Record proves investments in Bahamas

Mar 04, 2009 News

CLICO takeover…

– President Jagdeo

By Tusika Martin

Guyana has an audit trail and records of its investments in Colonial Life and Insurance Company (CLICO) Bahamas, President Bharrat Jagdeo said yesterday.
During a press conference at the Cheddi Jagan International Airport just before departing for Washington, the Head of State said that there are records of audit confirmation from CLICO (Bahamas) giving the balances held by that company on behalf of CLICO (Guyana).
The President’s statement came just one day after Bahamas Prime Minister, Hubert Ingraham, in apprising the Bahamian Parliament of the CLICO debacle, stated that there appears to be no record available at the time on any investment from CLICO (Guyana).
President Jagdeo said that he is disappointed that the Bahamian authorities did not contact their Guyanese counterparts before moving to the court.

President Bharrat Jagdeo

“I called Prime Minister Ingraham and I said to him that I was surprised that they did not contact us. He said to me that he too was surprised that the Registrar in Bahamas had not spoken to their counterpart here in Guyana, because he gave clear instructions.
“He undertook, also, to have the Regulator call us; the Regulator did not call.”
Yesterday, the President told the local media that he was surprised that there appears to be no record at this time of Guyana’s claim.
He said that Guyana had already surrendered its policy to CLICO (Bahamas) for the money.
“We have hard copy contracts, which should be available to the accounts in Nassau, where the money was transferred to; the account was held in First Citizens’ Bank. It was in the name of British Fidelity, which was recently renamed CLICO (Bahamas).”
Speaking about the list of countries mentioned by the Bahamian Prime Minister, President Jagdeo said that Ingraham focused on operations in the Turks and Caicos and Belize because they are subsidiaries of the CLICO (Bahamas).
CLICO (Bahamas) is also a subsidiary of a different company, he noted, pointing out that Ingraham was showing the inter-linkages of those territories.
“Guyana does not have that kind of ownership relation in CLICO (Bahamas). We have an investment relationship and that is different, so that is why I think he had to go into a great explanation about the subsidiaries of CLICO (Bahamas) which are located in other countries.”
Addressing the issue that the former Chief Executive Officer, Geeta Singh-Knight has not faced the public on the issue, the Head of State said that she is currently in Suriname since CLICO has issues in Suriname.
He said that Mrs Singh-Knight is expected to be back in Guyana today.
Commenting on the fact that the Heads of States within the Region are yet to meet to discuss the issue with CLICO, President Jagdeo said that he would have appreciated if the leaders had met since he had suggested such a meeting when CLICO (Trinidad and Tobago) had collapsed.
“I called the Prime Ministers. Unfortunately we did not meet and before we meet we need to ensure the Regulators and our Central Bank governors meet.
“I have said this before; that you cannot just meet and talk in limbo, in the absence of information because a company can easily use the same information, the same assets to satisfy three regulators.”
Addressing the issue that CLICO (Guyana) invested more than law permits out of Guyana, the President said that he does not know if there is a specific provision, like in the case of Bahamas, since Guyana has a more liberal financial system.