Audit covered 119 transactions and $300m

Fri, Mar 20, 2015

The Forensic investigation into CLICO involved over 119 transactions and accounts totalling over $300 million.

The companies included CLICO International Life Insurance Limited (CIL), which was at the top of the table, accounting for over $135 million, and included Rayside Barbados and Rayside Trinidad, as well as Grant Hotels, Todds Estates and Wakefield Plantation.{{more}}

However, the judicial manager found there was no good record of the companies’ finances and specifically noted there were no banking records for CIL prior to 2006.

“We attended at CIL and conducted a search of CIL’s head office, including the vault and warehouse locations, to identify and recover relevant documentation. In addition, we attended on site at Rayside Construction (Barbados) and CLICO Property Development Inc to review further documents and obtained additional information from Todds Estates,” the report said.

“Generally, the historic documentation at CIL was not well organized and as such it was difficult to find complete sets of banking records or other supporting documents.”

The report also discovered that on July 22, 2008, CIL paid the law firm Thompson and Associates $15 million for the purchase of lands known as the Small Ridge Development.

But the agricultural plot, which was earmarked for residential use, never got off the ground.

“As the date of this report, Small Ridge Development Inc had not yet obtained formal approval to have the land use re-zoned from agricultural to residential,” the report pointed out.

(The full report may be downloaded from www.searchlight.vc)