Company formed to recover CLICO funds

A group of Dominicans trying to recover funds they invested in CLICO and British American Life Insurance have formed themselves into a company to push forward their case.

The formation of the Waitikubuli Investors Policy Holders Alliance Limited follows the setting up of similar companies in Barbados and Antigua, where policy holders have been trying to get back their money invested, following the contagion caused by the collapse of Trinidad and Tobago-based CL Financial, which owned CLICO.

According to Attorney Zara Lewis of the Waitikubuli  group, at stake is EC$75-million worth of contributions to CLICO from Dominica, and 50 million EC dollars that Dominicans invested in British American (BAICO).

She could not say how many Dominican policy holders in CLICO and BAICO have been affected by the fallout from CL Financial some two years ago.

However the local company says it has on its books already, 54 policy holders whose interests it hopes to represent.

The policy holders and investors are holding a meeting on Thursday afternoon in Roseau to try to chart a way forward in the quest to recover their funds.

Lewis told Dominica News Online that they had so far had no updates from the judicial manager handling the CLICO matter, in terms of where he is taking the process.

“All we want is that the depositors get their money,” she explained.

Another company official, businessman Michael Astaphan, went a bit further “The objective is to try to get back the money invested plus some level of compensation,” he told DNO.

Dominica along with the other OECS countries and others in the region have been dealing with the fallout from CL Financial, which was the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the Caribbean.

It had become an investment holding company that supported a range of enterprises operating within such sectors as insurance, banking and financial services, real estate, manufacturing, energy and petrochemicals and health services.

CL Financial held investments in more than 65 companies in 32 countries worldwide with assets totalling about TT$100 billion.

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36 Comments

  1. claudius Anthony
    January 16, 2012

    bernie Madoff in defense of his Ponzi scheme stated that he only ripped off GREEDy people who wanted more.All those people who had access to and contributed in excess of 75million were just greedy and wanted more money to add to their already overflowing nest egg.they were enticed by the attractive interest being offered I say no sympathy for greedy people.Putting your money in the Credit Union is much safer and contributes to the overall development of Dominica

  2. Al
    January 14, 2012

    I also invested money in BA. What do I need to do to be a part of this recovery process?

  3. Concerned
    January 14, 2012

    This article could at least have given contact information for the group. I am totally amazed that no one has been held accountable for this fiasco.

  4. Ponzi scheme?
    January 13, 2012

    Do you all expect Govt. to pursue anything to help those Dominicans retrive their hard earned $$$$$$$$$?

    Do you all remember the revelations from wikileaks regarding a certain CLICO Top brass from Barbados who received a Dominica DIPLOMATIC passport? The story informed us that a certain political party got $$$$$$$$$ for the 2005 election campaign. up to now it has not been refuted by our officials in authority. How much did that CLICO Top Brass for our diplomatic passport? Where did that money go? What did he receive in exchange?

    Didn’t the guy try to obtain a US visa? Didn’t the US refuse that guy a US visa? Why? DNO and dominicans are quite aware of those things. Our officials just cannot deny those revelations. Due to pressure from the public, the DSS was forced to inform us of the millions that org. had invested in CLICO and BAICO. Dominicans got caught in what appeared to be a grand PONZI scheme.

    But what is most disturbing is that those excutives are free to roam about, while people who invested are reeling from their pains. No one is sure whether they will get one cent back. do not expect your Govt. to do anything to pressure those execs and bring them to justice like was done in the US with PONZI schemers.

    The truth, nothing but the truth shall set us free. No lie could live forever. People are at the mercy of those schemers and scammers.

  5. January 13, 2012

    admin i think it would be very good and in the interest of the dominican public to find out on our behalf the contact info waitukubuli investor policy holders…. whether telephone, email or website…. thanks

  6. red n blue eyes
    January 13, 2012

    As my blue eyes can see is the case of the bigger fish eating the big fish that eat the little fish cash in D ominica, there is nowhere for the bobolist to put their monies, so they take the risk of making more, but in this case,”more is less”.that is why I know there is no security in insurance, they are all just legal ponsiz schemes.

  7. Blue Blood
    January 13, 2012

    If this report of losses from the two insurance giants is correct, Dominica stakeholders collectively could lose 125 million dollars. This is indeed a lot of money for an economy the size of Dominica. I am puzzled that this kind of financial ruin has not yet started a sharp contraction in the local economy.
    When an economy faces this level of fnancial stress consumers usually crawl into a shell, severely cut back on spending which in turn sets off a negative feedbak loop that paralizes economic activity.
    The fact that this has not happened yet in the country might mean that there is a resilience in the economy from invisible sources of income, a phenomenon that has not atracted the level of attention it deserves.
    And I am referring to the activity known as drug trafficking, a taboo that no one in polite society wants to talk about, but which has obviously provided some level of support for an otherwise distressed economy.

