Opposition spokesman wants CLICO offenders jailed

Someone should be behind bars at Dodds Prison for what happened in the CLICO International Life Insurance which collapsed in 2009, one Opposition senator is contending.

Speaking today on the CLICO International Life Insurance Guarantee Amendment Bill 2017 Wilfred Abrahams was adamant that there was wrongdoing in the once thriving insurance company and that people on the inside had to know that it was on the verge of folding but still encouraged unsuspecting Barbadians to put money in the company.

While the Barbados Labour Party senator gave his full support to the measure, Abrahams asked Government to go a step further than rescuing policyholders and bring offenders to justice.

The attorney-at-law said some people were able to pull their money out of CLICO on the eve of its closure, while representatives of the company sold innocent Barbadians insurance policies and other investment instruments even after the supervisor of insurance instructed the company to stop writing new business.

He praised Government efforts to help policyholders and investors but lamented the length of time it was taking to complete the process.

“Had we been anywhere else but Barbados, there is no doubt that people would have been charged for what happened. The negligence that resulted in this financial disaster that affected almost all of us is nothing short of criminal and were we anywhere else, but Barbados, people would be in jail.

“People would have been slapped with some very heavy charges and would have been tried. A lot of the issues and bad feelings that people have in relation to this, is not simply that it happened but that it happened, and no one appears to have been held accountable for it,” he said.

Abrahams related to his Senate colleagues an incident involving one of his clients who had invested a substantial amount of money in CLICO’s high-interest paying Executive Flexible Premium Annuities (EFPAs) despite the attorney’s advice to the contrary.

The Senator said the client invested in the EFPAs just days before CLICO collapsed, and ended up losing all his money.

“I got a visit from one of the CLICO wealth managers who was trying to get me to deposit my client’s account funds with CLICO on the promise of seven per cent return. At that time, the maximum return you were getting from anybody was three per cent.

“I had to ask him what does CLICO know and what does he know that nobody else in Barbados seems to know,” he recounted.

“It was on the backs of  . . . [unsuspecting] Barbadians and we should not sweep that one under the carpet. Do whatever you need to do to minimize the hurt . . . let us go through this as quickly as possible so people can put a full stop on it,” he urged Government.

In the meantime, the Opposition Senator called for fairness and transparency in any payments to be made to CLICO policyholders, stressing that there should not be a situation where “big-ups” get their money first.

Moreover, he said the people of Barbados should not rest until the country discovers what went wrong at CLICO.

6 Responses to Opposition spokesman wants CLICO offenders jailed

  1. hcalndre December 7, 2017 at 5:28 am

    Senator Abrahams; Bernie Madoff, his wife and sons were all included in the Ponzi scheme charges where Bernie at age 71 is in prison doing 150 years in the US and if I`m not mistaken the Clico issue has being going on before Madoff`s. Froon said to the policy holders and investors that they were greedy when they took the bait of 7% that`s why they got trapped. Barbados is a great place for criminal activities where only the poor and hungry goes to jail for steeling a pack of biscuits or asking a PO if he/she is an idiot.

    Reply
  2. RG December 7, 2017 at 8:40 am

    I maintain that if a US citizen had wired any funds from the USA to CLICO for the EFPA plan, and a subsequent report was made to the FBI, several arrests would have been made long time ago or visas would have been revoked….

    Reply
  3. John Everatt December 7, 2017 at 10:12 am

    I recall seeing Leroy Parris and David Thompson together assuring the nation that CLICO Barbados was just fine and a safe investment just weeks before the total collapse of that company. But i guess they were bigups and beyond the law. So now the entire country has to pay for their dishonesty.

    Reply
  4. Tony Webster December 7, 2017 at 12:28 pm

    Boids of a feather…

    Reply
  5. milli watt December 7, 2017 at 1:12 pm

    FSC will never lock up you lot and your type Mr. Lawyer keep yuh electionaring for de rum shops……..

    Reply
  6. Carson C Cadogan December 8, 2017 at 7:38 am

    How many people were jailed for the $30million fiasco which was the GREENLAND DUMP Wilfred Abrahams??

    Reply

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