CLICO Judicial Manager to present full report on Thursday

Mar 10, 2009 News

Head of State Bharrat Jagdeo yesterday told media operatives that come Thursday the Commissioner of Insurance and Judicial Manager of Colonial Life Insurance Company (CLICO) Guyana, Maria van Beek will present a full report on the assessment of the company and its efforts to recoup the $6.9B invested in CLICO (Bahamas).

The president did note that Guyana has secured attorneys in the Bahamas and have filed Guyana’s claim.
As it relates to CLICO (Guyana), he said that the services of two Canadian actuaries (persons who compute premium rates, dividends, risks, etc., according to probabilities based on statistical records) will be secured to analyse the records of CLICO (Guyana).
He did concede that “at this point in time the liabilities are greater than the assets, that is if the money invested in Bahamas is not recovered from abroad.”

As it relates to calls for him to refrain pronouncing on CLICO (Guyana) given that the company was under judicial management the President said, “Only the executive can make a decision to give assurances to the people and that is what I am doing because they can easily go through a legal process and no one will get assurance. I am giving them that assurance and it does not conflict with action to satisfy the court.”
The president also expressed his disappointment private hospitals with their move to not accept CLICO (Guyana) insurance cards after he gave all assurance that all claims will be guaranteed.
He posited that he suspected that it was because the hospital were owed some money but urged that persons should pay cash at the hospital and then submit claims to CLICO (Guyana).

At Thursday’s press briefing the nation will be waiting to hear of the effort and successes if any Guyana has made with regard to the investment in CLICO (Bahamas) given that to date there has been no public pronouncement as to whether records exist in that country as it relates to the investment.
This is the case, given the statement that the Bahamian prime Minister and Finance Minister Hubert Ingraham who recently told his Parliament that there was no record of Guyana’s investment in that country.
Finance Minister Dr Ashni Singh subsequently provided a paper trail of investments on the Guyana side and has submitted them to The Bahamas.

At that time in an interview with this newspaper this newspaper observed a plethora of correspondence, including wire transfers of substantial amounts, dating as far back as 2004 with CLICO (Guyana) utilizing several local banks to transfer money to CLICO (Bahamas) accounts.
The first set of monies went to British Fidelity Insurance Limited, the precursor to CLICO (Bahamas).
As recent as last year, monies were transferred to CLICO (Bahamas). In one case a bank draft went missing and was replaced. The record of this transaction was also revealed.

There was communication with Karen Ann Gardier, who was to become CLICO (Bahamas) Regional Director, Finance and Investments.
During an interview with this newspaper, yesterday, the Finance Minister said that there was even confirmation of receipts of the monies sent to CLICO (Bahamas). As if to provide further proof of the transactions between CLICO (Guyana) and CLICO (Bahamas) there is mention of Guyana in the CLICO (Bahamas) audited annual reports of 2006 and 2007.

Under “Sale (withdrawals) of insurance contracts” a sum of US$15,114,138 was indicated in 2006.
In the following year there was mention of US$1,656,302, representing interest payment to Guyana.
According to Dr Singh, CLICO (Guyana) was given specific instructions to recover investments in The Bahamas. These investments were all short-term ones and the most recent request for the return of the money was made by way of letter to Gardier early last month.

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CLICO Judicial Manager to present full report on Thursday

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