Clean up the CLICO mess
Concerning the CLICO mess here, I’ve come up with a new version of Murphy’s Law: Anything that can go wrong will go wrong, and will go wrong in Guyana.
President Jagdeo saw how his counterpart in the United States was pumping money in some big companies (GM, Chrysler, Bank of America, and yes – an insurance company named AIG).
And when the CLICO meltdown started, he saw too how Prime Minister Manning moved to pump money into CLICO Trinidad. For these leaders, failure of these companies would’ve been traumatic; it wasn’t an option.
In the thinking of President Jagdeo, it was not so. Instead of emulating these men, he moved to put CLICO Guyana under judicial management, a bone-headed move that put a company that did a lot of good things for a lot of people, including the policy holders, on the sure path to destruction. The Prime Minister of Barbados commented on this move, saying only Guyana opted for judicial management and the consequences were disastrous.
Now, CLICO is entangled in the web of the court; the money thousands of the policyholders depend on to get by day by day in this poor, but expensive to live in country tied up for over seven months; the mess leaving the traumatized policy holders asking when will this thing get done with, when will they get back their money, when will they be able to move on with their lives.
All of the other countries in the Caribbean have put CLICO behind them. They have moved on. CLICO isn’t an issue anymore, traumatizing the policy holders. Only in Guyana — I repeat — only in Guyana the trauma goes on.