Wednesday, July 15, 2009
Saturday, May 09, 2009
Keep four eyes on this
The National Assembly, on Thursday, approved the Insurance (Supplementary Provisions) Bill which when enacted will transfer the functions of the Commissioner of Insurance (COI) to the Bank of Guyana.
This Bill adds the final nail to the departure of Mrs. Maria van Beek, a departure that people purporting to be close to her denied, and one, which the other media houses deemed inaccurate.
Mrs. van Beek has since left Guyana but it has not been ascertained whether her departure is permanent.
PNCR Shadow Finance Minister, Winston Murray, also pointed to the article published by Kaieteur News that the Commissioner of Insurance Maria van Beek was not interested in carrying out the functions inherent in that office ever since the attack on her life.
People purportedly aligned to Mrs. van Beek immediately dubbed the article as erroneous and the other media houses rushed to condemn Kaieteur News without doing their own investigation.
In a telephone conversation with a Kaieteur News editor, Mrs. van Beek had asked whether the editor was prepared to take a bullet for her.
That was never reported out of deference for the Commissioner of Insurance.
The Office of the Commissioner of Insurance condemned the article by this newspaper and the publication was also subjected to a barrage of attacks by the National Communications Network purporting that Kaieteur News was misinforming the public.
The Bill was presented to the House by Finance Minister Dr. Ashni Singh, who, in seeking to strengthen his position told the House that an IMF (International Monetary Fund) paper completed in 2000 had listed the benefits of unifying the regulatory framework of the financial sector including that of the insurance sector.
According to Dr Singh, the unification of the regulator of the sector will reduce cost and remove duplicity.
He noted that whilst there were also arguments against the unification of the regulatory framework it was an ongoing debate and the Government has opted for the unification approach.
According to Dr Singh many jurisdictions are currently reviewing their regulatory architecture in that the financial sector’s supervision is subject to ongoing analysis.
“I must emphasis the high priority that the Government places on policies to ensure a strong stable financial sector and to promote growth.”
He pointed out also staff at the Commissioner of Insurance will be augmented at BOG. “All resources available should be utilised to supervise the insurance sector.”
Dr. Singh noted that in Guyana’s environment, technical resource was modest and the need to optimise its use was important.
According to Dr. Singh, the Bill seeks to ensure the efficient use of Guyana’s limited resource as it relates to the supervision of the financial sector.
Mr. Winston Murray in his presentation said that the paper that Dr. Singh sought to support his argument in the House with information that was based on a 2000 paper when the financial crisis was not in full swing.
He noted that the Insurance Act of 1998 came into force in 2002 when the Office of the Commissioner of Insurance was set up and as recent as March 12 this year when the House debated a motion on the Colonial Life Insurance Company (CLICO) Guyana debacle, the work of the Commissioner of Insurance (COI) was praised.
He noted that the Government had seen it fit to run two separate regulatory bodies namely Bank of Guyana for banks and other financial institutions, and the COI for the Insurance Sector.
“Between then and now that had been good enough,” said Murray who pointed to the fact that the Minister is now calling for adequate supervision.
According to Murray, inherent in the Minister’s comment was the fact that the system prior to last Thursday was inadequate.
“If you say that you want a more robust framework then we did not have that…Something must not have been functioning well.”
He said that the Bill may very well have been motivated by that fact and it is quite possible that the administration was not willing to frontally acknowledge it.
“We don’t object to increased oversight,” said Murray who questioned the motive behind the move at this time.
Leader of the Alliance for Change Khemraj Ramjattan however was convinced that the Bill has a sinister motivation giving that the PPP was now reneging on its previous position.
He noted that it was the same People’s Progressive Party whose Finance Minister then was Bharrat Jagdeo. It was Jagdeo who when presenting the Insurance Act in 1998 argued against sentiments that were being expressed by the Government now.
He recalled that Jagdeo’s position then was there was a need for a separate body to regulate the insurance sector and the architecture should not be singular.
Ramjattan questioned what could have possibly happened over the years. If the party had wanted the BOG to regulate it, that would have been done since then.
