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Dr. Roger Luncheon clarifies on the NIS investment policy
Dear Editor,
I write in reference to the October 3rd 2017, article in the media that reported on the presentation made by the Chairman of the NIS Board at its 48th Anniversary celebration held on 29th September 2017. The report attributed statements to the Chairman Dr. Persaud, to the effect that NIS had no Investment Policy prior to the Granger Government in May 2015.
As the former chairman up to the time of the takeover by the APNU/AFC government, I beg to differ with the statement which is patently inaccurate. For his information and the public’s, the NIS Board considered and approved an Investment Policy which highlighted a Prudential Framework for the scheme investment.The Senior Management of the Scheme can attest to this fact and the relevant Board minutes can be accessed clearly showing those instances and decisions made based on the Cabinet-approved NIS Investment Policy, CP 2005( 9-3-W) held on September 20th 2005.
Dr. Roger Luncheon
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Probably there was an investment policy, (maybe)…. in all the wrong things,obviously, where money was lost or just depleted with no returns…. Clico, Berbice Bridge etc The corrupt PPP government saw the NIS money as belonging to them to do whatever they felt like.