…staff members break down in tears, anxious customers rush to make withdrawals
As news of the CLICO (Colonial Life Insurance Company) (Guyana) judicial takeover began to sink in yesterday, scores of persons rushed to collect their money invested only to hear that the company is under new management, and that payments would not be possible at this time.
Even the staff members of CLICO were taken aback on Thursday at the sudden move by the Commissioner of Insurance to have the company taken under judicial management, and they too were left unable to retrieve their interest in the company.
This newspaper has learnt that all may not be lost as the majority of the statutory reserves were still intact, but at present the future of the company is still uncertain as to whether the investment in CLICO (Bahamas) of in excess of $6 billion will be recovered.
That investment represents some 53 per cent of CLICO (Guyana)’s assets.
Meanwhile the Shadow Minister of the People’s National Congress Reform, Winston Murray, proclaimed that it is evident that the Jagdeo Administration has been negligent in the delayed and dilatory manner in which they moved to protect the valuable assets held by the Guyanese people.
“Thousands of Guyanese workers are dependent on the National Insurance Scheme (NIS), which has a substantial investment in CLICO… Therefore, it must be a matter of national concern that the Administration failed to act with dispatch to protect the investment made by the NIS, on behalf to these Guyanese workers, in CLICO.”
Any responsible, caring and pro-active administration would not have put its friendships before its duty to take all necessary measures to assess the implications of the developments with respect to CLICO within the region, as well as the implications of the Hand-in-Hand Insurance Trust Company losing nearly US$1.5 million in pension funds, he said.
He said that his party expected that, instead of remaining silent, the Bank of Guyana, as the monetary authority in Guyana, and the Commissioner of Insurance would discharge their national responsibilities by submitting their proposals for dealing in a timely manner with the impending crisis.
“The Party also wishes to remind the Jagdeo Administration that it has been calling for the appointment of a group of experts, from within Guyana and the Region, who understand the intricacies of the local and regional economies, to urgently analyse the current financial and economic crisis and propose solutions to cushion the effects of these developments on the Guyana economy.”
He said that the crisis is regional in scope and dimension, and therefore the PNCR urges that it be raised on an urgent basis at the next summit conference of the Caribbean Community.
In light of the failed attempt to have the matter debated in the National Assembly on Thursday last, the PNCR will table another motion on the matter in the National Assembly under another Standing Order, which could permit it to be debated in three days’ time.
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