Possible NIS collapse is ‘nonsense’ - Dr Luncheon

Possible NIS collapse is ‘nonsense’ – Dr Luncheon

Apr 10, 2009 News

The National Insurance Scheme (NIS) may not be able to recover ‘every cent’ of its money invested overseas but these difficulties will not scare the company, Head of the Presidential Secretariat, Dr. Roger Luncheon said yesterday.
Speaking about the future of the company, Dr. Luncheon said that he has seen fears expressed by persons, in the possible collapse of the scheme, but the provision of actuarial reviews shows that the board has commendable powers and authority to address those concerns and deal with them.
“I have seen those fears and that’s why the law for National Insurance Security system imposes on the scheme the actuarial reviews every five years. The next one is due in 2011.”
Dr Luncheon dismissed as ‘nonsense’, the concerns expressed by the People’s National Congress Reform and the Alliance for Change, about the possible collapse of NIS. He said that he does not believe that anyone who has reviewed the 2007 annual statements of the NIS could have raised such concerns as they did.

“If those statements have not addressed their concerns about investments then I do not know what is going to address their concerns. I am led to believe that this is just another gimmick by those gentlemen.”
According to Dr. Luncheon, there is abundant information in the public domain about the status and standing of NIS financial system. The investment policy of the NIS reflects cabinet consideration.
He noted that the prudential investment programme went to Cabinet and was ‘baptized’ by the administration.
This programme has been implemented faithfully by the NIS board. “At the level of the investment sub-committee which comprises private sector, government and other members of the board who are versed in financial and accounting and auditing matters sit and they develop the recommendations for the board’s consideration.”

The final path in investments by the NIS has to be approved of the Ministry of Finance.
With regards to the possible criminal investigation into the NIS, Dr. Luncheon said that there is always room for such consideration.
“Once there is real uncertainty…not the kind when you have audited reports…I think that we would have a lot of support in trying to go down that road to elucidate to find what really happen.”
In that context, he said, there will be a number of investigations to be conducted. However, at this point the Judicial Manager will be reporting on the findings and recommendations in the face of the unanimous support of a parliamentary motion.
“The nexus with those who call for criminal investigations and the shenanigans that went on with Globe Trust is one that is obvious…its politicking.”
Dr Luncheon added that a criminal investigation into the NIS is most unworthy in the face of the information that is available in the public domain.

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Possible NIS collapse is ‘nonsense’ – Dr Luncheon

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