He noted that the separate regulators were to ensure greater transparency in that there would have been more checks and balances.
He said that the party loves to preach its love for supervision and appointed the COI as a watchdog and now is coming to the House with a retrograde step that the AFC could not support.
He reminded the House that the now President Bharrat Jagdeo had then argued that there needs to be specialized areas of supervision and the new Bill is seeking to have a monopoly as it relates to supervision, “it is better to have a variety of people watching over each other”.
He also questioned the track record of BOG given that van Beek was doing a good job and had warned BOG that CLICO Guyana was breaching the law and that nothing was done by the bank to intervene.
Ramjattan told the House that the only fault he has found with the current COI was the fact that the Insurance Act caters for her to prosecute and she did not, “but I was reliably informed that when she pointed out CLICO Guyana’s breach she was told to shut up about it.”
The outspoken Parliamentarian after telling the House that his party could not support a scam and major cover up, left the National Assembly and was followed by his colleagues.
Wednesday, May 06, 2009
UPDATE ON PNCR LEADER’S HEALTH CONDITION
The People’s National Congress Reform wishes to advise of the significant improvement in the health of its Leader, Mr. Robert H. O. Corbin, MP, who was taken to the United States of America on Monday, April 27, last and to inform that he is still receiving medical attention in Long Island , New York .
Mr. Corbin was initially hospitalized at the Heart Center , St. Francis Hospital , Long Island where he underwent tests, evaluation and medical procedures, including angiography. Following his discharge, Mr. Corbin was subjected to a series of other medical tests and evaluation as a result of which, he is expected to undergo surgery tomorrow, Thursday May 7, 2009 in Long Island , New York . His doctors expect a full recovery shortly thereafter.
The PNCR and Mrs. Corbin acknowledge with appreciation the many expressions of concern and good wishes for a speedy recovery from friends, supporters and well-wishers. These messages have been conveyed to Mr. Corbin who has asked us to express his personal appreciation to all those persons and organisations. He plans to resume duties in the shortest possible time.
People’s National Congress Reform
Congress Place, Sophia,
Georgetown, Guyana
Wednesday May 6, 2009
Visit our website @ www.guyanapnc.org
Where is media Imran
"A women who lives nearby, said that she heard the gunshots and upon peering out saw Savory running towards her yard."
Ever wonder?
YES RASTA
Lets face it, Peter Morgan has a wonderful voice, but his brother Gramps has powerful vocals - a riviting voice that touches your inner being. Perhaps Timeka Marshall and her manager/sweet man should have taken this into consideration.
We maybe wrong, but that Marshall girl is heading for distruction faster than a hijacked plane aiming for the twin towers. At the pace she is going, she is likely to burn out. Look at her TV appearances...in a video humping at a bar. Then she produces a single that made her look like a confused teenage girl. If you were a guy, you felt guilty not knowing for sure if she is over the age of consent. There she was, trying to seduce a guy. Not sure that she fits the script of a seducer.
Not satisfied with that video, she gets even more bitchy in her duo with Peter Morgan. Some critics say she took the song to send a message to her BF, Mr. Hayden. True or not, we don't care. Again, her teenage voice and looks just didn't fit the script of the video. That Marshall girl needs to cut her own image. She needs to cut a softer image because the Marshall we know is not an 'in your face' character. Her management is trying to potray her as the next Rihanna or Beyonce, but in reality her persona fits the softer, more relaxed Etana or perhaps Alicia Keys.
We await her next single.
Sunday, May 03, 2009
Monday, April 27, 2009
KN's Michael Jordan up shit creek
The Office of the Commissioner of Insurance (OCI) wishes to express surprise and concern about an article that appeared in the Kaieteur News of Saturday 25th April 2009 entitled "Maria van Beek Quits," which falsely reports that the Commissioner of Insurance and Judicial Manager of Clico (Guyana) Mrs. Maria van Beek, is stepping down from her position as Commissioner of Insurance and Judicial Manager of Clico (Guyana) due to concerns for her safety.
