Latest update March 28th, 2024 12:59 AM
Oct 16, 2010 Letters
Dear Editor,
Mr. Vishnu Bisram recently stated (in the letters column), Guyanese and Trinidadian governments ought to be applauded for addressing the issue head-on and finding a solution to the problem. I am not sure Mr. Bisram really understands the English language. Either he doesn’t understand the facts in this CLICO debacle or he is clearly misrepresenting the facts. I personally believe that he is misrepresenting the facts.
The truth is that the Trinidadian Government launched an immediate investigation into the CLICO matter and has declared that she will let the chips fall where they may. The truth is that the Guyanese government did the complete opposite. The Guyana Government has already declared through the head-of-state, that there is no need for an investigation; apparently he knows all the facts.
The truth is that the Guyana Government unlike the current Trinidad Government, which was recently elected, has their fingerprints all over this mess. The PPP/C Government is now pretending that they are saving the investors in CLICO when the truth is that they are saving their own skin and Guyanese tax payers are the ‘goats’ in this situation, as they are in every “bad Investment” that President Jagdeo and his government has made.
The truth in this matter is that Mr. Jagdeo and his government knowingly ignored the laws of this country by allowing CLICO (Guyana) to violate the Insurance Act by investing 51% of its funds overseas, when it was supposed to limit such investments to 15%. The fact is that despite admitting in court to illegal activities, no one from CLICO (Guyana) has yet been charged and the fact that the National Insurance Scheme was a major depositor. The truth is that the Government took US$250 million from NIS, essentially bankrupting that institution to put that money into CLICO in what seems to have been a quid pro quo arrangement for CLICO in return to fund the Berbice River Bridge.
The facts are that the PPP/C Government rushed to place CLICO (Guyana) under Bank of Guyana and the facts are that certain depositors whose Berbice Bridge bonds were being held by CLICO (Guyana) were able to secure their bonds before the insurance company collapsed and this point to even further hanky-panky by government.
Mr. Bisram is being less than candid with Guyanese taxpayers, who not only will have to pick up the CLICO payout, but also replenish the funds that have been illegally removed from NIS. I would also challenge the PPP/C Government to publish the books of NIS and let the people of this country see how they have managed these accounts compared to previous governments. I would encourage them to do this with all government-owned entities so we can really see what is going on financially with these decks of cards.
We now know that GuySuCo is also on the verge of collapse based on the losses last year and possibly even more losses this year. The Skeldon Sugar factory is now a complete debacle, made so, by again none other than President Jagdeo, who instead of accepting some amount of responsibility, is trying to do the shuffle and blame our poor sugar workers. But have no fear Mr. Editor, I am determined to keep President Jagdeo and his fortune tellers like Mr. Bisram a bit more honest.
Name and Address Withheld
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
Mar 28, 2024
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