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OFFICIAL CLICO THREAD

this is how we do it.......

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Re: OFFICIAL CLICO THREAD

Postby pugboy » August 5th, 2017, 12:30 pm

clico fiasco started badly under manning and was inherited over two more govts
none of them would have put this on the front burner coming into office

so bobol aside, it really is a huge task for any govt to tackle straight off the bat
far less as a new govt and our poor administration of these kinds of matters

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Re: OFFICIAL CLICO THREAD

Postby Redman » August 5th, 2017, 1:36 pm

The_Honourable wrote:A $78 million Commission of Enquiry basically said that Duprey and co do mess to cause the company to collapse where the possibility of criminal charges are high. Central bank spent $105 million on the Bob Linquist Forensic Audit. DPP hands tied because the office not getting enough funding from the Government to pay auditing firm Deloitte who is doing a criminal financial audit by the request of the DPP into CL Financial. A forensic audit may have to be called again into CL financial but this time to see what BS the government has been doing since they took over in 2009. Meanwhile, the Government running CL financial like a typical state company. Imbert saying is not he and blaming the previous administration where the fact is, the Rowley administration in government close to 2 years now so they have some responsibility just like the Kamla and Manning administrations.

So the question is, who worse running CL financial? Duprey or the Government?


Imbert talking crap-The PNM used the UNCs handling of the CLF mess on the platform to win elections.

IF and only if this admin can show documented action to change the state of play upon ascension into office,he can start talking blame(as frigging childish as it is )
But the way I see it is that since the ORIGINAL agreement seems not to mention repayment or interest-the intent of agreement was never to have to deal with it in that manner.

All of them culpable in this mess as it stands today.

the biggest beneficiary of this is the banking cartels with their deposits-and maybe GHL who is now just competing with SFC on the life insurance side

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » August 8th, 2017, 12:58 am

Financial Analyst David Walker believes Minister of Finance Colm Imbert has indeed stepped out of line by revealing the financial records of Clico Policy Holder Group spokesperson, Peter Permell.




CLICO, CL Financial & No Man’s Land Value. Produce the Pricewaterhouse Coopers valuation, good point by Afra.


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Re: OFFICIAL CLICO THREAD

Postby Miktay » August 16th, 2017, 12:36 pm

The_Honourable wrote:Financial Analyst David Walker believes Minister of Finance Colm Imbert has indeed stepped out of line by revealing the financial records of Clico Policy Holder Group spokesperson, Peter Permell.




CLICO, CL Financial & No Man’s Land Value. Produce the Pricewaterhouse Coopers valuation, good point by Afra.



David Walker :well said

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Re: OFFICIAL CLICO THREAD

Postby pugboy » August 16th, 2017, 4:59 pm

Afra Raymond write in papers today about who the principal players were in this fiasco of free taxpayers money
monteil, tesheira etc like what was mentioned in this thread

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Re: OFFICIAL CLICO THREAD

Postby Redman » August 17th, 2017, 8:10 am

If the CBTT Gov and the Min of Finance were depositors and a SHAREHOLDER in the group..i believe CIB not declared at time of interest....and it subsequently comes out that KNT got her money out in rollers and pajamas...on a weekend.

she was on all sides of the negotiating without disclosure......

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Re: OFFICIAL CLICO THREAD

Postby Miktay » August 17th, 2017, 9:40 am

Allyuh ever see Tesheria house? It not small...

That woman deceived many people in her time as MOF.

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Re: OFFICIAL CLICO THREAD

Postby Redman » August 17th, 2017, 12:29 pm

Yes BUUUUUUT

The heirarchy of the PNM would know...that Russel her husband left her his shareholdings-it was disclosed in her law suite against the private hospital for his death

The CBTT would have known.-what filings did she make? via SOI as a result of Clico submitions
CIB/CLF would have known cuz dais a shareholder and line Minister

So the CLF boys eh the issue-they are private sector-no fiduciary duty to us the people

BUT....
PNM Party could not 'eh know' -Monteil as Treasurer AND shareholder in CL...and long time associate of Russel Texiera
CBTT could not 'eh know'
SOI could not 'eh know"
GORTT could not 'eh know' -your minister of Finance-is a share holder in the largest financial group in the country, so ahhhhm exactly what due diligence did you do?

