrupt as the Duprey family.

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1 Comments on “CLICO Was a Den of Thieves

  • When in Dec 31st 1994, “OLD BWIA” ended and the new airline “NEW BWIA” began, the CLICO – OLD BWIA 1971 Staff Pension Plan also ended. This 1971 Staff Pension Plan had generated approximately $376 millions (of profit) surplus. Under the Valley Agreement, OLD BWIA workers were to get a third of that surplus in 1995.

    Up to today, it seems that efforts are still being made to deprive OLD BWIA workers of monies from that one third portion of the surplus, namely those monies which were meant to buy (for the OLD BWIA workers) shares amounting to 15.5% of NEW BWIA, with an option to buy a further 10% of NEW BWIA, and to thus become BWIA majority shareholders.

    There are concerns about why CLICO, NEW BWIA, the plan actuary Buck Consultants and WISE (West Indies Stockbrokers Limited), and others … are keeping NEW BWIA Valley Agreement “Shares” information secret from the OLD BWIA workers who have a right to know where their monies (tens of millions of dollars) went more than 15 years ago. The Unions have asked by writing and not received a reply. A veil of secrecy gives the impression that there is something to hide.

    Last year, in the newspapers there was an offer of an ex-gratia payment 20 cents per share to all BWIA minority shareholders and former employees. Many names were included of persons who never bought BWIA shares. It appears that there is a deliberate to confuse {A} {BWIA shareholders and former employees who bought out of their own pocket “BWIA shares” sold on the local stock exchange, (April, 1999)}, with (B) [CLICO – OLD BWIA 1971 Staff Pension Plan Surplus members who were entitled to the March 29th 1995, “Valley Agreement NEW BWIA Shares” which never came to pass].

    Members of the 1971 Staff Pension Plan could not have bought “March 29th 1995, Valley Agreement NEW BWIA Shares” because the Shares part of the “March 29th 1995, Valley Agreement” was never honoured. For the entire time since March 29th 1995, OLD BWIA workers never received NEW BWIA shareholder benefits. “Valley Agreement NEW BWIA Shares” certificates were never issued to those OLD BWIA workers. OLD BWIA workers were never invited to a NEW BWIA shareholders meeting.

    Mr. Jerry Hospedales, Chairman, BWIA West Indies Airways Limited, C/o The Divestment Secretariat Ministry of Finance, Eric Williams Financial Complex, Independence Square might shed light on this.

    It is my feeling that OLD BWIA workers should therefore not be made to pay for shares that they never received.

    Based on the above, the monies of the OLD BWIA 1971 Staff Pension Plan members (valued at $1USD for each Valley Agreement NEW BWIA Share), which were withheld from those same members for the purpose of buying NEW BWIA shares, should be returned to those same members.

    IT IS TIME TO END THE MOCKERY OF JUSTICE THAT HAS EXISTED FOR TOO LONG.

    Reply

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