Clico's Insurance Scheme Exposed – ALL THE MONEY GONE!

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Now when you view this third clip you will see that the Barbadian Clico company had enough sense to set up their company locally, independent from the Trinidadian based operations. Their leaders saw to it that their people’s assets NEVER LEFT THE COUNTRY. In that press conference in Barbados the leaders of the CLICO OPERATIONS THEIR came out strong to defend their position and autonomy. But here in The Bahamas we MUST AGAIN WONDER WHO WAS LOOKING OUT FOR THE BAHAMIAN INTEREST? Someone head must roll for this mess, MAMA STILL CRYING AND HAS LOST ALL HER MONEY!



16 COMMENTS

  1. Bahamians at risk from Clico liquidation
    By Stabroek staff | March 11, 2009 in Regional News

    (Nassau Guardian) NASSAU, The Bahamas – Bahamian professionals, religious leaders, businesses, churches and two government entities – Bahamasair and the Broad-casting Corporation Of The Bahamas – collectively have US$23 million in annuities tied up in CLICO Bahamas and it remains unclear how much, if any, of that money will be recovered as the company is in liquidation.

    While employees of the Broadcasting Corporation have nearly US$800 000 of pension money at stake in CLICO, employees of Bahamasair have tied up nearly US$3 million in annuities, a Nassau Guardian probe has revealed. Nearly 400 annuities are on CLICO’s books, The Guardian understands. The deposits reportedly range from under US$100 to several million dollars. Several local physicians are among those who have significant sums of money deposited in the troubled insurance firm, which was forced into liquidation nearly two weeks ago.

    People who invested in annuities in the company are said to be deeply concerned about whether they will get a return on their investments, or get back the money they put in. Their deposits were made in a company that promised in its vision statement to provide “our customers with unique opportunities for protection, savings and investment”.

    In a statement in the House of Assembly one week ago on the CLICO matter, Prime Minister Hubert Ingraham said it was too early to tell whether policyholders would lose any money as a result of the winding up order granted by the Supreme Court. “The discussions that will be held between the liquidator and the local insurers [prospective buyers] will include benefits for both policyholders and annuity depositors,” he said. However, later on when taking questions from Opposition members, Ingraham pointed out that annuity holders “are not likely to be as favourably rewarded at the end of the day as some other policyholders”.

  2. JR: Canada has one of the best National Health Services in the world. It also has one of the highest Income Tax plans in the world. When a medical care plan began there was quite a fee assessed to individuals and families. Over the years this gradually was reduced until health care is virtually free. Are Bahamians ready to take the bad with the good? Are we ready to pay income tax and high fees for services that are not covered under the plan? Are we ready to have health costs double and triple and more? Are we ready for longer wait times for elective surgery? Because of the illegal immigration problem are we willing to foot the bill for those illegals and others who will immediately make use of free services? Do we have the professional personelle to staff and maintain a free health service? Do we have up-to-date medical facilities to compliment the free services? You see there are many things to consider before implementing a Government Health Care Plan. The PLP promised the people they would have a plan in effect within three months of the election. They simply could not do it because of the logistics involved. No one can fault them when one thinks about it realistically. So how do we begin? We take small steps towards implementation. Dr. Minnis has begun by seeking to provide seniors and others with free prescription drugs for named health problems. He also is providing a free clinic, at least in his constituency, for diabetic and high blood pressure related services. I understand he hopes to spread this plan to other areas.
    As to my previous post and your answer. I think you will find upon reading it again that I don’t dispute that the “bail-out” could be done. But my point was that you open a pandora’s box because if you do it for one you must do it for all and that is what will make the country go bankrupt.
    I totally agree with you concerning private insurance firms especially here. It was not surprising that they wanted to know if another insurance company could be involved. That way the one would not be totally responsible for the total costs involved. I suggest you read your plan carefully because you might have to comply with their request.
    I often wonder how you all know what happens at a secret meeting. If you know what you stated then you must know all of it.

  3. Joe Blow :
    D. K. You are comparing apples with oranges. I do think the government should have advised the people aboard that boat to sue the owner of the boat and the captain and crew. Again the insurance company should be made to pay but that will only happen if the group and their lawyers are vigilant. You all continue to say how heartless the FNM government is so you should rejoice that for once they showed at least these people some compassion. The government is not in a position to bail out everyone who is experiencing financial difficulties. To do so would put it into bankrupcy.
    [Reply]

