“Central Bank calls in Lindquist in CLICO probe”

“…the Central Bank has retained the services of ace forensic investigator Robert Lindquist to sift through the tangled records of financially troubled insurance giant, CLICO, to determine whether it was a case of bad judgment or corporate malfeasance…tasked with the job of finding out what happened to cause the avalanche of financial troubles at the Lawrence Duprey-owned empire…Lindquist had no comment…’No disrespect to you but I am not talking to the press’ was all he said. The investigation will be conducted within the context of the January 30, 2009 Memorandum of Understanding signed between the Finance Minister and CL Financial’s executive chairman Duprey”.

The following excerpt taken from Duprey’s “VISION BEHIND CLF” and dated April 2008 gives the size and extent of this investigation:

“Many people in the business community have accurately described Duprey as a visionary. His…many successes attest to this. CLF grew from a holding company for only CLICO in 1993 to a globally competitive corporation boasting over US$13 billion of assets in 2006. CLF now holds shares in over 66 companies in 33 countries worldwide and is considered the second largest conglomerate in the Caribbean”.

“Lindquist probe bedrock of CLICO lawsuit”

“Investigations in at least several separate jurisdictions unearthed forensic evidence which led to the civil suit being filed this week by the Central Bank and CLICO against former CL Financial Chairman Lawrence Duprey and the group’s former financial director Andre Monteil…Lindquist’s forensic findings, sources said, formed the bedrock for the civil suit filed against…and raised questions which must be ventilated in the courts”.

Read “Central Bank calls in Lindquist in CLICO probe” dated May 15, 2009

Read “Lindquist probe bedrock of CLICO lawsuit” dated June 10, 2011

Read “CLICO Case Excerpt from Statement of Claim”

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The Anonymous Letter

A forensic accountant has a crucial obligation to maintain the purity of a corporation or any operating division while conducting an investigation. In a case as sensitive as this one, involving a most conservative insurance company, the top priority was to ensure purity at the highest level as the subject of the allegations was a very senior member of management.

Retained by Counsel for the CEO, and with a damaging anonymous letter known only to two other people, I was asked to determine if there existed any merit to the contents of the letter.

When any allegation is made, bias among those who know becomes a potential problem unless its existence is acknowledged. And the more senior the potential bad apple, the more critical is this concern. Therefore, it is imperative to limit the number of people who need to know of the allegations.

The forensic accountant must probe carefully and create the basis in a timely manner for an eventual meeting with the person who is the subject of the allegations. This is not only a question of a normal course approach and response but it also fulfils the need to obtain and assess documents of a personal nature from the target. Management of a public company understands their responsibility to shareholders and recognition of this fact is key to the approach when seeking the co-operation of the person in question.

The time frame for the initial assessment is usually measured in days. But the main challenge is a timely and thorough response without a breach of personal or corporate privacy.

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