Latest update April 18th, 2024 12:59 AM
Apr 17, 2017 News
Finance Minister, Winston Jordan sought to set the record straight recently regarding the return of Chairman of CL Financial Group, Lawrence Duprey to Guyana.
According to the economist, Duprey has three things on his agenda: apologize for Colonial Life Insurance Company (CLICO)’s past misgivings, understand how much CLICO owes Guyana and undertake certain investments if allowed.
Jordan told the media that priority for Guyana will be getting back the money owed to it by CLICO.
“Our priority is to get back our money essentially, and like we said, unless it is a rogue investment, we don’t look down on investments generally and certainly not coming from a sister Caricom organization. So let’s focus on the things that really matter…,” the Finance Minister expressed.
“We want back our money and once that can happen, we will look at other things.”
Jordan said that if Duprey is willing to go into areas where there is very little investment then, “I don’t see why we should refuse.”
CL Financial Group was the parent company of CLICO, an insurance giant which was based in the Caribbean.
CLICO served the region for over 60 years. Its mission was to become the company of choice among life insurance buyers in Barbados and the Eastern Caribbean.
At the helm was Leroy Parris, former chairman of CLICO Holdings Barbados Ltd., which included services such as CLICO International Life Insurance Ltd. With 60 years of service under its belt, the company became one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide, with total assets exceeding US$100 billion.
By the turn of the century, rumblings of fraud and money laundering at CLICO were felt.
In 2005, there was talk of naive and greedy managers. There was talk of failure of government, regulators and auditors; of incompetence and failures at every level and at the highest levels within the company; and finally, fear and talk of CLICO needing taxpayers’ bailout.
Understanding the situation from his bird’s-eye view within the company, the Chairman decided to protect his interest and before the mess hit the fan, CLICO was presumably being looted.
By 2007 to 2008, there was no hiding the fact that CLICO was limping financially as well as its branches in other Caribbean territories, including Guyana. CLICO Guyana had approximately $6.9B invested in the Regional Insurance Company.
Many who invested in CLICO are still to receive their monies. Only a few were able to get compensation when the company flopped.
JAGDEO ADDING MORE DANGER TO GUYANA AND THE REGION
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