Guyana Observer News

PNCR calls for urgent inquiry into CLICO debacle

Friday, 20 March 2009

The PNCR yesterday called on the government to hold an “urgent and impartial” inquiry into the CLICO (Guyana) matters, including the disbursement of the funds obtained from the sale of the bonds held by CLICO in the Berbice Bridge Company. The main opposition party in a press statement yesterday accused

President Bharrat Jagdeo and Finance Minister Dr Ashni Singh of studiously giving the Guyanese people the impression that they would guarantee all policy holders and depositors of CLICO. However, the PNCR contended, the vigorous resistance from the government’s representatives to have that guarantee clearly and unequivocally stated in the motion debated in the National Assembly last Thursday is cause for concern.

According to the PNCR, “this manifestation makes it necessary to question the sincerity and determination of the Jagdeo administration to clean up the mess brought about by the collapse of CLICO, under their watch.”

The party said further that “cleaning up the mess of CLICO must entail dedicated, systematic and resolute action by the Jagdeo administration.”

And among actions required, the party suggested, is for the directors and regulators associated with the debacle at CLICO to give a full account of what had transpired prior to the collapse of the company. “Not only is this necessary but it is the logical follow-up action to underwrite the eventual consensual resolution passed by the National Assembly,” the PNCR declared.

It argued further that it is obvious that the bill for any guarantee by President Jagdeo will be passed on to Guyanese tax payers. Con-sequently, the PNCR said, those managers and directors of the company who had a fiduciary duty to all policy holders and depositors must be made to account to tax payers for their performance.
NIS funds
And while measures are being taken to contain the fallout from the collapse of CLICO, the government must also take all necessary measures to ensure that the assets and cash position of the National Insurance Scheme (NIS) is not eroded, the PNCR said.

In this regard, the party added, the government must honour its commitment to do all that is necessary to protect this vital insurance scheme.

Meanwhile, the PNCR asserted that there must be an inquiry into what transpired with NIS and might have led to the offer of resignation by Dr. Roger Luncheon, who is the incumbent Chairman of the NIS. “Is it that Dr. Luncheon had word that the NIS investment in CLICO was likely to turn sour?”, the party queried.

However, while the PNCR said it does not question the investment in CLICO, it noted that there are pertinent issues which must be raised, besides recent disturbing reports of unusual dealings at the NIS.

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