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Re: OFFICIAL CLICO THREAD

Postby 10-01 » August 18th, 2017, 1:56 pm

rt.jpg


:lol: :lol: :lol:

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » September 11th, 2017, 10:15 pm

Money done... Ramesh gone. Hear dem fees dey was calling :shock:


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Re: OFFICIAL CLICO THREAD

Postby Redman » September 12th, 2017, 7:05 am

Hahahahahahahahahqhqhqhahahahaha.

Thought they were in a position tidbit back CL.

The irony.

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » September 15th, 2017, 8:37 pm

The assets of CL Financial can now be liquidated. This as the high court ruled this afternoon to allow the government to wind up the conglomerate. Starts at 1:13:


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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » September 23rd, 2017, 10:06 am

Florida court orders Duprey to pay US$60m

FORMER executive chairman of CL Financial Lawrence Duprey was ordered by a Florida judge in July to pay more than US$60 million to British American Insurance Company (BAICO) in damages in relation to the TT$1.9 billion Green Island project in Osceola County, Florida.

The insurance company had taken Duprey and one of its former executives, chairman Brian Branker to court claiming a breach of fiduciary duties on their part by allowing it to pump billions of dollars into the real estate transaction which was executed by BAICO and British American Isle of Venice in January 2008 for the purchase price of US$295 million.

Duprey and Branker were ordered by Judge Erik P Kimball of the United States Bankruptcy Court in the South District of Florida on July 31 to each pay BAICO US$61,318,225, a total of US$122,636,450.

Court documents stated that the companies had pursued the land transaction that resulted in a loss allegedly exceeding $100 million.

This loss was a primary cause of the insolvency of the companies and their multi-national insolvency proceedings. It went on to state that Duprey was provided with due process in that he was personally served with process at the start of the case in January 2012 and the next month, he, through counsel, moved the court to dismiss the original complaint for lack of subject matter jurisdiction. However, this application was denied by the court in February 2013.
The order denying the motion to dismiss was served on attorneys for Duprey on March 2 that year. He was given 14 days within which to file an answer, but failed to do so.

In August of that year, Duprey’s attorney withdrew from the case.

Nothing done with case Between then and 2015, the court had granted permission for the companies to amend their claim and these amended complaints were sent to Duprey’s residence in Ft Lauderdale, Florida.

“In the ensuing two years, Mr Duprey did nothing at all with regard to this case. In contrast, during that time the companies were quite active. With defaults in hand against Mr Duprey and certain other parties allegedly central to the failed real estate transaction, the companies negotiated with a number of other defendants and entered into settlements for amounts far below the total damages allegedly suffered by the companies.

“Had the companies believed that they would have to go to trial against Mr Duprey, the marginal cost of going to trial against the settling defendants would have been low, significantly reducing the companies’ incentive to settle with them. During this time the companies participated in extensive discovery with other defendants.

“But, because Mr Duprey had been defaulted, the companies served no discovery on Mr Duprey relating to his involvement in the subject real estate transaction,” court documents stated.

The documents further stated that in October 2015, having finalized negotiations with other defendants and finding themselves ready to conclude this case, the companies properly and timely filed the Motion for Judgment against Duprey and Branker.

Three weeks later, more than two years after his prior counsel was permitted to withdraw in 2013, replacement counsel for Duprey filed notices of appearance. Duprey then filed a response to the Motion for Judgment and also filed the Motion to Vacate.

He argued that the Court should either dismiss the amended complaint or vacate the clerk’s default because the companies allegedly failed to properly serve him with the amended summons. He had also argued that his inactivity between 2013 and 2015 was not willful because he was 81 years old and his counsel withdrew from this case, and thus he did not realise he had an obligation to respond to the original complaint after denial of his motion to dismiss or to the amended complaint. Liable for damages However, that Motion to Vacate was also eventually denied and the companies’ Motion for Default Judgment granted.

But the court said even though the amended complaint well pleaded with regard to the claims against Duprey and Branker, it stated that the amended complaint did not present a specific request for damages.
The court said it was appropriate to require the companies to present evidence on the issue of damages and to permit Duprey and Branker to contest that evidence.

In the end, the court found that the Motion for Judgment should be granted in part, ruling that Duprey and Branker shall be held liable for damages.

The Express was unable to confirm yesterday if the court’s ruling had been appealed.

Source: http://www.trinidadexpress.com/20170922 ... -pay-us60m

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » October 6th, 2017, 2:19 am

US firm sues Duprey for US$122m

Former CL Financial (CLF) executive chairman Lawrence Duprey is being sued by a former subsidiary in the Bahamas for US$122 million, over a failed land development in Florida.

