Search of Three Company files at CAIPO - Many Required Financials Not Found

Report on Friday, February 13, 2009 Search


None of these three companies appears to have filed all of the required financial statements. They all appear to have poor records of compliance.

My conclusion is that there is a minimal level of supervision. The lack of financial statements available to the public begs three questions:
“Why is this legally required documentation being kept from the public?”
“Do accurate financial figures exist for these companies?”
“Did the politicians have accurate financial figures on which to base their bail out?”

 

Take a look at the source documents for CLICO Holdings and you will be shocked!


CLICO Holdings (Barbados) Ltd. Company No. 414

Summary: CLICO Holdings (Barbados) Ltd. has a poor record of filing the required financial statements with CAIPO.

  • 1993 figures filed in 2006!
  • unconfirmed - have heard that CLICO, which had lost financial statements for a couple of years, sued CAIPO to get a certificate of good standing (Case number 1920 of 2005)
  • Thompson represented CLICO Holdings in another case and may have had a part in the case above
  • Update: the 2007 figures were stamped as received on 2/16/2009, three days after our initial search!

The lawyer responsible for forming the company is Peter Evelyn.

Many documents in the file were out of place and not filed in date order.

The file contained Consolidated Financial Statements from 1999 up to December 31 2006 prepared by PwC and 1993 to 1998 prepared by Deloitte Touche Tohmatsu International.

The December 31 2006 Financial Statements were stamped by CAIPO as having been filed with them Dec 28 2007.

The December 31 2005 Financial Statements were stamped by CAIPO as having being filed with them Aug 29 2007.

The 1993 to 1996, 1999 to 2004 Financial Statements were stamped by CAIPO as having been filed May 08 2006!

The 1997 & 1998 Financial Statements were stamped by CAIPO as having been filed with them March 20 2007!

The 2005 & 2006 Financial Statements did not have the notation “Certified a True Copy” and signed by the Company officer who filed them which is required by the CAIPO Office.

Source Documents: link


CLICO Property Development Inc. Company No. 6340

Summary: No financials.

The lawyer responsible for forming the company is Peter Evelyn.

The Directors are the same as CLICO Holdings.

The file contained no Financial Statements. There seems to be some association with a company called CLICO Proman Inc.

Source Documents: link


The Barbados Turf Club, Company No. 2940

Summary: Latest filed figures were for 2004.

The lawyer responsible for forming the company is Noel Gray Wilkie.

The file contained Financial Statements from December 31 1995 to December 31 2004 which were prepared by PwC and stamped by CAIPO as having been filed with them August 25 2005.

There was a second copy of the Financial Statements for December 31 1998 which was stamped by CAIPO as having been filed with them October 05 1999.


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