Drastic action for breaches would have been risky

Sep 17, 2010 News

…investigations will be done – Jagdeo

Head of State Bharrat Jagdeo said that when the breaches as it relates to Colonial Life Insurance Company (CLICO) Guyana were initially identified by the then Commissioner of Insurance Maria Van Beek ,drastic action could not have been taken, at the time.
Jagdeo was at the time speaking to affected policy holders at the National Cultural Centre yesterday where he explained that had drastic action be taken then, the company would have had to be closed down immediately. He explained that when the breaches were recognized the company was written to as it relates to the illegal investment of its money in CLICO (Bahamas), but did concede that regulation across the world, inclusive of Guyana, has not evolve to keep up to pace with the manner in which companies have transformed their transactions.
He suggested that persons may ask why the relevant authorities did not take drastic action after seeing that the company was not complying with the law, but Jagdeo opined that it could have possibly led to the closure of the company.
As it relates to investigations, he is willing to have both CLICO (Guyana) and Globe Trust thoroughly investigated, but this will be done parallel to the payout to policy holders. He suggested that investigations could possibly take years, but he is more interested in having the affected persons paid.
“I agree that we need to find out what took place.”
Jagdeo said that if during an investigation people are found to be culpable then action should be taken, “I’m prepared to do that.”
This promise was met with a resounding applause by the policy holders and stakeholders present at the National Cultural Centre.
“This will go on, but separately we have to move on with getting money back to people.”
There have been several calls for investigations as to what transpired at CLICO (Guyana) as well as calls for charges to be laid. Leader of the Alliance For Change, Raphael Trotman, as it relates to the illegal transactions that were made, 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.

Latest News

Drastic action for breaches would have been risky

Related

Similar Articles

The Glenn Lall Show|| April, 14th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Beckford brace Slingerz to fourth win on the trot, as Santos topple...

West Indies Women’s World Cup hopes in jeopardy...

GCC, Ogle, East Bank among winners as Demerara...

Unbeaten GCA storm to 2025 title

Tucber Park Cricket Club receives cricket gear...

Young guns flourish at Moo! National Junior’s...

Features/Columnists

Of Silk and Steel

Collaborative Government–Private Sector Action Imperative for a Resilient Trade Future

Rogue cops – only a few around

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

Drastic action for breaches would have been risky

Share this:

Related

Similar Articles

The Glenn Lall Show|| April, 14th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]