According to the lawsuit filed in the Port-of-Spain High Court on Monday, British American Insurance Company Ltd (Baico), based in Nassau, Bahamas, is seeking to recover the money, which represents the damages awarded to it by the United States Bankruptcy Court in the South District of Florida on July 31.

Baico is contending that while the legal proceedings were ongoing Duprey was living in Fort Lauderdale, Florida, but moved back to Collens Road, Maraval, without paying the court ordered damages.

The proceedings in the US were over Duprey’s breach of fiduciary duty in the company’s investment in the Green Island real estate development in Osceola County, Florida.

Baico invested US$295 million in the project which resulted in over US$100 million in losses.

The losses forced the company into insolvency and led to subsequent multi-national insolvency proceedings.

Baico first filed its US lawsuit against Duprey and its other executives in September 2009.

While the executives came to out of court settlements with the company, Duprey, a former director, and former chairman Brian Branker continued to challenge the claim.

Duprey, Branker and their attorneys were active in the case initially as they opposed several aspects of Baico’s claim.

After Duprey and his legal team were absent from the proceedings periodically between 2013 and 2015, the company obtained a default judgement against the duo.

Duprey then challenged the default judgement as he claimed his attorney had withdrawn from the case and he was not aware of its status.

These arguments were rejected by US Judge Erik Kimball in July.

Kimball said: “In the ensuing two years, Mr Duprey did nothing at all with regard to this case. In contrast, during that time the companies were quite active. With defaults in hand against Mr Duprey and certain other parties allegedly central to the failed real estate transaction, the companies negotiated with a number of other defendants and entered into settlements for amounts far below the total damages allegedly suffered by the companies.”

Kimball ordered Duprey and Branker to pay US$122,636,450 in damages and US$247,960 in interest.

Baico is being represented by Andre Rudder and Bryan McCutcheon. A date for hearing of the lawsuit is yet to be set.

Source: http://www.guardian.co.tt/news/2017-10- ... rey-us122m

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » January 12th, 2018, 6:57 pm

Permell satisfied with govt’s NIF

Chairman of the Clico Policyholders Group Peter Permell says he is satisfied with Prime Minster Dr Keith Rowley’s announcement of a plan to consolidate Clico’s assets into a National Investment Fund (NIF).

This will result in greater accountability and transparency, Permell told Newsday, allaying one of the group’s main concerns, that assets should be sold for a fair market price. In 2009, the government rescued the beleaguered insurer, bailing it out to the tune of $23 billion. To date, it has been repaid just over $8 billion. It is still owed $15 billion, and last year the government applied to the court to liquidate assets to repay taxpayers.

Rowley said in his speech on Sunday that to ensure the widest possible public participation in ownership of these Clico shares, it was the government’s intention that the company’s major assets should be placed in the NIF, units of which will be available to all.

Permell did note, however, that nothing was said on the balance owed to some 15,000 policyholders, who are contractually obligated to be repaid once the government’s debt has been settled.

“Once the government gets back its money from the bailout, then whatever residual balance is due to the policyholders,” Permell said, adding that the group supports the government’s strategy.

Source: http://newsday.co.tt/2018/01/08/permell ... govts-nif/

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » January 12th, 2018, 6:58 pm

Policyholders cautious on Clico plan

Members of the Clico Policyholders’ Group are not convinced by Prime Minister Dr Keith Rowley’s declaration that an end is in sight in the Clico/CLF matter and are waiting to see when and how their members will benefit.

The group’s chairman Peter Permell described Rowley’s announcement on the disposal of the company’s assets as comforting. He had previously raised concerns that the process to dispose of the assets was clandestine and non-transparent.

“In that sense, I take comfort he has addressed those concerns,” he told the T&T Guardian yesterday.

However, he added: “The issue of outstanding monies owed to the policyholders has not been addressed.”

Rowley said in Sunday that the asset transfer process was continuing apace: “In order to ensure the widest possible public participation in ownership of these shares, it is our intention that the major assets of the group, as they become available from the liquidators, will be placed in a newly created National Investment Fund (NIF), units of which will be available for purchase by all.”

He said once the NIF is established units will be available to the public and institutions for purchase before the middle of this year.

