CLICO ‘victims’

PARRIS, STUART AND SINCKLER AMONG 20,000 TO RECEIVE PAYMENT

Prime Minister Freundel Stuart and his close friend, former CLICO boss Leroy Parris, are among a list of 20,000 policyholders set to partake in the millions to be transferred to the two new companies which are to take over the CLICO business – New Life Investment Company Inc (NLICO) and Resolution Life Insurance Limited (ResLife) – as the process begins towards a long-awaited settlement.

The massive list also shows a number of other prominent Barbadians, ranging from politicians, to lawyers, and present and past police officers.

Today’s publication was an update from the judicial manager of CLICO International Life (CIL) Deloitte Consulting Limited confirming active policies and outstanding claims as at June 30, 2017.

In a 120-page advertisement, the judicial manager informed policyholders and claimants to verify their information.

“If you see your name on the respective listings do not contact or attend at CIL as no further action is required at this stage,” the notice read. All policyholders with active policies and or outstanding claims as of June 30, 2017 will be sent individualized correspondence from CIL to their last known address on file confirming their policy information and providing an update on the phase one process,” the notice read.

The judicial manager also asked active policyholders and claimants as at June 30, 2017 who did not see their names on the list, to contact CIL to make an appointment. They are asked to bring their original policy and or claim information to the head office on Walrond Street in Bridgetown.

On the list are also close to 400 names for death claims.

Of significant note is a policy in the name of Leroy Parris listed under the category ‘Surrenders’ but in care of his wife Faye Wharton-Parris among the 200-plus names under that category.

Following the transfer, those who opted for the surrender option, as well as pensioners and matured policies are expected to receive payments.

Chairperson of the Barbados Investor and Policyholders Alliance (BIPA) June Fowler had told Barbados TODAY there has to be a 90-day period for the publication and verification of policyholder information, following the High Court’s approval, which took place last week.

After that, she said, there would be a waiting period  of up to four weeks – the transfer should take place after the second week if there are no issues, after which payment should begin for the death claims, maturity and pensioners. Policies that are still active would then require people to start paying their premiums.

Some of the prominent figures listed for matured policies include Assistant Commissioner in charge of crime Lybron Sobers, as well as the Prime Minister. He also has an Ordinary Life policy under the Active Policy listing.

Retired Assistant Superintendent of Police Vernella Wiltshire was also listed under the Active Policies Ordinary Life category.

The Term Life policies listing included Director of Security at the University of the West Indies Oral Reid, Minister of Labour Dr Esther Byer-Suckoo, Auditor General Leigh Trotman, political scientist and pollster Peter Wickham and former police officer Glen Hinkson, who now resides in Canada.

The majority of the prominent figures in Barbados however, had Executive Flexible Premium Annuity policies. They include head of the HIV/AIDS Commission Jacqueline Wiltshire-Forde; Barbados Labour Party candidate for Christ Church West Dr William Duguid; Pic-O-De-Crop judge Woodbine Davis; owner of Popular Discounts supermarket Bertram Hall; cricketer David Holford;
former tourism minister and current CEO of the Barbados Cricket Association Noel Lynch; former Anglican priest Edward Gatherer; lawyer Leroy Inniss and parts dealer Percy King.

On that list are also former CLICO boss Leroy Parris; former Senator professor Velma Newton; former president of CLICO Holdings Barbados Ltd Terrence Thornhill; former BLP Member of Parliament Sir Louis Tull; former police chief Grantley Watson; Parris’ wife, Faye Wharton-Parris, and her current business partner Jerome Ishmael.

Independent Member of Parliament for Christ Church West Dr Maria Agard and Government Senator Jepter Ince are listed under the Flexible Premium Annuity Policy category, while the Lifetime Advantage Policy listing included General Manager of the National Housing Corporation Lanette Napoleon-Young and Minister of Finance Chris Sinckler.

One Annuity policyholder who did not want to be identified told Barbados TODAY whatever he received from the company would be “a welcomed bonus.

