>>>The face of another robbed worker here in The Bahamas. (FILE PHOTO)
CLICK TO DOWNLOAD: The 2007-Clico-Bahamas-annual-report
Nassau, Bahamas: Joe Public (identity withheld) is a government worker who lost more than $50,000, his entire life saving, in the collapse of Clico (Bahamas). Public held an annuity investment in the insurance giant. BP readers should have seen him today.
“I was speechless when I heard of the liquidation. All my money gone just like that. I mean…you mean to tell me no one could have warned us?” he said.
Public’s tearful cry can now be heard by just over 30,000 policyholders at the failed insurance giant. This latest incident reminds us at Bahamas Press of a question we posed some weeks back, “WHO IS SPEAKING FOR US?”
Once again Bahamians are robbed in a dirty deal. OLD PENSIONERS now home, with all their entire LIFE SAVINGS gone south, literally! And where are the managers of the people’s asset in all this? Well Hubert and his son “THE CRY BABY” say don’t blame the government, the government had nothing to do with this. And then there is Perry ‘PUSSY CAT’ Christie, the former minister of finance, and his minister of state JAMES SMITH, the current Chairman at ColinaImperial, all quiet after the collapse. NOT A WORD DO THEY SAY! Hmmmmmmmmm!!
It was under the PLP government when all the Bahamian people’s money went out of the country as a LOAN to CLICO’s parent company. ALL the people money was invested in the now failed Florida realestate market. Yeah people Hubert ain’t ga tell ya nothing, but ya money GONE!
Someone says the people got what they deserved, however we at Bahamas Press don’t believe that. The people simply has NO ONE, NOT A SOLE IN THE WUTLESS MEDIA OR GOVERNMENT, SPEAKING ON THEIR BEHALF ANYMORE! Where are the freedom fighters of this country? Are we soo quick to throw anybody into the seat of power, that we can careless about our future? This is a sad state of affairs now unfolding in the Bahamas. Mama and her son invested all that money in the country’s financial system, and the company has failed, CHRISTIE GONE DUCKING! INGRAHAM SAY DON’T BLAME US!
Well someone has to be responsible for all that money vanishing out of the FIRST CARIBBEAN BANK ACCOUNT OF CLICO!
Here is what we’ve just learned. Bahamas Press has attained the 2007 financial report of CLICO BAHAMAS LTD. The report was done by Deloitte and Touche. In the auditors comments of the December 2007 report they noted that CLICO performed well in the given year.
They reported that premiums had increased by 40%. Annuities had increased by 110%. That policyholders had increased by 31% and overall profit in the Bahamas by 55%. Yes, there was plenty good news spilling over from the insurance company’s books. But then there on page seven (7) is a NOTE BY the AUDITORS. The point was shared by Hubert Ingraham in the House of Assembly.
The auditors noted that CLICO had allowed advances (LOANS) to its parent company in the amount of $57,010,248. The auditors also noted that this LOAN represented 59% of the company’s total assets.
Now this is no new news, but if you look at this pile a money leaving each year from 2004, RED FLAGS SHOULD HAVE WENT UP LONG AGO. So here is the question, WHAT OTHER COMPANY HERE IN THE BAHAMAS IS PRACTISING THE SAME? What companies? Where are these monies headed? Why did not the Central Bank see this as a cause for a RED FLAG? And if they did take action, what were their cautions to CLICO?
The Central Bank need not tell us Bahamians that the system is sound, because every Bahamian even JOE PUBLIC and Lil Mama who is now OUT OF MONEY – because of CLICO’s collapse – knows, money cannot be safe in this town. Especially when the leaders HIDE and the rest of the regulators GO SLEEPING AT THE WHEEL.
OUR QUESTION AGAIN, WHO IS FIGHTING FOR US, BAHAMIANS? Think about that question again.
Well Media, you are very childish in your behaviour and speech. Take the high road man! It remains upon the head and conscience of the PM when he uses unbecomming verbage to vent his frustrations at the antics of some opposite. As your dear mother must have told you, you need not mimic the actions and words of those you believe to be acting and speaking in an unacceptable way. When you do so you place yourself in a very compromising position and indeed demean yourself in the very eyes of those you hope will accept your position. Truly you have come a long way, but you have yet to reach the half-way point in your journey to becoming a first rate media person… If twisting your nerves will help you grow you should be thanking me.
@Joe Blow
Well Joe where were you when Hubert made the word “WUTLESS” a Parliamentary word? Where was your rebuke of the PM when he labeled PLPs Shameless men and Vimen? And you have the heart to come on here and talk about US calling him MUGABE and his Friend PUSSY CAT?
Joe, GO find your lotion here, before you twist our nerve tonight!
