<<< Hubert Ingraham.
CLICO CANNOT FIND A BUYER, LAING GIVES UPDATE ON LOVE97FM
Nassau, Bahamas — Anyone knowing this blog they would know there’s a famous line that comes from here, “Bahamians are suckers for punishment!” and boy Clico in this case is a classic example of that.
Anyone can come to The Bahamas, whether its CLICO, Global Life, Trinity Insurance or Gulf Union Bank, tell Bahamians pay two dollars and you’ll get three and they fall for it.
Bahamas Press was the first to confirm that CLICO will collapse. We first made that announcement on December 16th, 2008. But no one listened. We repeated our findings days before the public announcement, and even then not a sole jumped on our warning.
The CLICO debacle began on January 30 when the Government of Trinidad and Tobago, through its Central Bank, was forced to bail out four of the subsidiaries of the CL Financial Group. On February 24, The Prime Minister, Hubert Ingraham, who is also the Minister of Finance, granted a winding up order over the operations of CLICO Bahamas.
We exposed the masterminds behind the THIEF OF CLICO’s MONEY. We showed you Lawrence Duprey, Chairman of CL Financial (SEEN HERE). We exposed Ian Garcia (seen below), Chief Marketing Officer at Clico now back in Trinidad.
Garcia was one of the former operators at Clico Bahamas. He is one of those faces at Clico (Bahamas) who ordered the packing up of thousands of CLICO’s CLIENT files to be shipped out of the Nassau office in 2007. Bahamas Press can confirm that the entire filing room was cleaned out. Then Garcia left The Bahamas.
Knowing all this, BP said people who are holding annuities and investments in that company could kiss their money goodbye, but again not a sole listened? Prime Minister Ingraham came out of the woods whistling, after his ministry and the former Christie administration, saw the money walk out the country. Ingraham had the WUTLESS MEDIA say buyers are lined up to buy CLICO, YEAH RIGHT!
Ingraham saw nothing happening from the buyers and so he claimed they needed $30 million of public money to support a new buyer. But still today Zhivargo Laing said there is no interest in the market for CLICO. And despite all this, Ingraham is still telling the people who lost every dime in in the company, “Continue to pay your premiums.”
People came to this country, set up a Ponzi Scheme, took all the Bahamian people money, $74 million worth, and left the country. Mama is still crying and looking at her policy-book in tears. All we can do now is end this article and say what we said at the beginning, “Bahamians are suckers for punishment!”
Keep listening to Ingraham and continue to pay your premiums. Soon, someone will get what we said from early this year, CLICO IS A DONE DEAL AND ALL THE MONEY GONE!
Well, BP I am happy that I decided after making 2 months of payments that it did NOT make any sense to pay into something that I could not get anything out of!!!
I bought new insurances for my whole family!! Sorry for those persons who listens to the PM and Ortland Bodie… Bodie has been telling people to keep paying their Clico insurances because the PM said to do so and that the PM aint going to tell them to do nothing wrong!!!
@kevin mckenzie
Kevin, what you said made a heap of sense. I only wish our government could think the way you do. The way they think, it is like they do not have any brains. What I notice with them, they are always making these decisions with the taxpayers’ dollars and we don’t have any say in the matter, but when the cookie crumples it is always us who have to turn around and pick up the pieces. They have very little faith in Bahamians and for some reason they believe foreign is better.
Since the prime minister believes Bahamians CANNOT MANAGED NOR RUN any thing and he wants to sell all of OUR NATIONAL ASSETS(BTC,BEC) to foreigners it is interesting to see that it was foreigners who BANKRUPT Clico AND HE IS NOW LOOKING FOR BAHAMIAN INSURANCE COMPANIES TO BE THE ONES TO RESCUE CLICO’S CLIENTS.What also amazes me is that mr.Ingraham claimed that $23 million was too much money to spend on a straw market for some 600 mainly Bahamian females vendors,HOWEVER GOVERNMENT CAN FIND $30,000,0000.00 TO GIVE TO RICH INSURANCE COMPANIES TO PURCHASE THE CLICO INSURANCE PORTFOLIO.I repeat my advice from a previous post that it would be WISE of the government to allow NIB to purchase the Clico block of business rather than the insurance company.The reasons for this are as follows,firstly,Bahamian taxpayers money is being used as a guarantee for private businesses to assume no risk in buying Clico and the tax payers WILL NOT SHARE IN ANY OF THE PROFITS.Secondly,the insurance companies that purchase clico portfolio WILL THEN WEED OUT THE CLIENTS WHO THEY CONSIDER AS TOO OLD OR SICKLY,THUS MAKING THESE BAHAMIANS UNINSURABLE.I predict that the two losers in this FACADE WILL BE THE BAHAMIAN TAXPAYERS AND CLICO’S CLIENTS.
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