Govt. clearly not interested in a proper inquiry of CLICO - PNCR

Govt. clearly not interested in a proper inquiry of CLICO – PNCR

Apr 17, 2009 News

People’s National Congress Reform Executive Member, Aubrey Norton, is of the opinion that the Government is clearly not interested in a proper inquiry into what transpired at the Colonial Life Insurance Company (CLICO) Guyana, given the insistence on including Globe Trust & Investment Company Limited (GTICL).
According to Norton, there is enough evidence to show that the laws have been violated and actions could have been taken but, “it appears that you don’t want an investigation.”
As it relates to the inclusion of Globe Trust, Norton noted that the suggestion “smacks of vindictiveness and their intention is questionable”.
He noted that the President was just seeking to score political mileage and the real issue at hand was to have a proper investigation so that society could move forward.
Meanwhile, Norton reported to media operatives that the Speaker of the National Assembly Ralph Ramkarran has disallowed the Motion submitted on April 7 last. The motion was calling for the National Assembly to request the president to set up a Commissions of Inquiry to conduct investigations into the affairs of CLICO (Guyana), among others.
According to Norton, the reason proffered was that the Motion “…relates directly to matters which are or are likely to be intimately connected with the court proceedings, which are now going on and is therefore sub judice.”
In the motion that was submitted, Opposition Leader Robert Corbin was seeking to have the National Assembly resolve to Parliament calls on the President to establish a Commission of Inquiry into the affairs of CLICO (Guyana) with specific terms of reference.
One such was to examine whether there was any breach of fiduciary duty to policyholders, depositors and/or shareholders, on the part of the management or any particular official of CLICO (Guyana), in the management of the Company’s affairs that contributed to the present financial state of the Company.
Another such term of reference was to examine whether there was any malfeasance, irregularity and/or misconduct by any official of CLICO (Guyana) in the recent management of the Company.
“More particularly, to determine whether there were related party dealings and/or the misuse of insider information which led to the speedy dissipation of the $2.6B received by CLICO (Guyana) from the sale of its Bonds in the Berbice River Bridge and to identify the beneficiaries if any…To determine whether there was any irregularity and/or malfeasance in the use of money invested/entrusted by the National Insurance Scheme in CLICO (Guyana) and to present the details of all transactions involving NIS funds.”
The motion was also seeking to have the National Assembly of the Parliament call on the President and the Government of Guyana to establish a separate Commission of Inquiry, into the investments made by National Insurance Scheme (NIS), with its specific terms of reference.
One such term of reference for that Commission was to investigate all investments made with NIS funds with a view to determining if there was any malfeasance or irregularity as well as to determine whether all decisions, on the investment of NIS funds, were approved by the duly appointed Board.
Head of State Bharrat Jagdeo in a press briefing on Thursday last told media operatives that despite the fact that no criminality has been discovered at Colonial Life Insurance Company (CLICO) Guyana, so far he is prepared to have a criminal investigation facilitated.
He noted that he will also ask that the motion calling for an investigation into CLICO by the Opposition Leader be amended to extend the investigation to Globe Trust and Investment Company Limited (GTICL).
He said that he has already told his Ministers to support the motion.

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Govt. clearly not interested in a proper inquiry of CLICO – PNCR

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