The OCI would like to inform the public that the Mrs. van Beek never indicated to the reporter or for that matter anyone that she has plans to resign and affirms that there is no truth whatsoever to this claim as purported in the newspaper article. Mrs. van Beek is at this time on leave for medical reasons. She nevertheless remains the Commissioner of Insurance and Judicial Manager of Clico (Guyana).
The statement, "Close associates of the 36-year-old van Beek revealed last night that she has decided to resign out of concern for her safety, despite the presence of armed security at her home", is considered by the OCI to be false, misleading and irresponsible reporting that fails to meet the high media standards expected of a national daily newspaper.
In the circumstances, the OCI expects that the newspaper involved would wish to publish a correction that is accurate fair and balanced in as prominent a place, as the previous misleading statement.
Sunday, April 26, 2009
Not a good year to be a politician
Up to press time Corbin, 61, was a patient at the Woodlands Hospital in the city, where he was admitted after experiencing a sudden discomfort in his chest while driving in the morning. Although it was initially suspected that the PNCR leader might have suffered a heart attack, his brother Charles Corbin said that test results were negative.
“The results are in and they are negative,” he told Stabroek News last evening. He also explained that his brother’s physicians in the US have requested that he be flown overseas to be placed under their care. Although preparations were being made, there no decision had been made up to press time. “I can’t say when he will be flown out,” he said, while noting that his doctors both here and overseas were making arrangements. [Link]
SN Slams KN
An article in yesterday’s edition of the Kaieteur News headlined ‘Maria van Beek quits’ said that close associates of van Beek had informed the newspaper that the commissioner was resigning. “Close associates of the 36-year-old van Beek revealed last night [Friday] that she has decided to resign out of concern for her safety, despite the presence of armed security at her home,” the newspaper said. [link]
Saturday, April 25, 2009
Sad development
Close associates of the 36-year-old van Beek revealed last night that she has decided to resign out of concern for her safety, despite the presence of armed security at her home.
Kaieteur News also understands that police allowed van Beek to view two of the men who were deemed to be suspects in her shooting.However, a source said that she failed to pick the men out during the identification parade.
Van Beek was shot in the chest while driving along Lombard Street in heavy traffic on April 16, last.The gunman then escaped on a motorcycle with an accomplice, who was waiting in Leopold Street.
An eyewitness told Kaieteur News that he saw a man, with one hand tucked under his sweater, walking ‘calmly’ from Lombard Street into Leopold Street seconds after the shot was discharged.
He described the suspect as a short, dark-complexioned individual of medium build, who was wearing a cap, jersey and three-quarter pants.
The injured woman managed to drive to Mohamed’s Enterprise on Lombard Street, where she sought assistance from staff who drove her to the Woodlands Hospital in Carmichael Street.
Police ruled out robbery as a motive for the attack.A sister of van Beek’s had told reporters that the shooting might be linked to the contentious issue of the CLICO debacle but could not understand why her sister, in her role, was a target.
The relative described the attempt on her siblings’s life as “an eye opener for the entire family”, adding that security arrangements would be put in place to prevent any further attack.
She stressed that although van Beek was integrally involved in the CLICO issue, she was not personally responsible for the debacle that the company found itself in.
van Beek was appointed Judicial Manager of CLICO (Guyana) on February 25 last and was tasked with assessing the entity’s financial position.On Tuesday last she presented her report to the High Court, declaring the company insolvent, adding that in a worst-case scenario the company’s liability outweighed its assets by some US$60M.
Kaieteur News report by Michael Jordan
Friday, April 24, 2009
Drunk on cool-aid at Guyana Chronicle
"Rohee critical of "sexing up" news reports USE file photo of Rohee"...what in Stabroek Market is that piece of garbage about. These state employees getting paid our tax monies to fuck up. In these hard economic times, people should be made to pay for skunt like this. Too much cool-aid from the Jagdeo VAT got dem rass drunk and stupidee or is it Rohee's sex that got dem stupideeeeee...ROHEEEEEEE got dem STUPIDEEEEEEEE...
