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Has Hand-in-Hand done its homework?
Dear Editor,
I refer to an article on Page 3 of the Kaieteur News of Saturday 17th April, 2010 in relation to the Amaila Falls Project.
In this article, the Honorable Minister of Finance is reported to have said that the Hand-in-Hand Group of Companies has backed Mr. Fip Motilall with bonds to the extent of US$3 million. Mr. Winston Brassington also said Hand-in-Hand was expected to do their due diligence. Your article also said that efforts to contact senior executives of the Hand-in-Hand for a comment proved futile. This is worrying.
I wish to enquire of the Hand-in-Hand what due diligence it has done on Mr. Motilall and Synergy. I also wish to enquire what collateral security the Hand-in-Hand has taken for these bonds in the event of Synergy defaulting.
My understanding of the guarantee bonds is that if Synergy defaults, Hand-in-Hand will have to pay. Is my understanding correct? If this it is so, then how will Hand-in-Hand recover their money?
I wish to remind the public and in particular the Hand-in-Hand policy holders, depositors and the Governor of the Central Bank of two things:
Firstly, the Hand-in-Hand Group has lost or stands to lose nearly G$1 billion from Stanford.
Secondly, there was a company called AIG and a company called CLICO, which the public and regulators thought were too big to fail.
Ralph Seecharran
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