Nation News, 4/1/2010: CLICO QUERY

QUESTIONS HAVE BEEN RAISED about the involvement of two senior CLICO Holdings Barbados Limited officials in a private insurance enterprise offering services similar to those of their Whitepark Road, Bridgetown company.

The WEEKEND NATION has learnt that both chairman Leroy Parris and president Terrence Thornhill are directors of the company, Professional Financial Services, which was incorporated in 1993 and offers similar business as their subsidiary CLICO General Insurance, including home insurance. CLICO General Insurance was recently sold.

Attorney-at-law Leslie Haynes was listed as a director of the company, according to documents of incorporation.

Leroy Parris has close ties to Barbadian Prime Minister David Thompson. According to Stabroek News, April 11, 2009, Thompson’s government had put “an initial US$5 million (BDS$10 million) into a “Liquidity Support Fund” to help maintain the viability of troubled financial giant CLICO and its subsidiary British American in the Eastern Caribbean Currency Union (ECCU).”

Will David Thompson be drawn into the fray?

Related: BFP - Were the CLICO pension funds segregated and managed separately as required in law??