CLICO Execs face criminal charges
Former chairman and current president of Clico’s Barbados operations to go before the court.
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.