AFC criticizes Jagdeo’s front-running role in CLICO payout

Sep 24, 2010 News

The Alliance For Change (AFC), while explaining that it supports the policyholders of Colonial Life Insurance Company (Guyana) being paid their entitlements now that the liquidation process is being carried out, is critical of President Bharrat Jagdeo’s involvement.
The party states that it has long stated that CLICO (Guyana)’s transfer to CLICO (Bahamas) in of a sum of US$34.5M was “criminality of an extraordinary magnitude.”
The party opines that the transfer was only facilitated through an intervention which instructed the Commissioner of Insurance that there be a turning of a blind eye to the misdeeds of CLICO’s CEO, Geeta Singh-Knight, and her Board members, in permitting assets in excess of 53 per cent to be invested overseas; and, an aiding and abetting by officials from Bank of Guyana who allowed that huge sum to leave these shores, “a fact which came to be known to the Minister of Finance very early.”
Finance Minister Dr Ashni Singh, however, moved to have the money returned as soon as he recognized that it was missing. He met with reporters and showed them the extent to which he went to have the money returned. He produced statements of transfer to show that the money was sent from a number of commercial banks in Guyana.
According to the AFC, President Jagdeo pleaded with Lawrence Duprey to arrange funding for the Bridge’s construction. Mr Duprey asked in return that the “idle” assets at CLICO (Guyana) be invested in Florida USA via CLICO (Bahamas) to work a hefty profit in Florida’s growing realty market.
“The argument was that such an investment will bring a benefit to the local policyholders and will move him, Duprey, to arrange funding for the Berbice Bridge. It was stated that indeed the Berbice Bridge was built, but the bubble on the Florida Realty Investment burst in 2009 thereby resulting in the loss of this massive amount of money US$34.5M.”
It was suggested that the Bridge was thus built on the battered backs of CLICO (Guyana)’s policyholders.
“We never will know if all the US$34.5 was used up in Florida or if any was pocketed and by who (sic)…The need is most urgent then for a thorough inquiry as to this financial debacle.”
It was suggested that this probe is necessary not “only for an identification of the culprits who caused it, but also to discern the lessons to be learnt, so as to avoid a recurrence thereof.”
The party stated that it is very pessimistic that any inquiry will be held by the Jagdeo Administration because “such an inquiry will, the AFC believes, lead to the intellectual authors of Van Beek’s shooting and attempted murder…”
The AFC said that it will renew its application to the Economic Services Sector Committee for an inquiry which was blocked early last year by PPP’s Gail Teixeira through her interpretation of the sub judice rule in the context of winding up proceedings then before Chief Justice (ag) Ian Chang.
“Now that there is an end to those proceedings, the AFC is hoping that the PNC and conscientious PPP members of that Committee will compel the attendance of Minister Singh, Geeta Singh-Knight, and Bank of Guyana officials who released the monies to Bahamas and /or Florida.”
The AFC, also as part of such an enquiry, will seek to identify those who managed to withdraw their monies as a result of insider information, and why NBS was so quick to buy out CLICO bonds in the Berbice Bridge and where the money went.
The AFC said that it supports the policyholders being paid their entitlements now that the liquidation process is being carried out. It however warned that”…amidst all the sometimes necessary bureaucracy and cumbersome statutory procedures under insolvency laws, and the identification of priorities and proportionalities, this will not be a fast drawdown as the President is insisting.”

Latest News

AFC criticizes Jagdeo’s front-running role in CLICO payout

Related

Similar Articles

The Glenn Lall Show | January, 20th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

West Indies U19 Women secure first win, advance to Super Six with...

“We will have a similar approach”

Sam, Fernandes outshine competition at GCF/Moo...

Ramzan, Fraser pilot Demerara U15 to strong win...

Dave West Indian Imports gets Everest Cricket...

Interim leadership agreed to dissolve GCF...

Features/Columnists

Berbice and Jagdeo’s legacy

OAS Secretary General Election and renewed OAS Consensus

Ministers and business ownership

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

AFC criticizes Jagdeo’s front-running role in CLICO payout

Share this:

Related

Similar Articles

The Glenn Lall Show | January, 20th, 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 […]