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Govt. should give an update on the sale of State assets by NICIL
Dear Editor,
Since the CLICO debacle and the continuing revelations of the scandalous events surrounding the operations of this company, the President in his wisdom has stated that if there is to be an investigation into CLICO there must also be one into Globe Trust.
He is asking for Globe Trust to be linked after nearly nine years and the Government’s continued rejection of offers to buy it, claiming that they did not want anymore players in the Banking Sector. The truth is that Globe Trust was not to succeed. If the Government had information and did not reveal it they should now be taken to task.
In order for offers to be made, Globe Trust would have undergone ‘due diligence tests’. The Government is aware of this, so why this ‘Red Herring’ when we have the facts of CLICO before us.
If the Government is serious about investigations, the Nation must now be given an update on the sale of State assets by NICIL to whom sold, price paid and if payments are up to date.
Then there is the new “Slush Fund” coming out of the GNCB/GAIBANK collections. The GNCB Act, 1970 states clearly that all losses should be charged to the consolidated fund and collections should then be paid in.
My guess is that this is being treated like the “Lotto Funds” after the institution was looted before being sold in part.
Where are the funds collected? How much has been collected so far?
J. Benjamin
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