Passing of Dr. Tony Gale

Dr. Tony Gale
BIPA Member

It was with much sadness that we heard of the passing of one of BIPA’s most loyal members, Dr. Tony Gale, on Wednesday 13th November.  Despite his increasingly ill health over the last few years, Tony would make the ever more challenging effort to attend BIPA’s meetings and would be most vocal in his frustration at the slow speed of a resolution to the CLICO debacle.

Small comfort that before he died, Tony did at least receive the first payment on his bond, and was thus aware that his dedication to the cause was not in vain.

Tony passed peacefully at the Rendezvous Ridge Retirement Home, where he chose to be for the last three months in order to be with his wife who survives him.

The BIPA Leadership Team send their condolences to Tony’s wife and family.  May his soul rest in peace.

Clico has every cent I have slaved for 33 years and refuse to give me what is mine

Thank you for taking the time to listen to my plight , please see attached copies of correspondence regarding this matter . The situation is so much worse than it was then, but I do not know where else to turn. The funds held by Clico is all the money I have left.

Here is some background information.

I got married at 20 years of age. By 21 I had a baby daughter and was pregnant with my son, during my pregnancy my husband deserted me and his two children. When my son was 2 weeks old I went out to work, first at Furniture Ltd. The same year securing a position as a secretary in one of the largest company groups here, in this position I moved from Secretary to a Management position, through hard work and putting in the hours. 2 years later My husband returned to the island and begged for a second chance, being young and foolish I reunited with him. A year later my last child was born and 2 years later I filed for divorce, after being shot, beaten, 22 stitches in my face and finally raped. My Ex husband was an abusive drunk.

I was now not 30 yet, with 3 children who the court had awarded me sole custody of, both my parents were dead, and I wanted no contact with my ex, therefore no support. I worked hard, for many years, I held two jobs 8-4 at my day job then 6 until at my night job. This was necessary in order to support my children. At no time during these years did anyone, not Clico, the government or any man, say here is $10.00 to buy food.

Later I was in a long time relationship and after about 10 years of living together I decided to go after my dream of owning my own home. I secured a mortgage from Clico. I paid all the fees myself, and moved into my dream home. 2 years later because my partner did not live up to his commitments and decided to gamble and drink instead , I could not continue to make the mortgage payments alone. Clico did not hesitate to take my home.

In 2008 having left my long time employer, not under good circumstances and in my own business, My trusted Insurance agent suggested it would be better to transfer my pension into Clico. This I did, and in September 2008, a cheque was deposited with Clico. Exactly 1 week later the news broke of Clico financial situation, and from that day I have been trying to get my money away from Clico.

I have written everyone, Supervisor of Insurance, Inland Revenue, Ministers, Clico, no one even hears my cries. In 2009 due to pressure from my ex employers and trying to save my home, my business was in trouble, but no where could I get money to save my business from going under.

Today, Clico took my home, I have no business, just scraps left, I have sold almost everything I own to pay bills, I have tried to secure a good paying job, but in this country when you are 55 years old, you are of no more service, so I am working all hours of the night for 7.00 an hr and slowly killing myself, all because Clico has every cent I have slaved for 33 years and refuse to give me what is mine.

I just want my investment

Thanks, I saw last Sunday’s issue and your interview.  I was listening this morning (Sunday,Feb 6th) to the radio program” In The Spotlight” and the mention of CLICO’s issues came to the fore, this came out of the discussion regarding LIAT.  PM Gonsalves indicated that LIAT had also invested in CLICO and was awaiting firm decisions of these results.

What has me worried is that the present Government seem not to want to touch the issues.

Questions are:

  1. Where will the money come from to pay us, Government have not money, they cannot meet their financial commitments each month (paying civil servants, paying suppliers etc, etc, etc.
  2. Leroy Parris and his top colleagues should be made to pay back the money they got on their exit from the company.  If this was the United States they will have to spend the rest of their lives behind bars. and their colossal properties seized.
  3. After the judicial review, what will be the decision, will this be communicated to the policyholders, or will they keep that under their sleeves.

I think  a tribunal formulated and proceed to the highest entity in order to get our funds.  Seize those properties of value for sale to facilitate payments.  The former leader of the Opposition had made certain demands of CLICO when she was in office, but obviously no one took her seriously.

June, to be honest, I am not interest in the Interest which has been accumulated – I just want my investment, which was my pension which I received when I retired from C&W.  Do you know todate I have not even heard from the Insurance Agent (Andrew Cave) who sold me the policy, I called Geoffrey Brewster – Managing Director, and I just get his voicemail.