BP
Well Rupert I like to acknowledge the efforts of those who try. For example West End gave a wonderful positive bi-partisan talk in the House this week. His suggestions to the other side were well received but there were no comments about it on this site or elsewhere. Michal as usual, pleaded for his people with a passion I wish the others on both sides had. If I do not take the middle road as much as I should it is because there are so many contributors here who are blinded by party politics and I find a need to stand up for the other side. You see no one or one thing is all good and the other all bad. But when one chooses sides and can not acknowledge the efforts of the other side I find it unacceptable. Castigating others by labeling them with names like Muggabe or Pussy Cat is so demeaning and sad. If you can’t agree with the man/woman or their position don’t disparage the Office. It looks so bad to the outside world and accomplishes nothing. When it comes to politics it should be country first!
You try Joe Blow, you try… There was one time that i can remember that you actually took the middle road… A few headlines(stories) back you made some positive comments about Perry Christie.. And i said to myself “will that’s a first”… if this was happening more often then maybe i missed it.
The one thing in life I don’t need is any more money, my brothers. Just trying to do my part. My eyes see neither red nor yellow, just the colours of our flag.
It would be a shame if he wasn’t being paid Drama King.
Joe Blow, I am conviced you are getting paid to stay on this blog and comment on behalf of the government of the Bahamas. Like I always tell you my brudder, I HOPE YOU GETTING PAID WELL.
Thank you, Angel!! You are one of the few people making any sense of this situation. People talking about how some insurance company must buy the life insurance policies etc, they dont understand all the headache that will bring. Its simplier said that done.
It is obvious to me that you know nothing about the operations of “big business” and the banking system or trading institutions. Hence my suggeston that you contact the Bank of the Bahamas and learn about the realities of same.
Joe BLOW, sometimes when I hear you talk I wonder if your under another hypnosis exercise of Hubert Ingraham. WHAT YOU MEAN THE MONEY NEVER LEFT THE BAHAMAS? SO It’s HERE? WHere?
Here is what OUR Prime Minister ‘THE BALD HEAD MONK’ had to say in the House on Monday:
“…the Registrar of Insurance Companies demanded that the Company return the then $53 million invested in order to reduce the inter-company loan balances. The Company gave assurances that it would, I am advised, but failed to do so.”
Reading this someone advised the Prime Minister that the money was moved and invested outside the Bahamas. The Prime Minister confirms that in his speech to Parliament, that the money was NOT on the balance sheets of CLICO.
The Auditors Deloitte & Touche confirmed the same and raised a RED FLAG in the 2007 Audit Report that the money was LOAN to the parent company.
So where did the MONEY GONE? WHO THIEF THE BAHAMIAN PEOPLE MONEY?
Bahamas Press/Editor
A Lesson to be learned:
– When you have money to invest ask yourself what kind an investor you are. Low risk: You want to invest mostly in Government bonds, guaranteed investment certificates or term deposits.
Medium risk: Half your money will go into the above vehicles and the other half can go into the stock market, buying shares of companies that have good to great reputations. The older you are you will want to select stocks that have a dividend component. High Risk: You want to diversify your investments using the above vehicles for 50% and the other 50% will go into investments that have the potential to make a great deal of money or none at all. Only those who have a lot of disposable income and a savy understanding of the market should go here. You also must determine a selling off point even though the stock might go higher than the point you select. This is a form of gambling so you must know your disposition well.
Those persons who placed their faith in Clico annuities surrendered to greed. It looked like a good thing because the interest return was so good. That rate should have been a signal that something might not be right. But you have to have knowledge to read signals and most would-be investors have no idea what they are doing if they venture outside of what is safe.
Joe Public made a bad investment, either because he took the word of someone he thought he could trust and/or he did not bother to investigate properly or he let the high interest rate cloud his good sense. He has lost his money. Now he must wait until the liquidators decide what assets there are that can be disposed of, how much money is in any of their accounts that will be left after expenses are taken care of, in what order creditors will be taken care of. As I said before Joe Public will be lucky to recover 10%.
Now policy holders are in a different position because they have a greater potential of having one of the more respectable firms buying the policies. I have no doubt this will happen. It will mean they should lose nothing and it will just be a transfer. The company that takes over their policy will make a monitary offer to the liquidator and it will be a low-ball figure and the liquidator will have to guarantee a certain amount of money will accrue to the successful bidder. That figure affects the creditors return.
Media: Now that you have reported the story and asked your questions you should follow through by helping those good Bahamian investors to learn from this event and find some experts to contribute to the site in this matter. You see, you don’t just have an obligation to report.
I suspect that the money transfers you refer to are never cash transactions but more paper transactions and most of the cash never enters or leaves the country but is held in a repository (like a New York Bank). You might want to get more info about this from the Central Bank of the Bahamas and pass that on to Joe Public.
@media
Bahamian Policy Holders of COLINA should also head to Trinidad and TELL The Trinidadian Government (The Owner of CLICO) to Return the money of the Bahamian Policyholders!
Bahamas Press/Editor
Obama To Lead 1,000-Member US delegation Via 25 Aircrafts To Trinidad
The U.S. economy may be in a recession but President Obama will be pulling out the stops during his inaugural trip to the Caribbean this April.
