• Today
    January 16

  • 05:34 PM

Pay push

Tim Slinger,

Added 06 March 2011

leroyparrisclico

FORMER EXECUTIVE CHAIRMAN of CLICO Holdings (Barbados) Ltd, Leroy Parris, has threatened legal action against the company. According to well placed sources, lawyers representing Parris, who retired as head of the embattled company last year, have sent a letter demanding bonus payments owed to him that are estimated to run into several thousands of dollars. When reached, Clico Holdings president Terrence Thornhill refused to comment on the matter. Sources also stated that Parris had also requested payments for a number of matured policies which he recently surrendered to the company. Parris also declined to comment when reached yesterday. It is believed the bonus payments which Parris is requesting are as a result of accumulated percentages from policies sold by CLICO International Insurance Limited and CLICO International General Insurance Limited, both subsidiaries of Clico Holdings, which he chaired until the time of his retirement last May 31. This latest development comes on the heels of an ongoing investigation by police into the sale of 800 life policies by CLICO International Life Insurance Limited (CIL). Former Permanent Secretary in the Ministry of Finance, William Layne, had charged that CIL under Parris’ directorship had contravened a 2009 order of the Supervisor of Insurance prohibiting the company from selling new business. Layne, who headed a special Oversight Committee set up by the Government to supervise the sale of three of CLICO’s subsidiaries, also complained of difficulty in finding contracts between Parris’ company Professional Financial Services and CLICO Holdings’ regulated subsidiaries. Parris came under the committee’s radar after withdrawing more than $250 000 in deposits from CLICO Mortgage & Financial Corporation. Another payment of over $876 000 was paid by CLICO to another of Parris’ companies, Branlee Consulting Services. Prior to his retirement, Parris had said he would have worked with managers and agents to ensure CLICO’s survival, but his departure came weeks ahead of a planned July date when on May 27 he announced his quitting the company. His departure has also left unanswered questions, including the size of his salary and benefits from the company of which he became the face in Barbados.

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