Rowley said it was not in the public’s best interest for CLF and Clico companies to be sold to selected private individuals. Instead, they should be preserved for the benefit of citizens who will share in them by purchasing units through the NIF, the Unit Trust Corporation, or by becoming beneficiaries through the NIB.

The CLICO Policyholders’ Group had previously expressed grave concerns that the companies’ assets were being under-valued and sold for far less than they are worth to selected party financiers. Yesterday Permell conceded that Rowley’s explanation of the proposed process signalled a level of transparency and accountability that had been previously lacking.

But he added: “Yes, he has addressed the Clico issue but not specifically as it relates to the 15,000 plus policyholders’ who have not yet received the full extent of their contractual obligations from Clico.”

Source: http://www.guardian.co.tt/business/2018 ... clico-plan

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Re: OFFICIAL CLICO THREAD

Postby eliteauto » January 24th, 2018, 9:52 pm


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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » January 25th, 2018, 1:08 am

eliteauto wrote:http://newsday.co.tt/2018/01/24/afra-raymond-to-get-clf-information/


Files might buss

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » February 8th, 2018, 1:48 am

In every good thriller, there comes a point where the right questions get asked, but agents of secrecy work double time to conceal the truth using every tactic in the book.

It seems that the agents of the State are aware of our impending proximity to the truth, and I'm being met with resistance, be it intentional or not.

The plot thickens! Check out this week's article to read more about the events to have followed my instrumental win

https://afraraymond.net/2018/02/07/cl-f ... -part-two/

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » May 10th, 2018, 1:31 pm

FINANCE MINISTER OUTLINES PLANS FOR PUBLIC OFFERING FOR SOME CL FINANCIAL ASSETS


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Re: OFFICIAL CLICO THREAD

Postby TheBoostLord » September 27th, 2018, 3:19 pm

Court rules Duprey to pay US$122 million in damages over land matter

Date: Thursday, September 27, 2018 - 14:30

Former CL Financial (CLF) executive chairman Lawrence Duprey has been ordered to pay over US$122 million in damages to the company's former subsidiary in the Bahamas, over a failed land development in Florida.

Delivering a 16-page judgement at the Hall of Justice in Port-of-Spain this morning, High Court Judge Ricky Rahim dismissed Duprey's defence to the multi-million dollar lawsuit in which British American Insurance Company Ltd (Baico) was seeking the recover the money, which represents the damages awarded to it by the United States Bankruptcy Court in the South District of Florida in July, last year.

Provided that Duprey does not appeal Rahim's decision, the company, based in Nassau, Bahamas, could move ahead to have Duprey's local assets seized by the court and auctioned off to clear the debt.

During yesterday's hearing, Rahim granted Duprey's lawyers a 28-day stay of judgement for them to consider whether to appeal.

As part of the ruling, Duprey is also required to foot 55 percent of Biaco's legal bill for bringing the claim.

In his defense, Duprey was challenging that US court's ruling as he claimed that it was in breach of natural justice as he was not represented by an attorney during the hearings and was not aware of the status of the case.

Rahim rejected Duprey's claims as he pointed out that Duprey's attorney only withdrew from the US case when it had already reached an advanced stage.

He also stated that the evidence showed that Duprey was kept informed of the progress of the case as he was regularly emailed by court officials after his attorney withdrew.

While Duprey claimed that he is not tech savvy and needed assistance in reading and replying to emails, the evidence showed that he had communication with the court via email during the hearings in Florida.

"Consequently, the court finds that the defendant's claims of being unaware of the email was disingenuous," Rahim said.

The proceedings in the US were over Duprey's breach of fiduciary in the company's investment in the Green Island real estate development in Osceola County, Florida.

Baico invested US$295 million in the project which resulted in over US$100 million in losses.

The losses forced the company into insolvency and led to subsequent multi-national insolvency proceedings.

Baico first filed its US lawsuit against Duprey and its other executives in September 2009.

While the executives came to out of court settlements with the company, Duprey, a former director, and former chairman Brian Branker continued to challenge the claim.

Duprey, Branker and their attorneys were active in the case initially as they opposed several aspects of Baico's claim.

After Duprey and his legal team were absent from the proceedings periodically between 2013 and 2015, the company obtained a default judgement against the duo.

Duprey then challenged the default judgement as he claimed that his attorney had withdrawn for the case and he was not aware of its status.

These arguments were rejected by US Judge Erik Kimball in July, last year.

