Home » Archives by category » Local News » CLICO (Page 3)

CJ reserves judgement on Parris’ assets

CJ reserves judgement on Parris’ assets

Chief Justice Sir Marston Gibson has reserved his decision in the case where former CLICO chairman Leroy Parris and his company Branlee Consulting Inc want the High Court to unfreeze his assets. The matter came up for hearing in chambers yesterday. On January 27, Justice William Chandler made an order to freeze the assets amounting […]

Settle CLICO matter to restore confidence, says expert

Settle CLICO matter to restore confidence, says expert

Only a resolution of the CLICO fiasco in Barbados can restore Barbadians’ confidence in the insurance industry. That is the view of financial management consultant Osborne Nurse who helped the Trinidad and Tobago Government sort out the CLICO mess in that country and steered Barbados to designing a deposit insurance scheme. He suggested the Financial […]

Waiting game

Waiting game

The Royal Barbados Police Force has put former CLICO chairman Leroy Parris and president Terrence Thornhill on notice that it intends to pursue criminal charges against them, once a long-delayed High Court judicial review gives the  green light. Assistant Commissioner of Police responsible for crime Mark Thompson indicated to Barbados TODAY that the only reason […]

Former CLICO chairman still waiting on court

Former CLICO chairman still waiting on court

There have been two court appearances, but still no date set for hearing Leroy Parris’ latest case. The former CLICO chairman turned up at court this morning with his attorney Hal Gollop, QC, but they left still not knowing when the court would give them the oppportunity to have a hearing on a constitutional motion […]

Not fair

Not fair

Lawyers for former CLICO chairman Leroy Parris have filed a constitutional motion to get the High Court to unfreeze his assets, arguing that the delay in hearing a previous application to set aside the order is a violation of his rights. His legal team, led by Queen’s Counsel Hal Gollop, not only wants the court […]

BIPA warns CLICO liquidation may be on horizon

BIPA warns CLICO liquidation may be on horizon

While CLICO policyholders in Trinidad have received news of a $950 million pay-out the head of the group representing investors in Barbados is suggesting that the news may not be so good for local policyholders. President of the Barbados Investors and Policyholders Alliance (BIPA) June Fowler said with no movement on an approved restructuring plan […]

Layne defends work of oversight committee

Layne defends work of oversight committee

The Oversight Committee appointed to look into the operations of CLICO adhered to the directives contained in the Memorandum of Understanding. Former head of the committee, retired permanent secretary William Layne, gave this assurance to investors and the wider Barbadian society during an interview today with Barbados TODAY. Layne explained that after May 12, 2009, […]

A DISGRACE!

A DISGRACE!

After promising in November 2005 to pay 8.5 per cent interest to an investor in the Executive Flexible Premium Annuity (EFPA) financial instrument, CLICO Insurance Company Ltd halved the rate five years later amid a dramatic downturn in its financial fortunes. Barbados TODAY was shown one of the contracts for the financial instrument signed by […]

Going, going . . .

Going, going . . .

Opposition Leader Mia Mottley has sounded a warning to policyholders in CLICO International Life (CIL) that the value of their investment in the collapsed insurance company is fast disappearing. “In the last two, three months, what was 60 cents two years ago has now come down to 22 cents in the dollar before expenses,” cautioned […]