Barbadian Pressure Group selects name & seeks Legal Advice for CLICO Deposits
Channel: bajanreporter
Date: 01/04/2011

The correct name for this Alliance is BIPA not BIPHA as put forward in the Video (BAICO is pronounced the same as the Ice Cream acronym, BICO but it is in fact - British American, a CLICO subsidiary) -  last time this Pressure Movement met at Divi Southwinds they were only a 100 strong - this following time, when they convened at St Gabriel's Primary School there were at least 300 strong and they plan to reach at least 500 by July when they plan to not only take Legal Recourse via group-selected Attorney Tariq Khan, they also plan to bear down on the current Finance Ministry to ensure their original investments with CLICO do not disappear like a snow cone on an asphalt road in the noonday sun.

The Barbados Investors & Policyholders Alliance {BIPA} are creating a subscription based service to cover expenses like a fee for renting a Meeting Place, Printing Documents and Refreshments - the Steering Committee does not wish to earn a fee they like the rest of the group merely wish to reclaim investments which were made in good faith with what was once a popular organisation known for Private Pension Plans as well as insuring Mortgages.

The audience member who observed in CLICO documents that 160 Million were made in Profits in 2007 is Chris McHale. McHale you may recall is an astute businessman who previously owned both the Ship Inn and Ice Unlimited, he offered an intriguing suggestion whereby avoiding Receivership and adopting a similar game-plan to how the Obama Administration dealt with AIG, Lehman Brothers & Goldman Sachs in the Bailout Initiative.

Mr McHale also deplored the mainstream media for hiding the identities of CLICO Holding's local Directors yet blaring from rooftops anyone who has a Parking Ticket or using 'weed' on the Front Page or centre pages in their daily publications.

Tariq Khan says research has to be done to see and then decide how culpable either the Supervisor of insurance or the Finance minister are in this whole financial disaster where hundreds, if not Thousands, have  the potential to lose their Life savings.

Many BIPA members were ready to secure Mr Khan's services based on the proviso that action is initiated against the Crown (or Barbados Government in this case). They also appear ready to start petitions and protest action to spur the Freundel Stuart regime to maintain promises made by the late PM David Thompson that Barbadians' money in CLICO was safe and there is no need to get nervous when Trinidad was forced to confront its own version of CL Financial's apparent unravelling.

BIPA now intends to meet on a bi-monthly basis, they are also accruing Membership fees to provide Tariq Khan a one time retainer fee to be agreed upon between BIPA & the Attorney. The next scheduled meeting is tentatively slated for the last Wednesday in May.