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Parties tightlipped after meeting
talking heads.
The directors of CLICO Holdings Barbados Ltd. were summoned to meet Prime Minister David Thompson yesterday at Government Headquarters to discuss the next move for the company.
Minutes before 11:30 a.m., CLICO chairman Leroy Parris and 11 directors hustled off to the third floor of the Bay Street building and spent close to two hours behind closed doors.
This meeting came a day after it was reported that the Insurance Corporation of Barbados Ltd withdrew its offer to purchase certain subsidiaries of CLICO Holdings.
Here, Parris (left) having a chat with director Leslie Haynes, QC, minutes after the meeting. (TM) (Picture by Nigel Browne.)
Published on: 5/9/2009.
CLICO MANAGEMENT had sought a meeting with the Insurance Corporation of Barbados Ltd (ICBL) to discuss the now contentious confidentiality agreement that proved a stumbling block in a proposed arrangement.
That's according to a statement issued yesterday by CLICO Holdings Barbados Ltd which stated: "CLICO Holdings sent written correspondence on April 29, 2009 to ICBL proposing that the parties meet to settle the confidentiality agreement.
"There was no response to this correspondence until CLICO Holdings was advised on May 6, 2009 by the chairman of ICBL John Wight that ICBL would no longer be pursuing the purchase of subsidiaries of CLICO Holdings."
ICBL's position on the issue became clear on Thursday when the company issued a Press statement stating that the "process" of reaching a confidentiality agreement "was simply taking too long to come to any natural conclusion".
With the discussions having broken down, Prime Minister David Thompson yesterday held a meeting with CLICO Holdings Barbados Limited board of directors with the aim of paving the way forward.
Chairman Leroy Parris, along with a number of directors including Anthony Ellis and Leslie Haynes, were among the first to be ushered to the third floor at Government Headquarters, Bay Street, for the meeting. None of them shed any light on the matter, nor did the Prime Minister.
Recent developments have come on the heels of reports that a Venezuelan company, a Trinidadian concern, as well as a consortium of Barbadian companies had expressed interest in buying the CLICO insurance portfolio from the CLICO Holdings Barbados group.
Meanwhile, yesterday's meeting, which was called by the Prime Minister, lasted more than an hour before Thompson left to attend another meeting at about 12:45 p.m.
Parris and 11 other board members left 15 minutes later.
When contacted later in the afternoon, CLICO Holdings president and director Terrence Thornhill said he was unable to comment on the morning's meeting.
CLICO is $54 million in deficit of its statutory reserve requirement. The company is a subsidiary of CLICO Holdings Barbados. (TM)
2 comment found!
Not a squeak! : 5/9/2009
See what I mean... tightlipped again! Not a squeak to the Policy holders. Boy I tell you! To Bias Reporting: Can't you take off your blinkers and see what has happened to CLICO in Trinidad, Bahamas, Guyana and other islands too? What targetting are you talking about? Who cares about a relationship between Thompson and Parris? What we care about and have a right to know is what's happening to our money. We the policy holders didn't invest to be tormented this way now. Alico's turn is coming, just you wait and see. Did you read what happened to AIG (THE ARROGANT, IGNORANT AND GREEDY) and the big bonuses? Americans are not like Bajans who just talk, they take action. CLICO finds itself in this position because of greed, poor management and strategic planning and lack of education. Look at the salaries an perks of for example the Chairman and management team, listen to the Chairman when he speaks, what is he saying? why overextend trying to purchase every dead plantation on the island and calling it investment(dead means dead). You can just go and buy up everything because there is some money and you have an idea and want to appear successful in the public'e eye. How often were acturarial studies conducted on CLICO Life Insurance in particular? In such operations with big payouts, these studies are necessary and merely auditing on an annual basis is not enough. We policy holders have a right to know alot more. Dumb.
Bias reporting : 5/9/2009
As a policyholder of CLICO I am very concerned by the recent events affecting the company but I am more worried by the politics of it all. How come no one is talking about ring fencing Alico a subsidery of AIG that has received 85 Billion from the Obama administration? How come no one is talking about the recent write down in assets of Sagicor and termination of employees? Where are the unions? How come no one is talking about the bailout of Butterfield Bank by the Bermuda Government and the recent decline in rating from "C" to "C-"? Are there other companies with statutory deficits? Where is the opposition leader on these very important issues. All's quiet on the Western front. It seems to me something is not right here. Is Clico targeted just because of the relationship between the Prime Minister and the Head of Clico or there is something else that I am missing.
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