News is swirling that Trinidad will bailout CLICO, but not the Bahamas???

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<<<Clico’s Chairman and owner Lawrence Duprey, looking pretty and smiling after he STOLE ALL THE BAHAMIAN POLICYHOLDERS MONEY! MY GOODNESS, THE WORLD IS FULL OF TRICKY MEN!!! Below is the persistent President of Guyana Mr. Basdeo Panday as he listens to Ingraham and asks, “Where is my people’s money!?”

Bahamas Press has warned since the beginning of this CLICO fiasco that there was plenty money CLICO Bahamas policyholders can go after. But what is the Prime Minister doing to go after his people’s money? NOTHING!

And if we at Bahamas Press can expose this company, whose dirty laundry is published in almost every credible publication around the world, why cannot members of the WUTLESS MEDIA in the Bahamas expose these crooks who STOLE OUR SENIORS’ MONEY? Here is just something for the Bahamian people to digest on how vast the assets of CLICO’s parent company [CL Financial] are.soa_pm_cc_1_

Lawrence Duprey’s CL Financial Group created a holding company, CL Spirits Ltd, for its acquisition of Lascelles de Mercado. The deal at close to US$900 million and at US$9.25 a share was the largest seen in the Caribbean.

CL Spirits is 100 per cent owned by CL Financial, which now holds 86 per cent of Lascelles. Lascelles produces US$2 billion in net income annually.

CL Financial also paid US$41.37 million to (J$3 billion) to the owners of Jamaica Money Market Brokers to purchase the Jamaican company’s 45 per cent stake in Caribbean Money Market Brokers. The group of more than 70 companies in 32 countries include:

Banking and financial services
• Caribbean Money Market Brokers (CMMB)
• Clico Investment Bank
• Clico Mortgage & Finance Corporation

Energy and petrochemicals
• Clico Energy Company Ltd
• Methanol Holdings (Trinidad) Ltd
• Primera Oil & Gas Ltd

The CL Financial Group owns and operates a methanol plant in Oman and is seeking to establish two more plants in Saudi Arabia and Qatar.

Forestry and agriculture
• Caribbean Resources Ltd
• Clico Agricultural Development Company

Caribbean Resources Ltd is one of the three largest timber operations in Guyana. It holds the logging concession to more than one million acres of forest. Clico Agricultural Development Inc holds more than 2,000 acres of sugarcane fields and other vegetable crops in Barbados making it the second largest farm Group in Barbados.

General insurance
• Colonial Fire & General Insurance Company Ltd
• Clico International General Insurance Ltd (Barbados)

Life insurance
• British American Insurance Company Ltd – LOCATED HERE IN THE BAHAMAS!!!!
• British Fidelity Assurance Ltd
• Clico Holdings Barbados Ltd
• Clico International Life Insurance Ltd
• Clico Life and General Insurance Company (SA) Ltd (Guyana)
• Colonial Life Insurance Company (Trinidad) Ltd

Manufacturing, retail and distribution
• Angostura Holdings Ltd
• Chateauonline SA
• Flavorite Foods Ltd
• Repaire de Bacchus
• Tru Valu Supermarket Ltd

Marine services
• Mariner’s Haven

Media and communications
• IETV
• Ebony 104 FM
• Music Radio 97
• Radio 90.5 FM
• VA: A film and video production company

Medical services
• Health Net Ltd

Real estate development
• Clico Property Development Incorporated <<< This is where much of the money went.
• HCL Group of Companies

Associated companies
• Burn Stewart Distillers Ltd
• Caribbean Communications Network Ltd
• CL WorldBrands Ltd
• Republic Bank Ltd
• The Home Mortgage Bank

Now after reading all this do you still think the PM Ingraham should still be telling the people he has nothing more to say to the Bahamian people on CLICO, though he is in Trinidad almost every month? ANY COUNTRY DOING THIS TO THE BAHAMIAN PEOPLE SHOULD FACE THE CONSEQUENCES OF WAR BY THE BAHAMAS ON THAT COUNTRY!

And again we asks, WHY IS PERRY CHRISTIE SO QUIET? WE NEED A CHANGE FROM THESE JOKERS!!!

  • thanks !! very helpful post!

  • media

    @Thomas Finley
    I would say this, much of what you now know of the operators came from us. The faces of Clico have been exposed by us, no one else! We exposed what CLICO did with the money and how there is NOTHING left in the Bahamas.

    We will be getting to the FNM former MP who collected his money and ran off before the liquidation commenced.

    Suggesting we’re holding information is absurd.

