Clico collapse ‘was avoidable’

Article by GERALYN EDWARD

HAD A WHISTLEBLOWER exposed some of the questionable activities in the CLICO/CL Financial companies, the outcome could have been different for the insurance entities that collapsed and then had to be salvaged with taxpayer funds.

The suggestion came yesterday from Lisa Padmore, a partner with the accounting firm Ernst & Young and president of the Institute of Chartered Accountants of Barbados (ICAB).

Responding to questions on the subject following an Association of Chartered Certified Accountants (ACCA) meeting on Governance In An Evolving Global Environment, at Hilton Barbados, Padmore said corporate governance remained a critical area in public and private businesses as well as publicly listed companies.

Padmore told the MIDWEEK NATION: “If you are a sophisticated reader of the financial statements of CLICO you might have seen things under related party transactions that you would have questioned.

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