NBS responds to sharp criticisms
The Society wishes to set the records right. It must be made clear that the Board of Directors have always and will always act in accordance with the Rules of the Society and good governance practices. We now wish to clarify the undermentioned issues:
NOTICE OF MEETING
The Notice of the Annual General Meeting and Agenda was first published in the Guyana Chronicle on 3rd April 2009 and subsequently in other newspapers in keeping with the rules. The Notice and Agenda was also displayed at the Chief Office and all of its Branch Offices from the same date. A contributor to the Business Page of Stabroek News of April 19, 2009 failed to mention that fact.
PENSION SCHEME FUNDS INVESTED IN CLICO
The Society’s Pension Scheme currently holds a Flexible Annuity Policy of approximately $111M with CLICO. This is contrary to speculations contained in the Kaieteur News of 15th April, 2009 and Business page of the Stabroek News, of 19th April 2009, that the Society may have negotiated redemption of its Pension Scheme Investment in CLICO at the time of purchase of the Bonds for the Berbice River Bridge. We repeat there was no trade off or insider dealings in this matter as suggested by ‘So-Called Concerned Persons’.
BANK OF GUYANA OVERSIGHT
The Bank of Guyana conducted three (3) inspections of the Society’s records, two of which were done in the last three years. Accountability of the Society is under the purview of the Minister of Finance who has power to examine or cause to be examined the books of accounts of the Society. The Bank of Guyana or any other agency may be utilized for this purpose. We reiterate that we are guided by our own set of rules and the law under which we are governed.
CHANGE OF AUDITORS
The Society received a nomination for an Auditing firm to be appointed Auditors for the year 2009 in accordance with the Rules of the Society. As required by the rules, the NBS informed the current Auditors by way of letter and informed its members by an advertisement in daily newspapers. We subsequently received notification from our current Auditors of their desire not to seek re-election at the Society’s AGM on April 25, 2009.
The Board of Directors in accordance with the Society’s Rules does not appoint Auditors, so it cannot be accused of removing the Auditors. In fact, the Board over the years has enjoyed cordial relations with Messrs. Jack A. Alli, Sons & Company. The Board and the Management of the Society categorically deny that they had anything to do with the process of elections of the Society’s Auditors. This is within the purview of the members.
INVESTMENT IN THE BERBICE RIVER BRIDGE BONDS
It is a fact that NBS purchased $1.5B in Bonds in the Berbice River Bridge from CLICO. The Bonds were purchased at face value. The Society wishes to make it pellucidly clear that the investment is in the Berbice River Bridge and not with CLICO and the bridge is fully insured. The acquisition of the Bonds we emphasize is in the interest of our members and the Society as a whole.Our Bridge Investment is a merely 5.0% of Total Assets. Of the other 95.0%, 54.0% or $19.0B is invested in mortgage loans, amounting to 7,819 in number. This translates into an average mortgage loan of $2.4M. Our maximum exposure in any one security until recently was $8.0M. The investment therefore in the bridge is sound, justified and is the most lucrative investment opportunity currently available to NBS. Thus, the directors are satisfied that they have met their fiduciary obligations to the institution.
PROFIT
The Society recorded a profit of $288M for the year 2008. Had it not been for an exchange loss of $200M as a result of the depreciation of the pound sterling due to the Global Economic Meltdown, the total profit for the year 2008 would have been $488M. The investment in the UK is guaranteed by the Government of the United Kingdom.Of interest to members it should be noted that the investment in Britain has been there for decades inclusive of the period when a self styled ‘Concerned Member’ was a Member of the Society’s Board of Directors. The Society’s profits over the years had the benefit of significant increase in the value of the pounds sterling. Therefore the $200M losses for this year will have to be measured against those massive gains in previous years.
FINANCIAL STATUS OF NBS NOW
The Society has always been and continues to be very sound financially. It surpassed all of its key financial indicators, strategic goals and operational targets in achieving record earnings despite many challenges during the year.We wish to remind our members of the 2007 sinister plots which were designed to undermine the Society by the same ‘So-Called Concerned Members’ who predicted the downfall of the Society. However, the Board of Directors wishes to assure all members that the Society continues to be strong and will continue to be sound well into the future.We regret that the media houses which continue to publish these inaccurate and misleading statements continue to do so without seeking our view on these matters. We hope that sacred tenets which form the basis of good journalism will be adhered to in the future. We equally hope that these facts will be published fully in the interest of fairness to the Society and balanced reporting.