    • lightbulb
      January 13, 2012

      or something more simple Dominicans do not invest in Dominica!! That is money that never entered the real economy.

      • naturegurl
        January 14, 2012

        I totally agree with you. Could not have said it better myself.

    • January 13, 2012

      blue blood…. as many may try to say otherwise… it is the dominicans in the diaspora which has our economy afloat… the countless barrels and western union monies coming in d.a…. the same dominicans in overseas our brothers and sisters in dominica like to cry down are the ones sustaining the economy… let no one fool you… drug men only for there selves… i see no way drug money help the country… the only ones who may benefit from drugs are vehicle dealerships and even then one would need some bank document when paying to show the money is legal…. our bros and sisters in the diaspora is keeping dominica afloat…

      • Blue Blood
        January 13, 2012

        Point well taken. May Skerrit needs to read your comment

      • red n blue eyes
        January 13, 2012

        Right on que MOTS !!!

    • Malatete
      January 13, 2012

      Dominica’s economy is still largely cash driven, which also undermines the proper collection of taxes but I guess “is so we like it!”. By the way, I hear our Russian off-shore bank also in trouble and the owner arrested for money laundering. We sure know how to pick them.

  8. lisa
    January 13, 2012

    High interest rates high risk. Dominicans just invest without asking for proof and getting concrete evidence, they just talk talk just like the agents and get answers with not backings. I hope this time around we will invest in other things in our country. Trinys corporates like to live on other people too watch yourself with all insurance companies. The all promise you a secured financial future. Now is ba and cl 10 years from now is another one.

  9. J.J.J.C
    January 13, 2012

    I invested in British American, DUTC and CLICO and they are all rotten.I was able to salvage $14.000 from British American Insurance.And not knowing my investment in CLICO was already in danger,I gave a large piece to CLICO,adding insult to injury.

  10. Brave
    January 12, 2012

    It was about time,,we want our life’s savings back

  11. Kalibud
    January 12, 2012

    Well the govt of TnT is giving back Trinis (all)their money, but nothing for others. Our govt need to act on our behalf.

    • Malatete
      January 13, 2012

      Our Govt. themselves are in the same boat and any losses they occur will be ours too.

      • Malatete
        January 13, 2012

        correction: “incur” instead of “occur”

  12. Peeping Tom
    January 12, 2012

    Thanks to the initiators of the group.

    Is there a commission to be paid to the group’s leaders? If so, at what rate? How do we find more information about the alliance?How does one sign on to the alliance?

  13. Sugar Cake
    January 12, 2012

    Eben Michael Astaphan have jokes. He want his money back plus compensation? Mister mad? Where that money going to come from?

    Garcon, the executives at CL Financial (the parent company) were milking those companies like crazy. I read on the T’dad Express how they fired an executive and were paying him full salary for over 3 years after. There was another one who was transferred from another division and he was paid TT$5 million as an incentive to take the other job.

    Another example, was when the T’dad government put a freeze on CL Financial assets, the CEO asked one of the executives to sell a major asset after the fact. There is an enquiry going on now and she was questioned about it. She said her loyalties lie with the CEO (Lawrence Dupry).

    I almost invested some major cash in B.A Insurance because they were paying 7% on cash deposits. I thought that was too good to be true, so I sat on the fence. Thanks God for my decision.

  14. Honesty
    January 12, 2012

    Unfortunately some of the money went up in Siwo during the 2009 election campaign- the turkey and ham was no free launch. There was a calypso couple years ago – Somebody have to pay for that.The private jet plane ride in and out of Dominica had to be sponsored one way or the other.
    According to Grab All why the governments in the region have not pursued this matter is strange.

