Will there be justice for Clico investors, Member of Parliament Dr William Duguid is asking.
He brought up the contentious matter yesterday as the House of Assembly debated the Virtual Asset Service Providers Bill, 2026.
He agreed with the message that crime does not pay, said Duguid, but it must not only be signalled to the people of Barbados, but to those who suffered under the Clico administration.
“I don’t know how you’re going to get that done now after what we’ve seen, and I know that you can’t really speak of things that are sub judice, but if we’re going to give the message to Barbadians that crime does not pay . . . there are certain questions being raised across Barbados to those that suffered from the Clico debacle,” the MP for Christ Church West said.
He referred to the situation as a Ponzi scheme, stating that he had constituents, neighbours – some of whom passed on – who never received a cent or a fraction of what they were entitled from Clico.
The real assets
“I am appalled, and I’m asking when will justice be seen to be done for those people? Yes, we can come in here, we can debate all sorts of legislation, especially something about digital assets, but what about the real assets of those people? What about the real assets of those people that have waited year upon year, upon year to get a benefit, hoping to see justice after they suffered, and no justice cannot be seen to be done? No, we have to find a way.
“We have to show the people of Barbados, as the Attorney General said, that crime does not pay in this country, and it can’t only be a message coming from Parliament, it has to be a message from the courts as well, that justice must be seen to be done,” Duguid told the House.
Motivated to take part
He had not intended to speak on the Bill, Duguid said, but when he heard the maxim that justice must only be done but it must be seen to be done used in the House, he was motivated to take part in the debate.
Duguid said he saw the pain that many people endured under the last administration when the problem arose and the then Prime Minister went to the Central Bank and got $3 million to back up Clico.
“If a whole government could run to back up an insurance company, which everybody knew, was paying more money than it could possibly pay, because it was nothing more than a Ponzi scheme run by a man called . . . who preyed on the Caribbean, let’s talk the truth to people in this country, and let them understand that the Government will move with haste to see that, not only that crime does not pay in this country, but justice must be seen to be done.
“. . . This legislation gives the tools for the Financial Service Commission, and for the police, and for anti-money laundering [agencies], to use this legislation to go after people who step on the crease, who come and tell people, yes, I have this digital asset, you can invest in it, and you can get this whole set of money,” the MP stated.
(AC)
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