Duprey did not appeal the judgement in the US as he claimed that he was prevented by health and financial constraints. Duprey raised the issues in his defense against the claim before Rahim but they were rejected as they were not substantiated by evidence.

Baico was forced to file the local proceedings against Duprey as he moved back to Trinidad without paying the court ordered damages. It was required as there is no legislative arrangement for the registering US judgements in T&T.

Biaco was represented by Andre Rudder and Bryan McCutcheon, while Vivek Lakhan-Joseph represented Duprey.

http://www.cnc3.co.tt/press-release/cou ... and-matter

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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » October 28th, 2018, 10:18 pm

Activist still waiting on Clico info

Image

In January, the Ministry of Finance agreed to release all documents related to the Clico bailout to public transparency activist, Afra Raymond, as allowed by the Freedom of Information Act (FOIA). Today, ten months later, he’s still waiting.

“This is the largest single expenditure of public money on a single exercise and it is imperative that full transparency is obtained,” Raymond told Sunday Newsday.

In 2009, when Clico, one of the region’s biggest conglomerates, was on the verge of collapse, the TT government stepped in, agreeing to bail out the company. Today, the government has spent about $23 billion, a necessary expense, the country was told, to prevent economic catastrophe.

Raymond has been fighting for this information—specifically the accounts of CL Financial in whatever form they are available; the presentation made by former finance minister Winston Dookeran and former Central Bank governor Ewart Williams in 2011 to lobby support for new laws for the bailout; and payee details for the executive flexible premium annuity (EFPA)—since 2013 when he filed a suit against the Finance Ministry for denying his FOIA requests.

“This is a fundamental matter of economic and social justice. This is important because our hospitals do not have enough bed spaces, soap toilet paper, medicines. The Director of Public Prosecutions does not have enough staff. There is a chronic shortage of affordable housing and yet, amidst all this sacrifice and holding strain, our Treasury could allocate $25 billion to pay the debts of the Caribbean’s wealthiest man. Well I tell you, virtually interest-free too!” Raymond said. The overall interest, according to his calculations, was less than one per cent, he said, when at the time, the average interest rate on a loan for a business would have been 11.8 per cent.

In 2015, High Court Justice Ronnie Boodoosingh ruled that the ministry had to provide the requested information. The state appealed, but in January, Raymond and the ministry settled, and he was granted a consent order. Raymond withdrew his request for the ministry and Central Bank’s presentation and the ministry agreed to provide the CL Financial’s unaudited financial statements from 2008-2011 and any list of CL Financial creditors at the date of the request, the names of the EFPA holders, dates of repayment and identities of those who received payment.

The ministry has complied—but only to an extent. “I have only received summary information so far and the ministry is now refusing to give details of these payees, citing concerns about crime and so on,” he said, calling the ministry’s dodge “unacceptable.”

Sunday Newsday understands that the office of the permanent secretary in the Ministry of Finance is supposed to handle the handover, however, attempts to clarify the status Raymond’s documents were difficult. When contacted for comment, the PS, Vishnu Dhanpaul, dismissed the request, saying he could not comment. When asked why, he said, he would not comment. Asked if he would at least like to hear the reason for the call, he said no.

Finance Minister Colm Imbert, on the other hand, was more accommodating. When asked about the issue, Imbert seemed surprised it was still outstanding. Imbert recalled the case, and that the ministry had agreed to give Raymond whatever they had. “If he says he didn’t get what he asked for, that’s easily rectified…Whatever pertinent information we have at the ministry, I will ask the PS to provide it once I have a better understanding of the issues and what (Raymond) is looking for.”

Source: https://newsday.co.tt/2018/10/28/activi ... clico-info

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Re: OFFICIAL CLICO THREAD

Postby Redman » November 2nd, 2018, 8:48 am

Morning,
Any one have a time frame for the liquidation of a Clico pension plan.

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Re: OFFICIAL CLICO THREAD

Postby dogg » November 2nd, 2018, 10:33 am

Anyone knows what will happen to ClICO INVESTMENT FUND (CIF) shares after the fund expires?

Also is there any update on NCBFG's lapsed bid for the GHL takeover?

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Re: OFFICIAL CLICO THREAD

Postby snatman » November 16th, 2018, 10:07 am

Sooo, who's the mystery "preferred buyer" that's going to tek over?

any guesses??

Massy? Sagicor? Republic Bank?