  15. Queen
    January 12, 2012

    BA it is high time that investors receive their moneys back.This is just :oops:

  16. HookerL
    January 12, 2012

    i want my money, my mother want her money, my husband want his money, my father want his money, dominica want their money

    i want contact info for Waitikubuli group
    thanks dno

  17. say sa meme
    January 12, 2012

    Investors of Clico and British American lost millions of dollars, and that is really wrong.
    There are some other investors that lost money invested long before Clico and British American. These are the investors that invested in DOMINICA UNIT TRUST(DUTC) more than 10 years ago. I have money invested in DUTC and no one can tell me where my money is, and there are many other investors just like me. The government continually encourage people to invest in Dominica, but no one is responsible when investors lost money. There is no accountability, no standards, no principles. The PM said, in November 2010, that a decision would be made in a month on the DUTC issue. It is now January 2012, and still no information, no decision and investors are still waiting. I commend this venture on behalf of Clico and British American clients, because its just not fair for anyone to invest their hard earned money with any company, and just loose it all like that. The minister of finance, the financial secretary, the AG, the secretary in the DUTC office, the DUTC board(if it still exists) cannot provide any information or advice to investors who invested in DUTC. Who can we the public turn to when such a situation exists, who do we hold responsible and accountable?

    • Mystic
      January 13, 2012

      Anything to do with investment in Dominica, RUN by Dominica,stay clear of it.

      No accountability whatsoever!

      • lightbulb
        January 13, 2012

        your level of ignorance is amazing

  18. Anonymous
    January 12, 2012

    The sad thing is you can’t get hold of the Agents neither can they give information to investors. Alot of gratuity went down the drain and one have to start all over…God in control,

  19. ANGRY DUDE
    January 12, 2012

    The politicians get their monies alresdy…mwen foo choo lazot. that is why they are not not pressing the matter. Well Skerit mind is at peace now i hope he take it up and get the same Judge to fight the matter for Dominicans

  20. Informant
    January 12, 2012

    :twisted: Have you all contacted Clico & Beacon’s Employees to get the list of Insured persons Suffering from that loss? Will the Insured get their moneys back?

  21. smart
    January 12, 2012

    I would want to get the telephone number or some contact information for this group. I am one of the individual who is waiting on an answer from British America as to when i will be getting my monies back.

  22. January 12, 2012

    is there a way to get in contact with the Waitu kubuli company… any telephone number or website… i need to get in contact with them… i was just thinking of give B.A a call or visit the office… i’m not making that stress me… but at the same time i’m not letting my money go like that… we dominicans.. have worked hard and did what was right in our conscience to set a foundation for our families… this not a POLITICAL ISSUE…. it affected neither d.l.p… workers or freedom supporters… and honestly if there is something we can come together to put pressure on… it’s this british american fiasco…

  23. January 12, 2012

    sad thing is… there are agents who went overseas just b4 the collapse. some had inside info what was about to happen and they still enticed others to invest. i invested and felt that i was doing a good thing. well i was doing a good thing but with the wrong set of people. leading you down a road of darkness just to profit from your gain. i had no contact with my agent once that news started coming… i remember when AIG was getting in problems and i had just invested the sum of money… i was taking a trip to possie and some may know of the british american poster somewhere on the north… below it says… something like “subsidiary of A.I.G” ETC… when i saw that i started asking questions… i was told don’t worry, british american is covered with assets all over the caribbean and florida etc etc… yes my agent said that… a flesh and blood dominican like i am… when i was trying to find my agent… tooth and nail to explain to me… i found out the agent went to another land… my coming in and out in B.A office… i knew them cashiers or low level workers must have felt sorry for me… i’m still there holding strong… money come and money go but i have my life and sanity in God’s name… and i find the Gov’t isn’t putting much pressure on C.L AND B.A… so much money dominicans invest in this company and that is how we were treated and left in the desert….

  24. Grab all
    January 12, 2012

    Don’t hold your my people politicians in the region and right here in Dominica were in bed with the ponzi schemers. One of the lawyers selling our passports lost alot of money not only with the click and British America but on the stock market. I am not surprise why passport sales have crippled.
    Have we ever ask why our government has never touched the issue or promise Roswell redress. There are investors who are labor party supporters and are much to ashamed to say anything even when the promises made to set them up have not materialized.
    This is no hear say but definite know say.

    • Meetoo
      January 13, 2012

      To this notarious lawyer selling passports and lost millions in the stock market I can only say: easy come, easy go.
      If he had worked hard for his money like the rest of us he would be in tears. But he openly boasts about losing the vast sums that he did not legitimately earn so he does not feel the pain of ordinary Domincans.
      I just hope the Internal Revenue Service goes after him for the illicit income he earned from the sale of our birthright even if he lost some or most of it insurance failure and the US stock market.

  25. goy
    January 12, 2012

    Things are hard.Dominican invest overseas and blame the people of china & crazy, etc.

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