Commissioner of Insurance, Maria van Beek, was yesterday successful in the High Court in a bid to take control of the assets of Colonial Life Insurance Company (CLICO) Guyana.
According to an order by Acting Chief Justice, Ian Chang, CLICO (Guyana) is to be immediately placed under Judicial Management until the Court otherwise orders.
The Commissioner of Insurance has been appointed Judicial Manager for the purpose of Judicial Management.
The Alliance For Change, following the move by the Commissioner of Insurance, in a statement to the media registered its strongest condemnation against the management of CLICO (Guyana) Inc., the Commissioner of Insurance, and the Government of Guyana; more particularly, the Minister of Finance of Guyana, on the receipt of news that the Government has intervened to liquidate CLICO Guyana, and to appoint a Receiver to manage its affairs.
“This take over comes in the wake of statements made by both the President of Guyana, and the Company’s executives, less than two weeks ago, when they assured this nation that the economy of Guyana was sufficiently insulated against the effects of the global financial crisis, and that CLICO’s local operations were a separate entity from sister and associated companies under the CLICO Financial umbrella and therefore would not be affected by the collapse of CL Financial.”
The statement to the media reiterated that the AFC had previously warned that the Government was being too complacent and inept by simply stating that Guyana’s financial system was sufficiently insulated from the shocks and tremors of the global financial tsunami.
“This attitude was in stark contrast to the situation in other Caribbean countries where governments and stakeholders had already begun examining ways of staving off the harsh effects of the ongoing financial global meltdown….In this regard a multi-partisan strategy to the issue is the only approach at this time as we should follow the lead of other countries, by convening a dialogue of relevant national stakeholders. We need to drop the pretense and take the bull by the horns.”
The party stated that immediate and drastic action has to be taken to avert a meltdown of the financial sector in Guyana and as a start, the AFC demands the immediate resignations of both the Minister of Finance and the Commissioner of Insurance, the AFC statement said.
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