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Re: OFFICIAL CLICO THREAD

Postby hydroep » December 2nd, 2018, 6:12 am

Bahamas firm owed debt unearths T&T sell-off plan
$1B in Duprey assets frozen
Darren Bahaw & Renuka Singh


Busi­ness ty­coon Lawrence Duprey has been blocked by the High Court from dis­pos­ing of over $1 bil­lion in as­sets, in­clud­ing three mega es­tates and a lo­cal in­sur­ance com­pa­ny, af­ter a freez­ing in­junc­tion was sought by the com­pa­ny’s for­mer sub­sidiary in the Ba­hamas over a failed land de­vel­op­ment in Flori­da.

This new in­junc­tion grant­ed by Jus­tice Ricky Rahim to British Amer­i­can In­sur­ance Com­pa­ny (BAICO), blocked Duprey from at­tempt­ing to sell off Mo­tor One In­sur­ance Com­pa­ny and over 700 acres of land that fell un­der the for­mer CL Fi­nan­cial boss.

The pro­ceed­ings stat­ed that Gary Du­mas, an­oth­er one of Duprey’s busi­ness part­ners, con­firmed that sale of a valu­able co­coa es­tate was dis­cussed with a for­eign buy­er and that Duprey was in the coun­try for a short time which co­in­cid­ed with the sale of the land.

“Mr Duprey’s al­leged rea­son for be­ing in Trinidad, ie, to sign pa­pers for an ap­peal is un­con­vinc­ing. His sig­na­ture would not be re­quired to file an ap­peal,” BAICO lawyers said in the in­junc­tion.

Du­mas, BAICO said, has al­so con­firmed the sale of small­er pieces of land.

BAICO claims a “se­ries of com­plex cor­po­rate struc­tures and trans­ac­tions de­signed to de­feat cred­i­tors” show that Duprey and his part­ners con­spired to avoid the op­er­a­tion of the law.

Duprey and the oth­er play­ers in this mat­ter could face a fine or im­pris­on­ment if the freez­ing in­junc­tion grant­ed in the mat­ter is breached.

The in­junc­tion freez­ing Duprey’s lo­cal as­sets was ob­tained against him by BAICO’s lawyers late in Oc­to­ber and now gives him very lit­tle con­trol over what was once his vast wealth. Ac­cord­ing to the new terms of this in­junc­tion, Duprey is al­lowed some US$500 per week as liv­ing ex­pens­es and the ju­di­cial man­ag­er of BAICO must ap­prove any le­gal ex­pense be­fore it is in­curred. The freez­ing in­junc­tion on Duprey re­mains en­forced un­til he makes good on a US$122 mil­lion pay­ment owed to BAICO or un­til the in­junc­tion is dis­charged.

In the in­junc­tion, BAICO’s at­tor­neys said they were con­cerned that Duprey was try­ing to sell off por­tions of his as­set base to di­min­ish the ap­pear­ance of his hold­ings in or­der to avoid a court-or­dered re­pay­ment of the US$122 mil­lion to the in­sur­ance com­pa­ny.

BAICO had sued Duprey in 2009 for a breach of fidu­cia­ry du­ty over the com­pa­ny’s in­vest­ment in the Green Is­land re­al es­tate de­vel­op­ment in Osce­o­la Coun­ty, Flori­da. BAICO filed a US-based law­suit against Duprey over a soured deal which saw the com­pa­ny los­ing some US$100 mil­lion and go­ing in­sol­vent. BAICO had in­vest­ed $US295 in the re­al es­tate de­vel­op­ment led by Duprey and when CL Fi­nan­cial col­lapsed it took BAICO with it.

BAICO was forced to file the lo­cal pro­ceed­in­gs against Duprey to move against as­sets in this coun­try af­ter he moved back to Trinidad and To­ba­go with­out pay­ing the US court-or­dered dam­ages. The lo­cal ac­tion was re­quired as there is no leg­is­la­tive arrange­ment for the reg­is­ter­ing of US judge­ments in T&T.

In an over 200-page court doc­u­ment ob­tained by Guardian Me­dia, Duprey ad­mits to the ju­di­cial man­ag­er of BAICO that he and his wife moved “var­i­ous as­sets” to an­oth­er com­pa­ny be­long­ing to Carl­ton Reis. The de­tails of the trans­ac­tions are an in­tri­cate web of deals and as­set trades be­tween Duprey, Reis and Gary Du­mas.

