Report raises question of oversight
A question mark now surrounds the work of the William Layne-led oversight committee, set up by former Prime Minister David Thompson in 2009 to oversee the troubled financial operations of CLICO International Life (CIL) and its parent company CLICO Holdings Barbados Limited (CHBL).
Judicial managers, in their June 2013 forensic report, which was unsealed in the High Court on Tuesday, raised concern about the payment of a cheque to Branlee Consulting, a company owned by Leroy Parris, in the amount of $876,683 for override commissions.
According to the judicial managers, the cheque was dated May 8, 2009, which is four days before the formal appointment of the oversight committee.
Ms Cheryl Haynes and Ms Jillian Wason, Parris’ executive assistant, signed the cheque. However, under the Memorandum of Understanding between the Government and CHBL governing the appointment of the oversight committee, CHBL committed “to ensure that the regulated subsidiaries will not make payments to Directors, management or other senior officials in the form of bonus payments and ex-gratia payments during the period of this MOU.”
“We note that the cheque to Branlee was deposited on May 18, 2009 after the oversight committee was appointed, the report said, adding that Layne had explained that the payment was made at a time when the MOU was under negotiation.
Efforts to reach Layne today for further clarification were unsuccessful.