I know that God is not sleeping, he might have on his pajamas, but not sleeping, he will work his purpose out for all of us.  We do not deserve this.

Can you please advise the time of the meeting to be held on Friday, Feb 11th.

Have a successful week ahead.

I retired public service in 2007 and invested $50,000

I, too am a CLICO investor and would like to attend the meeting slated for Friday, February 11. My story is this. I retired public service in 2007 and invested $50,000 in the annuity plan for a two year period with the plan to just enjoy a bit of travel when the investment matured.  My Flexible Annuity Plan matured on October 2009 at which time I turned in the policy documents. I have done just about everything since that day, called, written, gone to the HQ. Nothing!!

The really frustrating aspect of all this is that I was assured that the problems caused by Trade Confirmers could not happen here because our Government regulations were too strict and cemented so that my monies and that of all Bajan policy owners were secured. We have all learned differently.

I cannot start my home, am running up lots of debt, falling behind in bill payments

I too am an investor of $25,000 in CLICO’s Executive Annuity after encouragement from my agent. Having read your article in today’s Sunday Sun, I invested that money with the idea that I will be able to use it to build my home. Needless to say I cannot start my home, am running up lots of debt, falling behind in bill payments etc and of course watching my mother’s dream of seeing me in my own home fade away (she is now 71 years old, I am 38).

So even though I may not be able to fit in at this meeting I want to stay in contact with all others like myself because like all of you response from clico reps is just blank “i’m sorry ma’am but there is no further development , we are just playing a waiting game since we came under judicial management to see what will be done.” Meanwhile I am getting more and more discouraged. Thanks for your time and I look forward to hearing from you soon.

Invested in CLICO through their Flexible annuity policy

My wife and I took out two policies with CLICO during the year 2000. These policies were to assist our finances after retirement. We were advised that it would be beneficial to us if the policies were registered with the Inland revenue department and we had them registered. However after the financial problems with the parent company, we sought to have the money payed into the two plans return to us,but we were told it would not be possible siince the policies are registered.

We are therefore seeking to find out when and if we would be able to recover the over forty thousand dollars we have invested in Clico through their Flexible annuity policy.

I have been paying for the last 20 years and continue to pay up to today

I too have an EFPA with Clico, valued at $35,000.00. I have tried on numerous occasions to find out the status of my funds, but no one seem to be able to answer my questions.

I also have a life policy with face value $100,000.00 that I have been paying for the last 20 years and continue to pay up to today. I cannot hear anything about my investments, and would be grateful if I could get back even 70 to 90% of my original investment.

This is money for my ongoing medicals as I was in an accident and need therapy and possibly further medical treatment. We really need to hear from management and I NEED MY MONEY

I see that only since you have started publicizing these issues that Govt. has now issued an statement of intention to clear the air and appoint a judicial manager. Please keep up this pressure for it’s only when we unite that things will begin to happen.

I would like to attend the meeting on the 8th, can you give me more details.

Was assured that it was “safe”

In the latter half of 2008, a friend of mine received a letter from CLICO inviting persons to invest in an Executive Flexible Annuity Policy.   As I had just received my gratuity on retirement, I invested $100,000 in a CLICO EFA Policy in December 2008 as a nest egg for my retirement. The policy was for two years with interest of 6% paid annually.

When the news of CLICO Trinidad broke, I contacted my agent about the safety of my investment, and was assured that it was “safe”.

The first set of interest ($6,000) was due in December 2009, but none was paid until some 3 – 4 months later and only after I pressed for it. In October 2010 I wrote to CLICO indicating that I wished to withdraw my investment capital and the interest in December 2010 when the policy matured. The letter went unanswered, but I have not received either the interest of $6,000 that was due in December 2010, nor the principal that matured in December 2010.

I have, however, received a letter from CLICO stating that my policy of $106,000 would continue and would attract an interest rate of approximately 4.5% annually. Unfortunately, I was hoping to use the funds deposited for a project that I am working on, but alas, it appears that this is not to be.

Caught between a rock and a hard place

I highly commend you for your courage to be a voice for all those policy holders who feel hurt, frustrated and angry at the nonchalant way in which they are treated by CLICO.  Unfortunately, I am among those who are grieving.

In 2005 I invested in their Flexible Premium Annuity policy.  I pay a monthly premium and received a recent (December 2010) statement.  When I attempted to terminate the contract last year, I was told how much I would lose but can shortened the maturity date to June this year when I turn 60 years. (I have yet to submit the request form).

With all that is happening I am caught between a rock and a hard place.  However, I want to give my full support to your efforts and if there is anyway I can be of assistance feel free to contact me