CLICO Archives - Barbados Today

Category: CLICO

Court rules on contract of former CLICO executive

After more than a decade and a half of delays, the High Court today ruled in the suit brought by former CLICO insurance executive Neval Greenidge against the company. The original application was filed in 2000 against CLICO Holdings Barbados Limited and CLICO International Life Insurance. However, in her decision handed down in the Number […]

Forgive me!

Thirty-year-old Toneal Omar Walrond of French Village made the appeal to the family of the victim, Evans Burnham. The late resident of Black Best, St Peter died at the Queen Elizabeth Hospital on July 8, 2011 following an altercation in which he sustained a fractured skull and other injuries after being hit in the face several […]

Don’t blame me!

Minister of Finance Chris Sinckler says he is very concerned about the rate at which the CLICO restructuring process is taking place, and he has therefore promised to give the matter his full attention to ensure a resolution by yearend “now that the Budget is out of the way”. Sinckler said he was disappointed that […]

CLICO setback

The wait for a settlement by policyholders and investors in the collapsed insurance company CLICO International Life is about to be extended even further as the process has hit a new hurdle. The authorities will not meet the September 30 deadline set by the High Court for payment of the hundreds of millions of dollars […]

Wrong company

Lawyers for embattled former CLICO Executive Chairman Leroy Parris were today claiming a “moral victory” after the Court of Appeal agreed with their submission that court action against their client was improperly filed by CLICO International Life (CIL). Acknowledging a precedent set by Australia, the three-member panel, led by Madam Justice Sandra Mason and including […]

BIPA: Not us

The Barbados Investors and Policyholders Alliance (BIPA) says it has never been informed or consulted about any agreement for restructuring the financially-beleaguered CLICO International Life Insurance Limited. BIPA chairperson June Fowler made this position clear today in response to comments related to a new Government plan for CLICO that were made by Minister of Finance […]

CLICO restructuring to go ahead

Anxious CLICO policyholders could this week be handed another option to recover their investments in the collapsed insurance company. Minister of Finance Chris Sinckler revealed during his budget presentation that when the matter returns to the High Court this week, the Ministry of Finance and the new company set up to oversee CLICO’s operations, New […]

CJ’s test

In an unprecedented move in Barbadian legal and judicial history, a senior lawyer is preparing to take legal action against the Chief of Justice of Barbados, accusing the Chief Justice of effectively disbarring him without due process by preventing him from representing a client in a case that came before the court last week. An […]

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

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

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

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

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

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

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!

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 . . .

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 […]

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