The vultures are circling, warns Senator McClean

There are some corporate “vultures” waiting patiently to get their hands on CLICO’s real estate, including vast tracts of agricultural lands and they want it cheaply.

But Senator Maxine McClean, Leader of Government Business in the Senate, warned today there will be no fire sale of CLICO International Life Insurance Company’s properties, which are estimated to be worth hundreds of millions of dollars.

Speaking on the CLICO International Life Insurance Guarantee Amendment Bill 2017 in the Senate, McClean conceded that it had taken many years to try to resolve the CLICO debacle. However, she argued that when it was removed from the hands of a Government-appointed Oversight Committee and placed in judicial management, the state had no control over the pace or expenses associated with bringing a resolution to the matter.

“I believe there are a lot of vultures out there looking to capitalize on some of the assets of this company and I want to speak to one set of assets and that is the agricultural lands.

“It is my hope that . . . this Government or any Government will find it possible . . . [to] ensure that there are opportunities for the average taxpayer, who desires, to be able to benefit from some kind of investment in the use of those assets in a way that will benefit Barbadians, because I know that people are sitting down waiting for fire sales and being able to buy off some of these assets for nothing,” she told the Upper House.

In her contribution, McClean, who is Minister of Foreign Affairs and Foreign Trade, also sought to explain that following the collapse of the company in 2009, Government had to step into the CLICO affair because the fallen insurance company posed a systemic risk to Barbados’ financial services sector.

She also drew attention to the fact that CLICO’s controversial Executive Flexible Premium Annuities (EFPA’s) were investment instruments intended for individuals and not corporate entities.

She revealed that City of Bridgetown Co-operative Credit Union, where she once sat as a director, had refused the offer from CLICO to invest in the EFPAs, noting that the regulators had also warned credit unions against buying into them.

8 Responses to The vultures are circling, warns Senator McClean

  1. Arthur Collymore
    Arthur Collymore December 6, 2017 at 9:21 pm

    The friend Parris of a friend (David) of a friend (Stuart) should all 3 be here.

  2. Veroniva Boyce
    Veroniva Boyce December 6, 2017 at 9:22 pm

    With all the sewage floating bout the place what wunna expect?

  3. Ricardo Worrell
    Ricardo Worrell December 6, 2017 at 9:23 pm

    Ah I see ms frequent flier has graced Parliament with her presence and talking gibberish as usual

  4. Everick Holder
    Everick Holder December 6, 2017 at 9:36 pm

    Nah Senator, the vultures already landed and had their guts filled. One dead and gone, nuff still living and trying for more.

  5. Shari A Lobo
    Shari A Lobo December 6, 2017 at 9:39 pm

    Wasn’t Sam Lords Castle CLICO owned? So which vulture got them belly fully on that??

  6. Sean King
    Sean King December 6, 2017 at 9:45 pm

    The only vultures is the ones that get millions out of clico and the ordinary person can’t get back their money.Added to that the line up of dlp politicians that on their way out of office trying to get their hands on every cent.

  7. Lilian Lloyd
    Lilian Lloyd December 6, 2017 at 9:48 pm


  8. Neval Greenidge December 7, 2017 at 1:57 am

    MS. Mc. Clean YOU ARE SMARTER AND CLASSIER THAN THIS. You are part of a cabinet where people receved millions without invoicing. You also have members who received legal work and were paid in excess of the legal fees. You had people who receved cars including a Jaguar from CLICO. You have people who used the EFPA to avoid taxes and this is known by persons in authority. You have over 400 million dollars missing and no one gets charged. You have situations where all of the top CLICO people built cash million dollar houses and still had mortgages to build the same houses and took it lump sum. You had members of your cabinet who had houses built out of CLICO no funds passed. You had people getting buildings for 1/4 the value near Brown sugar restaurant and then interest free loans to refurbish it. You had people living in their own homes and charging CLICO 15 and
    20.000 monthly in rent as a housing allowance.
    CLICO heads knew from inception that the EFPA would have caused a collapse they just wanted the big cash deposit to fill deep pockets. They were warned that the expenses on the policy was too significant and returns too sma to benefit the policy holders but people were pocketing 20 and 30 000 in somes instances even more depending on the value of the deposit and calling it management fees. When we spoke out we were fired Michael St.Clair and myself and the same Ian Garcia who was just paid millions was sent back to Trinidad along with Andre Renie. Karen Gardier and Claudius were sent to the Bahamas check and see what happened there after they went. The other names of executives who grasp the opportunities to steal millions are being with held and continues to protect the guilty..When they realized the men at the top were fleecing the company the opportunity was grabbed with both hands.
    The vultures have been in the wild and on the loose for a long time and you didn’t take the time to look down from your lofty towers. Almost everyone around you got some of the millions in 2008 and again in 2013 to keep persons free from prosecution and have cases adjourned sine die. There are innocent policy holders whose children had to drop out of University,pensioners who can’t eat a decent meal,sick people who cannot pay a doctor or buy medication and these guys seem to have no recourse while these CLICO people are all now studying law changing Mecedes Benz and Range Rivers every year and you talk about vultures. It truly painful and sad that this where innocent policy holders who took us into their trust and the company into their confidence could so unfairly treated and we continue to play politics with no regard for their future.


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