“I am happy for myself and the others who have been waiting a long time,” he said.

A number of prominent businesses were also affected by the CLICO collapse. Listed under the Executive Flexible Premium Annuity Policy, Corporate were companies such as the Nation Publishing Company, Starcom Network Inc, First Citizens investment services (Formerly CMMB Barbados Ltd), Harmony General Insurance Ltd, the Barbados Association of Retired Persons and the Branlee Consulting Services Inc, a company founded by Paris.

Parris, the former CLICO executive chairman, is currently involved in a legal battle to release over $3million in assets which have been frozen by the court.

marlonmadden@barbadostoday.bb

14 Responses to CLICO ‘victims’

  1. Sue Donym August 11, 2017 at 8:17 am

    Two little pieces of information, please BT.
    1. Where are the “millions to be transferred” FROM?
    2. If those mentioned are “victims” who are the perpetrators and is there any word on when they will be subject to judicial process?

    I daresay that this is a no longer a private matter and a friend wants to know if there is a particular order in which the payments are prioritised; are payees expected to receive the full amounts claimed; and is there any chance that “the millions” won’t satisfy all claims?

    Reply
  2. gsmiley August 11, 2017 at 9:07 am

    Those are very good questions Sue.

    Let us assume that the money is transferred the two companies set up and death claims and matured policies settled.

    What happens if the other policy holders don’t want to continue with these companies out of fear and opt then to surrender their policies?

    Will there be enough money to satisfy these demands?

    Will the companies finish before they have even started?

    Reply
    • Sue Donym August 11, 2017 at 11:50 am

      Thank you @gsmiley. I’m still stunned when journalists don’t ask what strikes us as obvious.

      Reply
  3. Milli Watt August 11, 2017 at 9:31 am

    aawwwwwwwwwwww poor souls CUD DEAR!!! these POOR men need help to get justice for the injustice done to them. It is absolutely shameful that they be treated this way for so long.

    Reply
  4. Leroy August 11, 2017 at 10:00 am

    how much $ did the accounting firm get?
    How about judicial manager?

    Can we see the breakdown?

    Reply
    • ks August 11, 2017 at 4:16 pm

      Spot on, Leroy!!! Let’s see the breakdown for these entities!

      Reply
  5. Alex Alleyne August 11, 2017 at 12:35 pm

    First 3 cheques cut will be for those 3 faces you see, then “any number can play”.

    Reply
  6. Donild Trimp August 11, 2017 at 5:39 pm

    “If you see your name on the respective listings do not contact or attend at CIL as no further action is required at this stage,” ——

    so far so good ———

    “All policyholders with active policies and or outstanding claims as of June 30, 2017 will be sent individualized correspondence from CIL to their last known address on file”

    but suppose I am now residing at a new address?

    I know Barbadians are smart people but I also know that you need to issue a follow up statement for people who moved to a new address.

    For all you people who moved to a new address please contact us with your new address so that we can update our data base and send the individualized correspondence to you at your new address.

    There!!!!!!!!!!!!!!!!!

    The judicial man

    Reply
  7. Alex Alleyne August 11, 2017 at 7:47 pm

    “ALL POLICYHOLDERS WITH ACTIVE POLICIES”, what if your’s not active but you still out $20.000.00

    Reply
  8. Patrick August 11, 2017 at 10:09 pm

    Where is June Fowler’s policy? I smell a rat!

    Reply
  9. hcalndre August 12, 2017 at 12:12 am

    What about that $10m that the ex gov of the CB told Parris to let him hold it at the CB for him.

    Reply
  10. gsmiley August 12, 2017 at 9:54 am

    Then that’s your fault Alex.

    Reply
  11. gsmiley August 12, 2017 at 10:04 am

    hcaindre cuddear man it was only $5m to the CB.

    Reply
  12. gsmiley August 12, 2017 at 10:50 am

    Patrick her name is there. Don’t be a propagandist.

    Reply

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