    That is a joke Joe Blow. The government can do a proper bailout and not go bankrupt. It may mean we pay even more taxes but don’t sit there and say this heartless coldhearted government can’t do it. They can. Anc can you or anyone who support them now explain to us what exactly went down when they had that secret meeting with the insurance companies not too long after the elections? We know that they agreed to take National Health Insurance off the table so the insurance companies can continue raping us, but what else is going on? And Media is right, these insurance companies are nothing more than bloodsucking maggots. I went to the doctor with my youngest daughter on Friday and when my wife gave them her insurance card (thankfully not CLICO), the young lady came back after talking to the insurance company to find out if I had separate coverage. I asked her why and she went to the phone to find out. I thought this was strange because we pay an insane amount of money each month for insurance and only recently have we been in need of it with our daughter. So the girl comes back and says, the want to know if I have my own insurance and if my children are covered there. At that point, I realized what these bastards were trying to do. They were trying to find that out so they could tell the doctor to put the claim against another insurance company. They wicked bad and every one of them is scum. I told that young lady to let me talk to them and don’t you know I told the young man on the other end of the line that my coverage outside of the one I have with his company is none of his @#$@$@#$# business. If it were, he would know and that they need to honor their end of the deal and stop looking for loopholes to sucker people. He started to run on and Media, I am not joking, I told him I sending this to Bahamas Press. Like a magic charm, his attitude change quick so you mussy gat them on their toes. But these companies are rotten to the core and I can’t wait for the PLP to put NHI in place because them nor the FNM could care less about people’s health.

  4. Media, we look forward to the names being published. Single Mothers, Senior Citizens,etc had no forewarning of the financial disaster to come… so why should these bloodsucking thieves be given the benefit of the doubt??

    Clico collapse occurred weeks ago, yet the MSM (main stream media) remained silent and continue to do so..

    We wait with bated breath!

    ——————–
    Media, are you aware of any financial classes etc where the public at large can go to better interpret financial statements? I know of several people that dont pay annual shareholders meetings no mind, but I have already contacted the companies I have shares with regarding the next annual meeting.

    2. Have you noticed that folks who are on the boards of most of these companies, play roundrobin? Its the same 10-12 names who sit on most boards. That is scary. How can layman go about lobbying to have there name put under consideration to be on these boards?

  5. Your Bahamas Press is digging further into this STORY of CLICO. Bahamas Press has now identified the FNM former minister of Ingraham’s Cabinet who withdrew a sizable investment out of CLICO before the liquidation order began in the court.

    Bahamas Press has went to sources deep inside Trinidad and has discovered that CLICO Bahamas operations was operated (here in Nassau) by Trinidadians. NO Bahamian served at the top brass of the company. Bahamas Press is advised that all of those expat executive managers are still in the country! We shall provide their names in due course.

    We ask each of those former leaders at CLICO to now come forth or face the wrath of this WEBSITE. Why was MILLIONS OF THE INSURER’S MONEY REMOVED OUT OF THE BAHAMAS? MAMA STILL CRYING AND THIS IS GETTING WORSE BY THE DAY! \

    STAY TUNED PEOPLE WE WILL DRAG THEM OUT OF THEIR HOLES AND HUNT THEM DOWN, UNTIL THEY TELL THE BAHAMIAN PEOPLE WHY THEY ROBBED US OF OUR MONEY!

    Bahamas Press/Editor

  6. D. K. You are comparing apples with oranges. I do think the government should have advised the people aboard that boat to sue the owner of the boat and the captain and crew. Again the insurance company should be made to pay but that will only happen if the group and their lawyers are vigilant. You all continue to say how heartless the FNM government is so you should rejoice that for once they showed at least these people some compassion. The government is not in a position to bail out everyone who is experiencing financial difficulties. To do so would put it into bankrupcy.

  7. Well Joe Blow, if the government of The Bahamas thought it was necessary to BAIL OUT the revelers onboard the boat destined for Cat Island, why wouldnt it BAIL OUT people who invested monies into a company that obviously shafted them?

  8. We keep going back to the place where we want the government to bail everybody out. Yes I feel sorry for those who lost money, for those who lost their jobs, for those whose policies are put in jeopardy because a parent company decided to risk money it should not have risked in a a development in Florida. But none of us know yet whether or not the policy money is lost. None of us really know how much money is here in the accounts to cover the annuities or any part of them. We continue to carry on without the complete picture. “This one should resign!”: “That one should be fired”! “”The government should fall~” How do we assess blame on any one entity? The only thing we can do is ask the right questions and get the answers if we can and wait until the liquidators have assessed the situation so that they can bring a resolution to the problem.
    Media: You want the very government that you constantly castigate to take over CLICO? It might help the 30,000 for the time being but it will hardly stablize the financial situation in the country. If your plan is followed then the government will be put in a position where it is obligated to “bail out” everyone who gets into financial difficulties. Does the government have that kind of money? Sometime we must let the “chips fall where they will.” It is a buyer beware reality.
    ….As to your post to me personally, it is obvious that you are not a very careful reader. No where did I ask you discontinue this topic. “In the meantime, we must continue to ask questions and demand that better oversight be a part of the mix”. YOU are deflecting from the many very serious concerns that plague this country by solely concentrating upon one very narrow topic. Block me if you feel you must and you are the loser when you do!

