Barbadian Investors remain in dark with CLICO’s Judicial Management: BIBA Luncheon with Deloitte’s Oliver Jordan – Much Ado About Something(if any)?

There are more questions than answers
Pictures in my mind that will not show
There are more questions than answers
And the more I find out the less I know
Yeah, the more I find out the less I know

A perfect Dramatisation of how Oliver Jordan fielded questions from the Media & the Audience at the BIBA Luncheon!

Unfortunately, this is what BIPA, the Barbados Investors & Policyholders Alliance, faces more and more every day when they seek to rightfully recover what is due them. The Financial Services Commission has placed an archaic stipulation concerning the Interim Report by Deloitte, the firm appointed as CLICO Barbados’ Judicial Manager, according to the latest statement from the embattled group;-

The Barbados Investors and Policyholders Alliance (BIPA) is delighted to hear that the Interim Report on CLICO Life Insurance has been submitted by the Judicial Manager, Deloitte, in a timely manner. However BIPA understands that any disclosure of the contents is at the discretion of the Courts and BIPA wishes to express in the strongest possible terms that CLICO policyholders have suffered from secrecy and silence for far too long and that the report must be made available within the shortest possible time. We believe that this Interim Report reveals some critical information about money which belongs to the policyholders and they have a right to know the latest status of the company that took their money.

The same goes for the BAICO Report. While policyholders have the right to make an appointment with the Financial Services Commission to read the report, it is our understanding that the report can only be read at the FSC and no copying can be made. BIPA can express nothing less than its strongest displeasure at this preposterous restriction.

These reports relate directly to what these two companies have done with policyholders’ money. The money belongs to the policyholders, not to the companies, and since no annual financial reports of these companies have been filed with the regulatory institutions for some years, despite this being the Law of the Land, these reports must be considered to be as much the property of the policyholders as is their money. Has the court not been appointed to act on behalf of and in the best interests of the policyholders? If so, then it must order the free and unrestricted release of the information contained in these reports.

If these reports cast a negative light on certain practices or on the actions of certain individuals within CLICO and BAICO, let those involved not forget that “nothing is covered that will not be revealed, or hidden that will not be known.”

BIPA will continue to campaign for the rights of the policyholders, which includes an end to the secrecy and silence which has surrounded this debacle from the start. It is still our hope that justice will prevail in this matter, and we will continue to agitate as a group to get our money back.

When the Barbados International Business Association (BIBA as opposed to BIPA) invited Oliver Jordan, Deloitte’s Consultant conducting the Judicial Management in question, many felt this is an excellent opportunity for finally getting a grip on how they can get their money back, right? Hah!

At the end of the presentation, BIBA made a presentation of a gift to Mr Jordan - aren't Officers of the Court (The Barbadian Legal System appointed him Judicial Mgr, non?) to refuse any gifts delivered?

First, let me say BIBA while they may or may not have had an inkling what Mr Jordan did not say nevertheless, they played the hand they were dealt with, and did so with aplomb if not charisma. They lauded Jordan for (?) his courage in ‘braving‘ many tough questions – in my view the questions were not “tough,” they were fair and expected…

Folks have invested anywhere from 50-thousand to tens of thousands or hundreds of thousands and in some cases even MILLIONS as form of a private invested Pension scheme and despite the original assurances of the current Barbados Government that CLICO here was safe in January 2009, yet now when EFPA and FPA investors/policyholders want to know what about cash surrender values, they remain like their accounts – in suspense…

If there are any questions you wish to pose Mr Jordan directly either click on links where his name is seen in this article or you can e-mail directly yourself;- "CLICOJUDICIALMANAGER.BB@DELOITTE.COM"

Imagine the surprise of those attending when Mr Jordan made an advance disclaimer that he will not entertain queries pertaining to either British American or CLICO as the matter is before the court, while it is understood one must not be sub judice nevertheless can you not offer some form of hope or closure to people who thought they were safeguarding if not their old age, then their children’s futures?

Instead, Mr Jordan led the poor audience through a textbook treatise on Judicial Management as if we were just starting in Chartered Accounting and he was giving an ‘Introduction to Forensic Auditing‘ – citing cases in Bahamas and Anguilla while delivering detailed Case Studies on situations in Australia & Canada where Judicial Management saved the day.

Once he finished his monologue, I was first up to tilt at the quintain and here were my sallies;-

  • Question 1: You have had four weeks now to investigate the operations of CLICO in Barbados and throughout the OECS, could you tell us what is the status of the company’s financial position?
  • Question 2: There are still three Mercedes Benz parked at the Whitepark Compound, are those vehicles leased to the company, owned by the company and if they are do you think it prudent to either revoke the leases or sell the vehicles to recover some of the policyholder money and offer the management staff more economical vehicles to drive?

I was fully blanked on both matters, Jordan‘s imitation of a doll which when the string is pulled and one reply emanates over and over was almost perfect, except there was no string on his back (that I could see, LOL) – I could not help thinking if even he offered a sop towards each matter as a way of not alienating the participants.

One of many concerned participants who posed a number of grouses over the EFPA/FPA discrepancy, these folks wish to get their money back sooner rather later, or worse - never!

With my first question he could have told me to go to the Financial Services Commission (BTW Mr Jordan says he is unaware of the restriction laid down by the FSC yet pledged to investigate it) and study the Interim file on display, so to speak… Concerning the second query he could have said all areas to do the right thing as predicated by the Law will be examined and performed as instructed by the Court. It says nothing yet indicates there is something happening to try and achieve Justice, even if only in semblance?

There were people attending who are not members of BIPA yet obviously Investors, one of them wanted to know if practices which were incorrect are uncovered if the perpetrators will face legal action, here’s Mr Jordan’s reply {CLICK ON FOLLOWING LINK FOR FULL AUDIO};-

Oliver Jordan delivers a comment about ensuring there is appropriate legislation in future on streamlining regulation of entities like CLICO to prevent similar downturns from happening again, however, the Investor pressed further and was bluntly refused an answer!

Peter Thorne of CBC sought to get a precise Timetable on levels of Disclosure and you could hear the edge in Mr Jordan‘s voice {CLICK ON FOLLOWING LINK FOR FULL AUDIO};-

The Deloitte consultant started getting a wee bit testy as you’ll hear in this clip – he stated outright he will NOT be drawn into specifics and that Policyholders will be updated as per Best Practices of the Court!

In the end – I think the audience would learn more if they attend BIPA’s meetings, their next session is 27th July! Do the words, Fury,” or “Sound,” signify anything? Or do they mean Nothing? Perhaps BIPA need to start making placards and start looking for sensible walking shoes, some suntan lotion, shades & caps then get ready for a long walk to Government Headquarters and let the Finance ministry understand how they REALLY feel? Is that good Voting fodder with General Elections which are constitutionally due in January 2013 for Barbadians? Things which make you go

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3 Responses

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  1. Hi! I am over fifty and when I made extra money I dropped my excess in CLICO, but I can’t learn what happened to my money however I will join BIPA. Can you tell me when their next meeting is? I need to get my money back. Appreciate it.

  2. Appreciate the diligence, continue hammering.

  3. And did Mr. Jordan not used to visit Mr. Parris’ house very often? ** EDIT ** …there is a conflict as far as I can see. ** EDIT ** Getting a bit chubby too!


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