Some things BIPA could ask
By – Mary Antoine, St Lucia policyholder | Thu, April 26, 2012 - 12:00 AM()
My family are significant investors in the St Lucia operations of CLICO, and I am becoming disturbed that the newspapers are unwittingly being distracted from examining solutions which are in our interest. The forensic report as reported contains nothing that enhances or detracts from the recovery of our money.
CLICO’s accounts, published for years, always showed that a large part of investments was through related companies. The judicial manager’s report published in the Nation since 2011 showed the related companies that owed CLICO money. Why is the appearance of these balances in a forensic report being touted as earth-shattering.
Similarly, the Nation, in reporting in 2011 on the ridiculous suit by the former chairman of CLICO, showed that he acknowledged receiving over $3 million in gratuity money.
If this is the same $3 million paid through Thompson & Associates, please explain why we are giving it so much hype?
The judicial manager’s report in 2011 presented very good solutions for dealing with the EFPA problem. I have told my family to convert their interest into shares, for if the judicial manager’s asset shortfall is arrived at because he is using depressed values for the real estate, then I know that my shares will appreciate in value.
These are some of the questions your Barbados Investors & Policyholders Alliance (BIPA) should be asking:
Is it fair for EFPA policyholders only to appear to be sacrificing in the solution proposed?
Have real estate professionals given opinions on the likely appreciation in the company’s real estate over say the next five years?
Are there alternative uses for the large tracts of real estate in Barbados and St Lucia, which would generate considerable appreciation in value? Sagicor bought Barbados Farms at a price of over $120 million.
Are there change of use applications pending in Barbados and St Lucia that if expedited could enhance real estate values?
Does a sale of the company in circumstances where policyholders get less than 100 cents in the dollar give a gift of this appreciation in assets to the purchaser?
If the forensic report uncovers fraud, follow the money and recover it for policyholders. Until then, stop the hints and let’s get down to some real work.
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