    Bahamas Press/Editor

  • Thomas Finley

    Has Wendel Jones put any questions to James Smith to anyone’s knowledge? Why is the wutless media covering up the involvement of Bahamian Officials in the Clico debacle? Media, you also seem to be screechin’ information that may be in your possession from your loyal readers!

  • I have an electric pump and tank that i use only for the sprinklers. But it is configured also, that i can access water into the house.

    I live in the coral harbour area and the water, that is government supplied, has had, for the last month a horrid odour. Joe blow are you experiencing the same thing?

  • Wisdom

    Fire!!!
    Sorry I could not respond to you yesterday, there are some external forces that are trying to “BLOCK” me from posting on this great website.
    On the water issue, the powers that be are trying to tell me I cannot drill water well in my own yard. I would accept that if Water and Sewage were able to supply water that is DRINKABLE.

  • FIRE!!!

    @Wisdom
    I suggest you get an electric pump as they are not affected by the often changes in pressure that we often experience in Nassau. At the same time they are affected by the electricity which as you know is another issue.

  • FIRE!!!

    I agree with you…the prices are extreme, the cost of living is high. It is a shame that the average Bahamian is suffering to maintain, but by the grace of God shall arise. We are seen as “unintelligent”, but what do you expect when we send people like Brent Symmonette to give speeches on the world stage and he can’t even do that well. What do you expect when people can take money out of our country with the powers that be turning a blind eye, or not knowing what is going on to begin with??? What do you expect when we have a man board a plane and leave the country with people knowing full well that this man should not be allowed to travel??? He took advantage of young boys….FOR YEARS Wisdom, for years. We have immigrants that come into our country and take advantage of benefits that some Bahamians are not afforded. They take up residence whenever and whereever they choose. You tell me Wisdom, aren’t we missing the mark here? Something is wrong!!! Even our own government thinks that we are stupid. Why else do we have so many questions unanswered as the propaganda continues to be spread about. We’ve all heard the expression, if you have a donkey, ride it! And unfortunately, we have Bahamians not looking out for the well-being and the betterment of other Bahamians and we allow others to come in, take advantage of us and then leave us high and dry. I am as irate as anyone about the current state we are in, but we have to find ways to make changes in all facets of our society that are for the betterment of ALL BAHAMIANS. More importantly, we have to find leaders that are capable of inculcating these changes. Otherwise these issues will continue to persist.

  • Wisdom

    FIRE!!!
    We as a people must send a message to the world; the world now looks at Bahamians as “SILLY, Ignorant, and GOATS!” WE sit back and let anyone take advantage of us. I AM GOING TO PUT A STOP TO THAT!!! A Bahamian “CASTRO” must arise!
    It disturbers me when I have to pay sooo much for government water that I CANNOT DRINK! And the Water and Sewage staff has the audacity to ask for a salary increase in the trying times! I pay more for water in this country that I pay for gasoline per month. That is sad, water is a given in all developing country. If the powers that be had their way, THEY WOULD BE CHARGING US FOR “THE LIGHT OF DAY” (THE SUN).

  • FIRE!!!

    @Wisdom
    can’t be like that man!

  • Wisdom

    I may start BURNING down CLICO building in the next few weeks, to send a message to the world.

  • T Rolle

    I recall Paul Moss telling the government to not allow Clico to fail as it would be a significant blow for the policy holders. This is what Obama did for AIG

  • Media: Help me out! This statement ” Any country doing this to the Bahamian people should face the consequences of war by the Bahamas on that country.” BIG, BOLD, BLACK print. What country has done what to the Bahamas in this CLICO matter? Which country should we declare war on? The financial difficulties of CLICO Bahamas are a direct result of the company’s investment policies. Add the fact that that Co. never applied to the Registrar of Insurance Companies to remove any monies from the country. Where was the oversight, by whoever was responsible in the former Government? This dispersal of money began in 2004-$37+ million,
    2005-53+ million,2006 $68+ million, 2007- $57+ million. Let’s ask some questions of the former Minister of Finance about this matter. It had to be brought to his attention at some point. There are, after all, audited reports required every year. The present Government, after receivng the 2007 audited report in July of 2008, took the necessary steps to not only begin the inquiry but take what action it could, finally eminating in the Court decision of liquidation procedures. I am sure, if the P.M. could ,he would demand all the money be returned to his people. But it doesn’t work that way. You and I have no idea what will be the result of the on-going negotiations. Mr Ingraham will release any information when he is able. In the meantime we must push for much better over-sight in these and other matters. Our whole system is just too slack! By the way. Did i miss the name of the person who withdrew their money under suspicious circumstances?