Saturday, February 28, 2009

Government buddies agree on financial crisis

KN News: 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.

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.”

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