Obama has reportedly confirmed his attendance at the Fifth Summit of the Americas in Port of Spain, Trinidad and Tobago from April 17-19, according to the islands Prime Minister, Patrick Manning.
Manning said Obama`s letter, dated February 25th, indicated that he will be leading a 1,000-strong U.S. delegation to the island that will arrive on 25 aircraft.
Also set to attend the summit is First Lady Michelle Obama. It will be the first Caribbean trip as President and First Lady for the Obama’s and the first to the oil rich island of Trinidad and Tobago.
`Dear Mr. Prime Minister, thank you for your letter inviting me to participate in the Fifth Summit of the Americas,` the letter stated according to Manning. `I appreciate the gracious invitation for my wife to accompany me as well as your warm welcome to our entire delegation. I am pleased to confirm that I will attend the summit. Given the challenges we face globally and regionally, I understand the importance of this event. I look forward to meeting with my 33 democratically elected counterparts and to working with you to achieve success for our region.`
Excellium Technologies Inc., a company specializing in security, said this week it has been selected to handle the security accreditation for the 5th Summit of the Americas.
The Summit of the Americas is a gathering of the heads of state and governments from 34 democratic nations in the Western hemisphere to share ideas and opinions on the political, economic, social and security challenges in the region. They also decide upon a common development vision for the region.
The heads of state and government from 34 countries of the Americas will gather at the Hyatt Regency Trinidad to talk about how they can strengthen cooperation to tackle some of today’s most critical issues. The central theme of the Fifth Summit of the Americas-“Securing Our Citizens’ Future by Promoting Human Prosperity, Energy Security and Environmental Sustainability” -hints at the scope of the challenges on the table.
The April 17-19 meeting will mark the first time the democratically elected presidents and prime ministers from the entire Western Hemisphere have convened in nearly three and a half years-and the first time ever they have met in the Caribbean. The Summit of the Americas is the only regional forum of its kind that includes the United States and Canada. Venezuela’s Hugo Chavez is also set to attend.
HOW THE MONEY GOT OUT?
How did COLINA MONEY END UP IN THE TURK & CAICOS? The PM said he asked the Central Bank Governor how did it get out of the country. The Governor wrote back and said she did not know, because no approvals was given. WHO MOVED CLICO’s – THE BAHAMIANS – MONEY OUT OF THE BAHAMS?
WHY IS THE FORMER OPERATORS OF THE COMPANY SOOO QUIET NOW ALL THE MONEY GONE?
IF THE PM DON’T KNOW and The former PM don’t KNOW and the Governor of the Central Bank Don’t Know, WHO IN THE HELL THIEF THE PEOPLE MONEY!
Bahamas Press/Editor
@Altec
Now Altec you know like everyone who frequent this BLOG, Bahamas Press STANDS 100% behind what we post on here. Whether it is CLICO, COLINAIMPERIAL, THE PLP, THE FNM OR FIRST CARIBBEAN BANK (Bahamas)!
LET all and sundry know, Bahamas Press don’t hire lawyers, WE HIRE SEVERAL QUEEN’S COUNSELS that BACK what we write. This is to confirm our information is REAL, TRUE AND LEGIT!
WE ARE NO COWARDS! NOR ARE WE PUSSY CATS! We have Nothing to WITHDRAW! So GET THAT OUT OF YA HEAD!
Bahamas Press/Editor
What if no one takes over Clico? Also people must look at the repurcussions if a company like Colina et al takes over Clico. Not only are we moving towards a Monopolistics situation, but to recover/cover the losses Colina or other will have to do some creative stuff. How about increased premiums, less coverage offerings and the list goes on.
So it seems no matter how this Clico situation turns out we are screwed. 🙁
BP look like you cause people to go crazy today at FCIB branches. In light of the press release that came out today from FCIB, do you still stand by your story? If you do then thats good, but if not, i think a retraction will be the right thing to do.
also the people money at clico are not loss, they are just write off as debts and if clico cannot cover it after their liquidation, whomever obtains clico in the bahamas will have to absorb those debts and those person money will be returned…
BP you again with this FirstCaribbean nonesense!!!! If you had any understanding how finance works then you would understand that Clico’s failure had nothing to do with firstcaribbean or the government or the bahamians. It had to do with the parent company which is in trinidad. and the government in trinidad owns clico. and u know any government is likely to make stupid investments. and because of bad investments made by the parent company it affected the clico down here in the bahamas and more likely to affect the rest of clico’s branches. so the reason of clico’s downfall here in the bahamas is because of outside forces! And family guardian will be less likely to fall on bad times because its a bahamian owned company so its more stable. it invests within the bahamas only. family guardian has been in the bahamas for many many years so they have a very strong foundation, so if they do encounter bad times, it will reach to the point where people would have to get laid off or people money going “missing”…
BP – be a little responsible in your reporting. The policies did not vanish. They will be bought as they are assets of the company. Some might lose some but its not like al the assets will just vanish.
BP i bet you Family Guardian next..
Comments are closed.