There are more questions than answers

Mar 01, 2009 News

CLICO (Guyana) take over

‘Was there any abuse of insider information which allowed a
selected few to withdraw their money from CLICO prior to the move
by Govt.?’ – Trotman

Leader of the Alliance for Change, Raphael Trotman, says that the takeover of Colonial Life Insurance Company, CLICO (Guyana), by the Commissioner of Insurance leaves more questions that answers.
Speaking with this newspaper yesterday, Trotman said that he will use the opportunity that will be presented in the National Assembly this week by way of a motion signalled by the Opposition Leader Robert Corbin to seek to have some outstanding questions answered.

According to Trotman, he will be seeking to find out whether there were any signs of irregular withdrawals prior to the takeover.
He added that there is also the poignant question of whether there was any abuse of insider information which allowed a selected few to withdraw their money from CLICO prior to the move by Government.
Trotman added that the question of how many persons were exposed to a possible loss of their resources was still unclear.

As it relates to the sale of the shares owned by CLICO in the Berbice River Bridge to New Building Society, Trotman says he will be seeking to find out whether it was in anticipation of the problems which led to the takeover.
He was also curious about what the proceeds from the sale were used for, given that it happened some two weeks prior to the takeover.
The AFC leader also said that the nation must also be informed of what were the specific transactions that occurred within CLICO following the fiasco in Trinidad with that CLICO branch. “Were any assets removed from Guyana?”

Commissioner of Insurance, Maria van Beek, on Thursday last was successful in the High Court in a bid to take control of the assets of Colonial Life Insurance Company, CLICO (Guyana).
According to an order by Acting Chief Justice, Ian Chang, CLICO (Guyana) was immediately placed under Judicial Management until the Court otherwise orders.
The Commissioner of Insurance has been appointed Judicial Manager for the purpose of Judicial Management.

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