(Barbados Nation) Executive Chairman of CLICO Holdings Barbados Limited, Leroy Parris says he has nothing to hide.
He was responding to a Back Page story in the WEEKEND NATION which queried his relationship with a company called Professional Financial Services.
In a statement issued on Saturday, Parris said there was absolutely no conflict of interest stemming from his relationship with that company.
He confirmed that he was a director of Professional Financial Services, but said the company did not write insurance policies.
In the story headlined CLICO Query, it stated that questions were being raised about the involvement of two senior CLICO Holdings Barbados Limited officials in a private insurance enterprise offering services similar to those of their Whitepark Road, Bridgetown company.
But on Saturday, Parris said the company was a registered insurance agency through which he, as an agent, had sold insurance for both CLICO International Life and CLICO General Insurance.
“Professional Financial Services is paid commissions on policies sold on behalf of both CLICO companies,” Parris explained.
Parris said Professional Financial Services also had “a management contract with CLICO Holdings Barbados Limited” and through his company, he provided “management services to CLICO Holdings” as executive chairman.
“This is perfectly legal and a common practice in corporate Barbados,” he said.
According to a copy of the company’s documents, both Parris and CLICO Holdings Barbados Limited president Terrence Thornhill were appointed as directors of Professional Financial Services in 1993.
On Thursday, in an interview with STARCOM NETWORK’s Stetson Babb, Thornhill said: “I know of the company, but I am not involved in any way and have never been involved in the runnings of the company and have never received any benefits from Professional Financial Services in any form.”
He also promised legal action against the paper.
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The WEEKEND NATION story also stated that Professional Financial Services Incorporated had been offering coverage for upscale homes, including a 2007 policy for a Clermont Terrace, St Michael residence.
A document obtained by the paper indicated Professional Financial Services as its “source” and the type of cover provided as “homeowners, including catastrophe perils”.
But Parris explained: “Insurance coverage of this property was switched to CLICO General from another company, after CLICO Holdings made a substantial investment in a company founded by the owner of the property.
“Professional Financial Services acted as the agent and received a commission of B$1,705 on a premium of B$13,640 paid to CLICO General,” he said. The total sum for which the property was insured was B$2.4 million.
Parris stressed he had nothing to hide and had worked honestly to achieve all that he had.
