1989: CLICO Buys Land from Kingsland

When someone told me they had seen CLICO’s Lawrence Duprey looking at land belonging to Kingsland Estates Ltd., I took note. I am now in possession of a conveyance between Kingsland and Caribbean Commercial Trust Company Ltd. The latter company changed its name to CLICO Mortgage & Finance Corporation (CMFC).

CMFC Corporate Profile:

CLICO Mortgage & Finance Corporation (CMFC) was originally incorporated in 1984 as the Caribbean Commercial Trust Company Ltd. The company is registered under the Company’s Act and operates under a license issued by the Central Bank of Barbados in conformity with the provisions of the Financial Institutions Act 1996-16.

  • This company was formerly a client of now Prime Minister David Thompson.
  • CMFC is monitored by the Central Bank, which is under the portfolio of the Minister of Finance and Prime Minister, the same David Thompson.
  • David Thompson’s close personal friend is Leroy Parris, the Chairman of CMFC’s Board of Directors, and the Executive Chairman of CLICO Holdings Barbados Ltd, the Parent company of CMFC.
  • Recently the Central Bank of Barbados deposited up to BDS$10 million (US$5 million) with the CLICO Mortgage and Finance Corporation (CMFC)

Here is a copy of part of the conveyance (click to read the entire pdf file):

KEL CMFC Conveyance

 

Good Deal for CMFC - Buy Very Low and Sell High

As far as I can remember, Caribbean Commercial Trust Company Ltd. (now CMFC) paid roughly $100,000 for about four (4) acres WITH PERMISSIONS IN PLACE. This would be $25,000 per acre. Not long after, the same company sold one acre to Texaco for about $250,000. This was a $225,000 gross profit on a $25,000 investment - a 900% gross profit!

Most people are very happy when they make 9% on an investment. If I were ever to make 90% profit, almost doubling my investment, I would be ecstatic! Just imagine multiplying your investment by 10 - a 900% increase!

Do not be surprised if you did not see this land advertised at the low price. Low land prices like these are not available to the public! It appears that Kingsland shareholders were taken advantage of.


Another PDF Document: Kingsland to CCT


Related:

1987: BMLA Bought Prime Fort George Land for 50 Cents per Square Foot

Here (PDF download) is another set of Kingsland land this time being sold at 50 cents a square foot to the Barbados Mutual Life Assurance Company (BMLA) See my calculations in this spreadsheet. Please do not confuse this with the Keltruth Corp. BMLA blog.


Coming: BREWING SCANDAL? NIS Loans (Taypayer’s money) to CMFC - Documentation Missing from File?