“Duprey and his wife al­so ad­mit­ted that they moved var­i­ous as­sets be­long­ing to Mr Duprey to Reis Fi­nan­cial and Carl­ton Reis, the di­rec­tor of the Duprey Com­pa­nies pur­suant to an arrange­ment where­by Mr Duprey would still re­ceive mon­ey from those as­sets with­out legal­ly own­ing them,” the court doc­u­ment said.

Duprey is now al­so in dis­pute with Reis Fi­nan­cial about the own­er­ship of the Duprey Com­pa­nies, al­leged­ly be­cause “Reis and Reis Fi­nan­cial have de­cid­ed to take ad­van­tage of the sit­u­a­tion and breach the terms” of their ex­ist­ing arrange­ment.

Ac­cord­ing to the doc­u­ment, the for­mer busi­ness part­ners are now at odds over the own­er­ship of as­sets but BAICO is ques­tion­ing whether this fric­tion be­tween the two is re­al or de­signed to cre­ate the im­pres­sion of a fall­out.

“Giv­en Mr Duprey’s pre­vi­ous con­duct of be­ing will­ing to move as­sets to Reis Fi­nan­cial to hide his true own­er­ship, BAICO have con­cerns and wish to in­ves­ti­gate whether the dis­pute be­tween Mr Duprey and Reis Fi­nan­cial and/or Mr Reis is gen­uine or a smoke­screen to fur­ther their pri­or du­plic­i­ty,” the court doc­u­ment stat­ed.

“While in the short time since ob­tain­ing the or­der, no sale has been iden­ti­fied, BAICO re­lies on the fol­low­ing ev­i­dence that there may be a sale in progress or un­der ne­go­ti­a­tions,” the doc­u­ment added.

“Im­por­tant­ly, Mr Reis states in the Reis af­fi­davit that he and Reis Fi­nan­cial are in dis­cus­sions to sell Mo­tor One, one of Duprey’s com­pa­nies. It is clear that Mo­tor One will be sold if the Or­der is dis­charged which will re­sult in yet an­oth­er as­set be­ing dis­si­pat­ed and the funds pre­sum­ably trans­ferred out of the reach of BAICO.”

The in­junc­tion, lodged back in Oc­to­ber on be­half of BAICO, al­so bars Duprey’s cur­rent and for­mer busi­ness part­ners, Du­mas and Reis, from dis­pos­ing of as­sets be­long­ing to eight of Duprey’s com­pa­nies, in­clud­ing his hold­ings in Mo­tor One In­sur­ance Com­pa­ny, Stech­ers Ltd and more than 700 acres of agri­cul­tur­al land.

Ac­cord­ing to the doc­u­ment, BAICO be­lieved Duprey trans­ferred shares to Reis Fi­nan­cial “as part of a scheme by Mr Duprey to trans­fer as­sets out of his own­er­ship to third par­ties to hold on trust or as nom­i­nee for him in or­der to frus­trate at­tempts by cred­i­tors to seize his as­sets.”

The pro­ceed­ings state that at a meet­ing, both Duprey and Du­mas ac­knowl­edged that the is­sue of 49,999 shares in Prism Agri to Du­mas was not a “gen­uine arms-length trans­ac­tion.”

“It was un­der­tak­en to give the im­pres­sion that Duprey was no longer the ma­jor­i­ty share­hold­er in Prism Agri,” the law­suit con­tests.

The law­suit al­so con­tests that Du­mas did not pay Duprey for the shares trans­ferred to his name.

In the doc­u­ment, Duprey and his wife al­so ad­mit­ted that they moved some of his as­sets to Reis Fi­nan­cial and made Reis the di­rec­tor of the Duprey Com­pa­nies “pur­suant to an arrange­ment where­by Mr Duprey would still re­ceive mon­eys from those as­sets with­out legal­ly own­ing them.”

“BAICO be­lieves this was plain­ly an­oth­er at­tempt to frus­trate any at­tempt BAICO might take to en­force against Duprey’s as­sets”

Ac­cord­ing to the court doc­u­ments, the freez­ing in­junc­tion bars sale or dis­pos­al of any as­sets as­so­ci­at­ed with Dal­co Cap­i­tal Man­age­ment Com­pa­ny Ltd, La Maraqui­ta De­vel­op­ment Com­pa­ny Ltd, e llus­tri­um Ltd, In­dus­tri­al Com­mer­cial De­vel­op­ment (T’dad) Ltd, Mo­tor One In­sur­ance Com­pa­ny Ltd, Stech­ers Ltd and Collt­wofour Ltd.

