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LET US GET READY TO RUMBLE!

Apr 13, 2009 Features / Columnists, Peeping Tom

So, the government will only investigate CLICO (Guyana) unless there is an investigation into the collapse of Globe Trust. Have you ever heard anything so ridiculous?
What is it that we have masquerading in this country for a government? A large financial institution is alleged to have breached the insurance laws of Guyana and instead of moving towards a full investigation, including an investigation as to whether certain policyholders benefitted from inside information, we are now having the most ridiculous contention that there will only be an investigation into CLICO (Guyana) if there is an investigation into the collapse of Globe Trust.
Can you believe this? Can you believe that this is what this country has come to? Here is a clear case for an investigation into breach of the insurance laws, a breach that will cost the treasury far more than it will cost them to compensate workers for inflation, far more than it costs to build the stadium or the Berbice River Bridge, a loss that in my opinion threatens the viability of the National Insurance Scheme and yet instead of there being an investigation, we are hearing a lot bull about an investigation only being held if there is one into Globe Trust.
In any other country, the resignations of top government officials and indeed of the government itself would have been demanded for what has occurred. In any other country the government would have had to demit office after what has happened in the case of CLICO (Guyana). In any other country, there would have been serious repercussions to the government for allowing the sale of CLICO’s bonds in the Berbice River Bridge. In any other country, the media in Guyana would have already been in possession of the names of some of the large withdrawals, which took place. In any other country, members of the Cabinet would have already come forward and declared whether, prior to the move towards judicial administration (a move sanctioned by the government) they had any financial interest in CLICO (Guyana).
The problems of CLICO (Guyana) represent the greatest financial scandal in the history of Guyana. And to think that this matter, like so many others, is not going to be investigated is overbearing. To place a condition on such an investigation is to play politics with the lives of Guyanese, which however is not as bad as playing monopoly with real money belonging to the people of Guyana.
And so, if it will take an investigation into what went wrong with GLOBE TRUST before we can have an investigation into CLICO (Guyana) then, so be it. I have no problem with such an investigation. In fact such an investigation into GLOBE TRUST should have been done a long time ago.  It can still be done now because I am sure that the Bank of Guyana would have investigated the problems of that bank and a great deal more of evidence would have emerged in the court case, which led to the plan for the reorganization of that bank.
A great number of questions about GLOBE TRUST have already been answered. We know for example that there were large unsecured loans, which led to cash –flow problems.  We know the names of some of those who approved or received such loans.
In the case of CLICO (Guyana) in which in excess of five billion dollars belonging to the National Insurance Scheme is impaired, we are yet to learn whether there are genuine policies to cover the annuities, which were said to have been issued by CLICO (Bahamas). The people in the BAHAMAS are saying that what they see looks like inter-company transactions; the government said that they were shown annuities to cover the billions, which were moved there. Are these bogus policies or is the classification of CLICO (Guyana)’s investment in the Bahamas incorrect.
If it will take a parallel investigation to answer these and the other questions surrounding this financial debacle, then by all means let us all have an investigation into Globe Trust.

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