AHMAD M. KHAN
CEO/Director/Secretary
On behalf of theBoard of Directors
Freddie daggers BJ...ragga, ragga, ragga
What that means no one knows since Mr. Jagdeo didn’t define the adjective, “progressive.”This is a very nuanced term that traditionally has a socialist connotation and has a comparative function to it—progressive in relation to what?
Many interpret the word to be synonymous with “modern.” Generally, when a political or judicial or constitutional system is modern, it means it has the features that are part of a modern world, meaning it offers justice, equality and freedom.
Most countries in the world have the type of constitution that is progressive in the way Mr. Jagdeo means. Haiti has a progressive constitution.
If you exclude the Arab sultanates, other countries like the kingdoms of Saudi Arabia and Swaziland, dictatorships like North Korea, Cuba, Myanmar, Libya and a few others, a majority of States at the United Nations have “progressive” constitutions.
On the question of Guyana itself, it is debatable that it is a democratic document.Mr. Jagdeo has the habit of engaging in convenient arguments. In extolling the Guyana Constitution, he made mention of the changes to the 1980 Guyana Constitution but chose not to cite the egregious aspect of that very document.
Quite a number of legal experts have condemned the authoritarian nature of the 1980 Constitution. Mr. Jagdeo stayed clear of such features.For a brilliant examination of the nature of the 1980 treatise see the book by two former UG professors, Harold Lutchman and Rudolph James, “Law and the Political Environment, Univ. of Guyana, 1977.
This is the best exposition on the authoritarian dimensions of Mr. Burnham’s blueprint of 1980. Readers will find it a fascinating journey as the authors show where one article allows for freedom while another article cancels the enforceable power of that said article.
The part of the book that readers may like is the section on impeachmentThe Parliament of Guyana can impeach the President for criminal conduct or should he lapse into insanity. The framers made that clear.
But there is an article that says that the President, in his capacity as Head of State, can prorogue Parliament as he sees fit.It makes you smile as you read this description because you know Mr. Burnham was a cunning politician who would have closed all the loopholes. So the situation is easy to comprehend.
The President has committed a criminal act. He knows that in a week’s time, Parliament will meet to impeach him. He makes his move before Parliament can act.Mr. Jagdeo cites the two-term limit but one wonders why he did that.
Many, many countries have that cut-off point so it is old news to people around the world. But Sigmund Freud was at work when the President told the press conference he is not interested in a third term.Why did he use the word, “interested?”
Legally, Mr. Jagdeo cannot have fifteen years. The Constitution only allows for ten. So even if he is interested, he cannot seek re-election. I read the transcript of the press conference three times and nowhere did I read the President as saying that the Guyana Constitution outlaws third terms.
No mention was made of the impossibility of fifteen years.Was the President showing a Freudian preference when he used the words “not interested?” Could a candidate be interested in running for a third term when that is not legally possible?
One wonders if Mr. Jagdeo remembered what he told the press in Guyana about the Constitution when he used the word “progressive” in Trinidad. Mr. Jagdeo made it quite clear that the Constitution did not say that the Opposition Leader has to agree when the President consults him and if he withholds his assent, the President cannot go ahead and make his decision.He was speaking about the nomination of former UG Vice Chancellor, Dr. James Rose, to head the Integrity Commission.
Well not only is the Constitution of Guyana not progressive but it is farcical. All the President has to do is to call the Opposition Leader, say to him, “Dear Robert, I have James in mind to head the Race-Horsing Authority.”
Robert says, “Nah, I don’t think the guy is the right choice.” The President then says: “You cannot claim that I didn’t consult you.” Next day, the appointment is made. Of course the President can intensify the farce in by-passing the Opposition Leader by making acting appointments.We have an acting Chief Justice and acting Chancellor. Looks like the President may soon be sharing out Academy Awards.