  9. @Child of the 60,s
    the problem is that nothing will happen. NO one will resign. From the time this financial crisis began the government should have been looking more earnestly at the activities of the international banks in the bahamas. I agree with you on this point that someone was asleep at the wheel but knowing the culture here in this country those responsible are either ducking or pointing fingers.

  10. We must be very careful in casting blames as to who should really be punished. Both PLP and FNM are to blame for this disgraceful crisis. The question is How can we ensure that something like this never happens again? We need real leaders to emerge from cold shadows and demand the truth on behalf of the people. Rev. Jesse Jackson put it well when he said “No generation can choose the age or circumstances in which it is born, but through leadership it can choose to make the age in which it is born an age of enlightenment, an age of jobs, and peace, and justice. Only leadership that intangible combination of gifts, the discipline, information, circumstances, courage, timing, will and divine inspiration can lead us out of the crisis in which we find ourselves”. This is what happens when we the younger generation allow the older generation to continue playing party politics. Those days are done. We the youth of this great nation will provide the blue print for prosperity and hope for the next generation to come. Mark my words on this..

  11. Bahamas Press is proposing that the Government of the Bahamas do the same for Bahamian policyholders at CLICO as the Trinidadian government is now doing for its people.

    Bahamas Press is proposing that the Ingraham Government assumes the ownership of CLICO Bahamas through the BANK of The Bahamas (THE GOVERNMENT’s BANK).

    The Government should stabilize the company BACKING ALL INVESTMENTS and assume CONTROL of the ASSETS OF CLICO BAHAMAS. We believe they should resume operations at the insurer through the BANK’s backing. One would think this is easy to do. The premiums by all 30,000 policyholders will be secured and it will stabilized the financial situation in the country.

    This is our proposal to the Ingraham government, but we know HUBERT INGRAHAM. HE DOES NOT THINK ABOUT MAMA WHO IS AWASHED IN TEARS! HE like Christie allowed 1,200 workers at Royal Oasis to lose their JOBS! They both stood by and did nothing to reopen that property! And the money to restart the HOTEL was right in the Hotel Corporation.

    THE BAHAMAS NEEDS CHANGE PEOPLE! Both Christie and Hubert have been LOCKED IN this political environment for over 30 years and nothing has changed! WE NEED CHANGE!

    Bahamas Press/Editor

  12. Now Joe Blow, how did BEC, WATER & SEWERAGE AND NIB get in this post? Did not we ask for posts to be done to the relevant topic? We are talking about CLICO, its CORRUPTION and the LACK OF LEADERSHIP speaking out on the topic. Bahamas Press is not interested in any other topic on this post,NOR WILL WE ALLOW ANY DEFLECTIVE POST TO IT! IF this continues we would have no choice but to remove your comment completely.

    THIS IS NOT THE DUTTY WUTLESS TRIBUNE! WE DON’T DEFLECT NEWS ON HERE, THAT IS NOT OUR BUSINESS NOR WILL WE TOLERATE IT! KEEP THE POST TO THE BUSINESS AT HAND! OR CARRY YA (YOU KNOW WHAT) SOMEPLACE ELSE! DON’T RUN US HOT THIS MORNING.

    MAMA STILL LOOKING FOR HER MONEY AND IS SHEDDING TEARS OVER THE COLLAPSE OF CLICO!!!!!!!

    Bahamas Press/Editor

  13. @Joe Blow

    Members of the Public who don’t pay their bills, bec, nib, w&s shows how wutless and corrupt the system is. Our leaders and the people who our leaders appoint are the ones who are most responsible.

  14. When incompetent leaders allow companys to be controlled by trans national entities something like this is bound to happen,.The min ister of Finance must resign since he has allowed the executives of Clico to transfer money overseas without Central Bank permission.Foolishness being endured will and must cease.Evry time something goes wrong the PM talks about what the former Govt did not do Homeboy you are in charge now so stop talking bull…Boy these scandals sure adding up and it aint 2 years yet.

  15. Why do you say “All the money gone”? The liquidators are the only ones at this time that will have that information. We have to wait until they let us know. In the meantime we must continue to ask questions and demand that better oversight be a part of the mix for the future. Certainly there is other news we need to be commenting about. What of these persons who are defrauding we, the public, by not paying their BEC bills, their NIB obligations, their W&S billings, there duty on imports to the tune of millions? How about the proposed Unemployment Insurance Scheme? These things affect all of us!

  16. Bahamas Press wants you to note the difference with these leaders around he region. AGAINST THE COWARDS HERE IN NASSAU/BAHAMAS.

    The regional operations leaders are in constant talks with the media, but here in the Bahamas, NOT A SOLE IS BEING SHAMED OR COMING forth.

    Bahamas Press/Editor

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