Wednesday, April 24, 2024

Parris resigns again


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LEROY PARRIS, former executive chairman of CLICO?Holdings (Barbados) resigned yesterday with immediate effect from the board of management of all of CLICO’s subsidiary companies in Barbados and the Eastern Caribbean, including Rayside Company.
“Yes, I resigned from all the boards,” Parris said when contacted by the DAILY?NATION last night. He, however, refused to go into any further details at this time.
The latest development in the ongoing CLICO saga comes on the heels of Parris filing a $10 million lawsuit against CLICO Holdings (Barbados) and CLICO International Life Insurance, on whose boards he served up until yesterday. Declaring in court writs that he earned over $80 000 monthly in salary and perks, Parris claimed the company breached contractural arrangements when it failed to pay him yearly payments of over $600 000 in bonus and management consultancy fees along with a $10 million gratuity, of which he received just over $3 million.
Parris resigned as chairman of CLICO?Holdings last May but was reappointed as a director of the parent company as well as CLICO?International Life Insurance Company last January.The former executive chairman’s recent disclosures recently brought heated debate during last week’s parliamentary sitting of Government’s Estimates of Income and Expenditure.
Opposition Leader Owen Arthur, noting there were thousands of aggrieved CLICO?policyholders and investors, called for the situation facing the company to be investigated to the hilt.
“So that people should not just feel that they can walk away with a golden parachute while the rest of society suffers,” he added.
On the issue, Prime Minister Freundel Stuart referred to Parris as a long-time friend and client and said the law would take its course with regard to the $10 million suit against the embattled company.

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