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The Globe Trust situation

Nov 23, 2008 Letters

DEAR EDITOR,
Please permit me to add my observations to the Globe Trust situation. It saddens me to know that all the depositors, especially the children, will lose most of their money.

Since 2001 when Bank Of Guyana (BOG) took over the company and moved to the courts for liquidation, the depositors have been losing their hard earned money. When BOG took possession and moved to the court for liquidation, the judge ordered re-organisation.

An Administrator was appointed to seek potential Investors. Although many investors showed interest, none was ever chosen. Why? Can BOG explain why none was suited? Was there anyone representing the depositors during the process?

Why were there no rescue attempts to keep Globe Trust afloat? Why was there no attempt made by somebody to petition the President to bail out Globe Trust? Why is the opposition silent on this issue? Why no one was held responsible for this fiasco and placed before the courts?

It saddens to know that since 2001 monies belonging to the depositors were used to run the day to day activities, pay the administrator millions of dollars to find an investor.

We all know the fees a consultant will charge to do a job. Just make a wild guess how much was paid to him/her for seven years.

Now that BOG has gotten their way through the courts to have the company liquidated, it is so ironic that the depositors’ money will have to foot the bill to hire a liquidator.

Liquidating a financial company is a first in Guyana and the FIA is now being tested. It will be beneficial if your newspaper can publish the order of liquidation so that the depositors can be aware of the magnitude of their losses.

I can recall that the President of this country stated that Globe Trust will not have an impact on the financial market in Guyana. Did he stop to think what impact losing money can have on the lives on simple ordinary Guyanese who worked so hard to save their money?

By liquidating the company, many people who owed the company will now breathe a sigh of relief because they will not have to repay all the money they owed.

Imagine the future of the children’s investment is in someone else’s pocket. Are you allowing this to happen, Mr. President?

Do the right thing Mr. President. Please order the re-organisation of Globe Trust and instruct the new management to go after the defaulters. Give us poor people a chance to breathe. Please!
Depositor

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