Charges have to be laid if Govt. to exonerate self

Sep 13, 2010 News

CLICO (Guyana) Fallout

…those culpable must be prosecuted – AFC

Barring any appeal as it relates to the recent ruling by Chief Justice (ag) Ian Chang on Colonial Life Insurance Company (CLICO) Guyana the Government must publish immediately the methodology and regime on how they plan to effect the President’s promise on repaying affected policyholders.
This is according to Leader of the Alliance for Change, Raphael Trotman who said that this must be done so that people know exactly how they will get paid.
He said too that just prior to the takeover it was rumoured that friends of the administration managed to recover their money and as such the manner in which people will be paid should be made public.
He suggested that the persons with the smaller claims be listed as a priority.
As it relates to the illegal transactions that were made, Trotman said that charges must be laid and those culpable be prosecuted.
This he said must be done so that the government can be able to exonerate itself from any wrongdoing.
He said that the transactions are nothing short of misappropriation of people’s money.
Following the announcement of the ruling, the Government Information Agency reported that the Minister of Finance, Dr Ashni Singh emphasised that Government’s intentions have always been to ensure an orderly resolution of the difficulties encountered by the company and to protect the public interest, and that yesterday’s Court ruling paves the way for this to be achieved.
It is felt by many that given the length of time since the President made the promise that Minister Singh should have been able to present that plan in detail to the people of Guyana.
Shadow Finance Minister Winston Murray has already made a public pronouncement that court action should be brought against the then Commissioner of Insurance Maria van Beek and the Company.
“Maria van-Beek is guilty because she had the responsibility,” of ensuring that the illegal transfers did not occur and as such he posited that some policy holder(s) should take up the matter legally.
As it relates to the Chief Executive Officer of the Company, Geeta Singh-Knight and legal recourse, Murray said that it is the company that has to face the brunt of the law and should she be found culpable then company policy would determine how to deal with her.
In his ruling to have the company wound up, Chang pointed that it should be noted the Insurance Act does not allow any insurer carrying on long term insurance businesses to invest more than 15 per cent of its statutory fund outside of Guyana.
“It does appear that CLICO (Guyana) has little or no chance of recouping this US$34M since CLICO (Bahamas) Ltd. has been wound up due to a deficit of assets relative to liabilities in the sum of US$30 million.”
The US$34 million illegally remitted abroad represents about 53 per cent of the company’s total assets.

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Charges have to be laid if Govt. to exonerate self

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