The pro­hi­bi­tion al­so in­clud­ed Duprey’s pri­vate res­i­dence in Mar­aval.

700 acres of land part of vast as­sets

In a sep­a­rate af­fi­davit, Reis con­tra­dict­ed Duprey and said that he paid him fair­ly for the shares in Duprey’s com­pa­nies.

Reis said the ma­jor­i­ty share­hold­ing in Duprey’s Dal­co Cap­i­tal Man­age­ment Com­pa­ny Ltd was trans­ferred to Reis Fi­nan­cial Ser­vices Ltd le­git­i­mate­ly through a share sale agree­ment back in Feb­ru­ary 2014 for some $3.5 mil­lion.

Duprey’s ma­jor­i­ty shares in Prism Trust and Fi­nance were trans­ferred to Reis Fi­nan­cial Ser­vices for some $12 mil­lion and Duprey’s oth­er one or­di­nary share in e llus­tri­um, the com­pa­ny that op­er­ates Stech­ers, was trans­ferred to Reis Fi­nan­cial for $3 mil­lion.

Reis al­so pro­vid­ed de­tails on the over 700 acres of agri­cul­tur­al lands which are part of the lien.

In that doc­u­ment, Reis said that the La Maraqui­ta Es­tate is ap­prox­i­mate­ly 150 acres and was last val­ued at $13.5 mil­lion. The Ca­nary Es­tate is ap­prox­i­mate­ly 121 acres and was last val­ued at $1.4 mil­lion, the Hen­ry Es­tate in Moru­ga is ap­prox­i­mate­ly 512 acres and list­ed at $12 mil­lion. Reis al­so de­tailed two oth­er es­tates - Pen­land and one lo­cat­ed in Wood­brook - but was un­able to pro­vide any val­u­a­tions on those prop­er­ties.

“I am in­struct­ed that La Maraqui­ta Es­tate and Pen­land Es­tate are cur­rent­ly the sub­ject of sev­er­al ac­tions be­fore the court be­tween Prism Trust, Kall­co Ltd, Mo­tor One In­sur­ance Com­pa­ny Lt, Reis Fi­nan­cial Ltd, a com­pa­ny called La Maraqui­ta De­vel­op­ment Com­pa­ny, Pen­lands Es­tate De­vel­op­ment Com­pa­ny Ltd and oth­ers,” Reis said.

He said the lands in Moru­ga was sub­ject to squat­ters and statu­to­ry ten­an­cies.

The Re­spon­dents to the freez­ing in­junc­tion are to file fur­ther ev­i­dence by Jan­u­ary 2019 with the mat­ter ad­journed to Jan­u­ary, 18, 2019. Lawyers from JD Sel­l­i­er and Com­pa­ny, Bryan Mc Cutcheon and An­dre Rud­der, rep­re­sent BAICO


http://www.guardian.co.tt/news/bahamas-firm-owed-debt-unearths-tt-selloff-plan-6.2.728095.2a15d681c3

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sMASH
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Re: OFFICIAL CLICO THREAD

Postby sMASH » December 2nd, 2018, 9:38 am

while they force him to stay in charge and pay off the debts, we paid him money and took over the debts.. with the clause by theifchera to sell him back the companies if he chooses to rebuy them.

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The_Honourable
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Re: OFFICIAL CLICO THREAD

Postby The_Honourable » January 30th, 2019, 8:34 pm

On this day 10 years ago...

pugboy
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Posts: 25284
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Re: OFFICIAL CLICO THREAD

Postby pugboy » March 18th, 2019, 7:55 am

one of clico money men son died of heart attack today after some challenging years of health

when that casket close you dont carry anything with you and no amount of money can prevent it from closing either.....

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hydroep
3ne2nr Toppa Toppa
Posts: 5018
Joined: February 4th, 2007, 9:16 pm

Re: OFFICIAL CLICO THREAD

Postby hydroep » March 18th, 2019, 12:32 pm

pugboy wrote:one of clico money men son died of heart attack today after some challenging years of health

when that casket close you dont carry anything with you and no amount of money can prevent it from closing either.....


True dat, but it sure does give people "status" and the ability to afford the finer things in life while they're here. Not to mention, family and friends go probably be living nice after the perpetrators gone...:|

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