PNCR wants probe extended to GNCB

Sep 25, 2010 News

… PPP cohorts pillaged the bank – Carberry

“When will (President Bharrat Jagdeo) authorise a full independent investigation of the apparent mismanagement, malfeasance and downright illegalities which contributed to the demise of CLICO (Guyana)?” This was asked by People’s National Congress Reform Chief Whip, Lance Carberry, during his party’s weekly media briefing, yesterday. “In his usual attempt to evade this issue, the President threw in his now hackneyed red herring, Globe Trust.” Carberry said that President Bharrat Jagdeo is perhaps conveniently unaware that Globe Trust has been under the control of the Bank of Guyana for more than eight years and as such there was plenty of time for an independent investigation to be undertaken.

“However, if the President is really inclined to authorise independent investigations, the Party suggests that he could also include an independent investigation into the pillaging and asset stripping of the Guyana National Co-Operative Bank by PPP cohorts.” He stated that the President can count on the full support of the PNCR to expeditiously undertake that independent investigations also. Commenting on the debacle surrounded CLICO (Guyana) Carberry said that the recent furore obviously created by the Administration for diversionary political purposes, over the legitimate and relevant questions raised by the experienced and well qualified Chartered Accountant and Attorney, Christopher Ram, is illustrative of the paranoia that has invaded the occupants of the Office of the President. “Like the PNCR, Ram and other observant and concerned Guyanese, are supportive of the efforts of the Administration to honour the promises made by the President to the nation, that the Government of Guyana would take steps to protect pensions and policyholders of CLICO (Guyana)”. He said that although the PNCR is not privy to the details of the arrangements being pursued by the Administration, the Party, nevertheless, expects the President and his Minister of Finance to fully honour the above undertakings and commitments. He specifically questioned also what are the specific arrangements for the recouping of the NIS investments in CLICO (Guyana)? Chief Justice (Ag), Ian Chang, had “…ordered that the Bank of Guyana be appointed as liquidator to execute the wind-up order and this is expected to pave the way for the government to make good on its assurance of guaranteeing the policies and investment held by Guyanese in CLICO.” Carberrry suggested that the pronouncements and antics of the President suggest that, by the exercise of his observed penchant for micro-management, he is now performing the functions of Liquidator on behalf of the Bank of Guyana. “The PNCR expects that, given his proactive functioning as the Liquidator of CLICO (Guyana), the President has taken note of the fact that, the Chief Justice referred to the investment move as an illegal transmission, saying that from all appearances the company has little or no chance of recouping the US$34 million it transmitted to its sister company, CLICO (Bahamas).” He pointed out the now well known fact that the Bahamas investment represents about 53 per cent of CLICO (Guyana’s) total assets and according to Justice Chang, the law does not allow any insurer carrying on long term insurance business to invest more than 15 per cent of its statutory fund outside of Guyana. He drew reference also to the comments by Ram, in his September 19 Stabroek Business Page analysis, which stated, “What we have here is an unholy mess created by Ms. Gita Singh-Knight as CEO of CLICO with her illegal transmission of funds to another CLICO company; Ms Maria van Beek as Commissioner of Insurance and her poor oversight; the Bank of Guyana that failed to act in the face of the illegalities; and their political masters, the President and the Finance Minister.” Carberry yesterday asked when the President would authorise a “full independent investigation of the apparent mismanagement, malfeasance and downright illegalities which contributed to the demise of CLICO (Guyana).

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