NEWS circulating and later confirmed this week was that former Chairman of CLICO Leroy Parris was in police custody.
CLICO, which was once the largest conglomerate in Trinidad and Tobago collapsed in January 2009, and this has been described as the worst financial shock to ever be experienced by the Caribbean region. At the time, there had been a government established public commission of enquiry, according to Research Gate published reports, “to find out who and what were responsible for the fiasco at CL Financial subsidiaries CLICO, CIB and BA.”
On June 24, Barbados Today confirmed that Parris had been granted bail, to the tune of $1.5 million after he appeared in the District ‘A’ Magistrates Court. Multiple charges had been brought against him including theft, fraud and money laundering.
Parris is now 75 years old, and the Barbadian national is being accused of stealing BDS$3, 333,000 from CLICO International Life Insurance Limited, between December 1, 2008 and April 27, 2009.
There are further allegations that he conspired with others to defraud the company, around the same timeframe, by triggering a pay out on the part of the insurance company to Thompson and Associates.
Further, Parris is also being accused of cheating the Crown and the Commissioner of Inland Revenue of Public Revenue by not submitting tax returns in 2010, and for engaging in money laundering and concealing BDS$3 333,000 – “the proceeds of crime”, according to news reports.
After being taken into custody and assisting with investigations, Parris posted bail, which he had been granted with two sureties.
Leroy Parris’ next court appearance is on November 19, 2020. Until then, he is required to report to the Glebe Police Station twice a week (every Monday and Friday). Parris was also ordered to surrender his travel documents as investigations continue.