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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14 users commented in " Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out? "
Follow-up comment rss or Leave a Trackback[…] Keltruth Blog: Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out? […]
[…] I am highly concerned about the record-keeping of Barbadian companies. […]
@Keltruth
Why did you not provide copies of the notes to the financial statements you have provided for clico holdings?
The BTC would have current financials available. They hold an AGM every year around July and they are always ready for that. Whether they have filed copies or not is another matter and should be pursued by the authorities and the government who is now their main financier but of course that never happens. Even the former Govt declined to write off the BTC debt though it continued to grow. I guess the arguments put forward to the DLP were more convincing to them than they were to the BLP. It seems unacceptable that $19m of unpaid taxes, which represents cash received for tickets sold, should be written off.
Clico and related companies have been playing fast and loose for years. Neither government has seen fit to deal with them. This shows the level of cooperation that exists behind the scenes with the two parties.
“I won’t trouble your good friends who may be embarrassed and you leff me alone too. We gine mek nuff noise so de peepul think we serious but nuffen en gine happen.”
And Bajans really believe that the DLP are serious about CHANGE and TRANSPARENCY and ASSISTANCE FOR THE POOR. Give me a break. What relief have we had since the big “change”? Bus fares, petrol prices up and down. No wonder the No Confidence motion could not succeed. The trough still full and they have not had enough time to feed.
Insulted,
It would be expensive and time consuming for us to copy all of the notes. I put up the files so that you could see when they were stamped by CAIPO.
I would be grateful if you would send the complete financial statements to keltruth@yahoo.com so that I can post them.
bajanbat,
Thanks.
Yes. If the BTC files are incomplete, and they do not now bring the file up to date, serious questions should be asked.
Why would this information be withheld from the public?
[…] Not to mention that David Thompson was CLICO’s lawyer when they didn’t file financial statements for 13 years! And were those financial statements up to date when the David Thompson government bailed out CLICO for tens of millions of dollars earlier this year? Not on your life — you can look at the original source documents at Keltruth blog here. […]
[…] know the meaning of the words “due diligence”. Check out the Keltruth article Did Thompson’s DLP Have Audited Financials for the Companines that they Bailed Out? as well as our previous article Barbados Government Bailed Out CLICO Even Though Company Failed To […]
[…] the meaning of the words “due diligence”. Check out the Keltruth article Did Thompson’s DLP Have Audited Financials for the Companines that they Bailed Out… as well as our previous article Barbados Government Bailed Out CLICO Even […]
[…] record of failing to provide sufficient oversight and accountability when it comes to corporations. Corporations are allowed to get away with refusing to file financial information as required by law. When the current Prime Minister was a practicing lawyer, some of his big corporate clients like […]
[…] In the case of David Thompson, he personally acted as CLICO’s lawyer when the company failed to file financial statements for 13 years!!! (See Keltruth blog’s Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out?) […]
[…] This is? June 2009. Last week, 30 June 2009, Kingsland held an Annual General Meeting without producing the required audited financial statements for the past financial year. Will the Barbados Government investigate? Read this before you answer: Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out? […]
[…] David Thompson was once CLICO Holdings (Barbados) Limited’s lawyer. This was a company that reportedly went to court because it did not want (or was not able) to provide some annual audited financial statements! See: Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out? […]
[…] Keltruth Blog, March 6, 2009: Did Thompson’s DLP Have Audited Financials for the Companies that they Bailed Out? […]
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