Dig deeper!

Abrahams calls for further audit of CLICO'S books

Opposition Senator Wilfred Abrahams today called for a deeper investigation into CLICO International Life and its sister insurance company British American Insurance (Barbados) Limited, with a view to tracking down any missing funds.

Following a 2011 a forensic audit by Deloitte Consulting into CLICO’s operations, Abrahams suggested that a further audit be done of the company’s books and anyone found guilty any malpractices should be brought before the law courts.

However, he welcomed two recent bail out packages announced by the Freundel Stuart administration for the two insurance companies saying the national debate had long moved past the point of whether Government should have bailed out the two companies or not.

“It has moved past that, it is now when and how much,” the Opposition legislator told the Upper House, pointing out that “each one of us in this Chamber knows someone who has been affected by the collapse of BIACO and CLICO [and] you cannot but feel for them”.

However, he maintained that if one takes a step back and looks at the companies, one would see an environment of very lax regulatory control on insurance companies and companies in general in Barbados.

Abrahams, who is the caretaker BLP candidate for Christ Church East, noted that Government has undertaken a debt of $400 million in relief for the BAICO and CLICO policyholders, while stressing that it could not afford to bail out companies and not “close the door where the horse came from”.

Abrahams, who is an attorney-at-law, questioned what regulatory oversight had been put in place following collapse of the two companies.

“To my knowledge, there has been no serious amendment or revision in the policies or the practices that existed at the time to allow the collapse to happen. The question is, now that we have undertaken to inject $400 million what is the Government doing to ensure that it does not happen again. It is a lot of money. Money does not drop like manna from the sky, that money is provided by the taxpayers of Barbados,” he argued, while emphasizing the need for a new forensic investigation.

6 Responses to Dig deeper!

  1. Mark Cambridge
    Mark Cambridge March 10, 2016 at 5:30 am

    Mr Abrahams what about the 100 million US dollars that was borrowed for a rainny day it is on public record both on political flatforms and de floor of de house of our parliament over 1.5 billion was cremated and de ashes scattered over the caribbean sea that somebody should have been lock up for stop pelting rock stones at people glass window you and others ain’t no more holy, mek me laugh.

  2. jrsmith March 10, 2016 at 6:26 am

    Corporate Corruption, was knocking at the door of Barbados for some time now, so don’t ever think bajans would get any answers, because issues have made a giant leap forward , with one question , why the Trinidadians Clico was treated totally different to bajans , my take add to this ,the Political Corporate Corruption which has taken hold in Barbados..

    This matter would drag on and on and on, until everything turns to dust and would only come to a head when certain people think, bajans has forgotten. this is how bajans are treated in Barbados.. To me Clico bajans should find couple honest Attorneys , if they can and take the Barbados government to Court.. this is a matter bajans should shout to the world…

  3. Sunshine Sunny Shine March 10, 2016 at 7:50 am

    You really believe that after the forensic report findings revealed two of Barbados’ so-called prominences were implicated in wrongdoing did little to bring them or what they did to justice, you really believe that any further digging will have an impact that could see someone being incarcerated for wrongdoing. If no action was taken with respect to the findings of the forensic report, besides seizing Parris assets, which that act alone should have prompted a deeper investigation to determine any other financial misconduct by these two, you really feel that under Barbados’ Protection of Prominent Citizens Agreement, anyone will be locked up at this stage?

  4. Gladiator March 10, 2016 at 8:23 am

    All my brother is saying is to flip a three sided coin; sounds good but will never happen.

  5. Sue Donym March 10, 2016 at 8:31 am

    Ahhhm… to put it politely, we passed the part of knowing what should be done.

    There was digging. What you see now is the part that occurs when they are no charges being laid, no forensic pathology, just a heaping mound of very visible dirt. We loved and respected the unfortunates but we just don’t jail friends.

  6. Raymond Reddington March 10, 2016 at 10:37 am

    Remember those infamous words ” Mr. Parris is my friend….” Read between the lines people…lets open our eyes and see “these politicians mekking mock sport at we”. Behind closed doors deals are made ….then the politicians come on their soap boxes and talk their smooth talk.


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