Thursday, April 23, 2009
An original cool-aid drinker
Georgetown, GINA, April 22, 2009
Professor Suresh Narine, Director of the Institute of Applied Sciences and Technology (IAST) today, told University of Guyana, Earth Science students that reducing the quantity of forests results in a decline in the carbon sink side of the equation, and this upsets the equilibrium of carbon in the atmosphere, as it is generally accepted that deforestation leads to an increase in atmospheric carbon.
In case you are wondering who is Dr. Narine, click here
Wednesday, April 22, 2009
Reactive fools!
Robertson-Ogle, speaking exclusively with the Chronicle, said the Magistrates’ Association had called for the meeting following the recent criminal attacks on Magistrate Nigel Hawke and his wife.
The Acting Chief Magistrate said the results of that meeting with Rohee and Greene, which was held about 18:00 hrs Monday evening with a number of Magistrates, yielded “favourable” results. “It was very amicable and very hopeful,” she said.
According to Robertson-Ogle, the Minister as well as the Commissioner undertook to provide Magistrate Hawke with additional security, and after speaking with Hawke yesterday, she said he confirmed that these were indeed provided.
Robertson-Ogle said she did not wish to disclose further details of the meeting she had with the Minister and Commissioner but may do so after she meet with her colleagues in the near future.
She added that various magistrates would be present at their monthly meeting this Saturday and the Association would thereafter determine whether or not they would release another press statement on the issue.
Had the Magistrates’ Association not receive any sort of satisfaction at the meeting, Robertson-Ogle said as a start, Magistrates would have chosen not to sit their courts.
Meanwhile, a source told the Guyana Chronicle that at the meeting, the Magistrates made a number of requests as it relates to their security.
The source said among the requests made were the need to have personal bodyguards and security guards at their homes.
In addition, the Association also requested armed policemen and women in the courts over which they preside.
As a result, the source said heightened security measures were put in place from yesterday around the courts with an officer scanning every person that went through the Georgetown Magistrate’s court gate.
The source added that the back gate which gives the public access to the other courts in Jainarine Singh’s building may also be closed, except to prisoners. A police rank will also be present in that building.
On Monday last, an emergency meeting was called by the Magistrates’ Association in Robertson-Ogle’s Chamber and a number of Magistrates attended along with a representative of the Guyana Police Force (GPF) ‘A’ Division, Ms Maxine Graham.
Magistrate Robertson-Ogle had told reporters that no courts on the West Bank Demerara and on the East Coast were being held subsequent to the criminal attacks on Hawke.
The Magistrate had mentioned that the Association was “weary” of making complaints but nothing has so far been done for them as it relates to their security.
A press statement from the Association had the following to say:
“There is grave concern among all Magistrates at this time especially in light of repeated attempts for the authorities to address the burning issue of security for Magistrates vis-Ã -vis other judicial officers.
“A detailed security memorandum was prepared by the Association since October 11, 2009, and sent to the Honourable Chancellor of the Judiciary and a copy was later forwarded to the Commissioner of Police. To date, no action has been taken with regards to any of the recommendations therein.
“Magistrates at first instance deal with 90 per cent of the criminal proceedings and as a consequence, we are a constant target of criminal aggression. Magistrates, and in some instances members of their family have been threatened, abused and attacked in and out of the Court Room by criminal litigants and their associates. This must not be allowed to continue”.
Magistrate Hawke and his lawyer wife, Donnelle, were robbed in their Section ‘B’ Non Pariel, East Coast Demerara, home by a lone gunman with an AK-47 assault rifle in the early hours of Monday morning.
Hawke told this newspaper yesterday that an armed guard was posted at his residence from 15:00 hrs.
He added that after the incident on Monday night, a policeman was stationed at his house and the police also patrolled the area every hour.
The ranks in the mobile patrol were backed-up by members of a neighbourhood policing group.
Magistrate Hawke said he learnt that several suspects were ‘picked up’ by the Police for questioning since the robbery at his home.
He noted that the incident has left him and his wife shaken and he is hoping to resume work shortly.
Hawke pointed out that so far he is pleased with the efforts that are being made to beef up security at his home, the courts and in general for magistrates. (Additional reporting by Michel Outridge)
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