Caribbean360: CLICO Execs face criminal charges

CLICO Execs face criminal charges
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Chris Hoyos on 22/02/2012 15:46:00
 
BRIDGETOWN, Barbados, Wednesday, February 22, 2012 – Two of the executives at
the head of the troubles currently facing Clico Holdings (Barbados) Ltd. have
reportedly had criminal charges filed against them in the magistrates’ court.
Barbadians awoke to read reports that former executive chairman Leroy Parris,
and current president Terrence Thornhill, are to be served with summonses to
appear in court as a result of their reported contravention of an order by the
Supervisor of Insurance in August 2009, which prohibited the company’s
subsidiary CLICO?International Life Insurance (CIL) from selling new business.
The two were reportedly charged under Section 185 of the Insurance Act, Cap 130,
which states that anyone found guilty is liable to a fine of BDS$1 000 or a
year’s imprisonment “and where the offence is a continuing offence, by a
further fine of BDS$250 for every day which the offence continues”.
And that is not the only Clico revelation circulating in the media.
A Deloitte Canada-led forensic audit into the operations of the insurance
company and its financial relationship to the parent company – CLICO?Holdings
Barbados Limited (CHBL) – and other associate entities has revealed that the
law firm of the late Prime?Minister David Thompson received a whopping BDS$3.3
million in legal and retainer fees from CLICO International Life Insurance
Limited (CIL).
“On January 16, 2009, a payment for $3.333 [million] was made to the law firm
Thompson & Associates by CIL.
“We examined the invoice from Thompson & Associates dated December 2008, which
described four different legal matters in detail and the fees or retainers for
each. The invoice was approved by Mr Leroy Parris as chairman,” a report from
CIL’s judicial manager stated. Click here to receive free news bulletins via
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