Guyana Observer News

Why is the PNCR afraid of an investigation into Globe Trust?

Tuesday, 21 April 2009

Dear Editor,
I am somewhat bewildered! Why is the Peoples National Congress so afraid of an investigation into Globe Trust? Absolute mismanagement, wrought by unsecured loans caused the collapse of Globe Trust. It was responsible for the destruction of many lives and plans for the future, including retirement, especially in the case of Guyanese of African descent, who were happy that an institution like this existed, where they felt comfortable, they could feel their money would be secure and where they could be helped and they could also help. Globe Trust betrayed its people.

I know many retired police and military personnel who placed money in the institution, so that they might feel safe and comfortable for the rest of their lives. I saw one gentleman at a hearing we had at City Hall cringe as he spoke; he knows the pain − millions of his life’s savings gone. Others saved for their children’s education and welfare − money gone! They and even I were lured to save, save, save, get good interest and win fabulous prizes, etc. They must have known they were in trouble, yet still they lured people, and then stopped providing withdrawals when the entire matter came to light.

I have old and good friends in the PNC; I have friends everywhere. My advice to them is to encourage an investigation into Clico and also Globe Trust; stop being defensive about Globe Trust which squandered people’s money, and whose creditors to date do not wish to repay. It makes the PNC look suspicious and misguided. Why be one-sided?

In fairness I wish also to state, as I did before in the print and electronic media, that I believe government has to bear much responsibility for the Globe Trust debacle, as the Bank of Guyana which oversees compliance with the law took action when it was too late.

The facts above, known long ago, and the facts uncovered by the auditors of Globe Trust, warrant an investigation into Globe Trust. Deal firmly with this and with Clico; send a message of a no-nonsense style of government in dealing with those who wish to think that they can use corporations to be irresponsible with money belonging to the people of Guyana.

Yours faithfully,
Roshan Khan

Add comment

JComments

< Prev		Next >

[ Back ]

Our Staff

M.Benschop
Publisher
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

A. Reteymyer - Editor in Chief

Sharda Dasrat - Editor

Mission Statement

The Mark Benschop Foundation was officially launched in March 2008 by its founder and chairman Mark Benschop and other concerned Guyanese and well wishers in the United States of America. What started as a small operation geared toward helping those in need has grown so large that they were forced to move their offices to a whole building in East Street where the vast amount of people responding to their generosity could be accommodated.

Visitors Counter

You are visitor # 5930156 . Thank you!

Online Radio

Latest News

Contribute to our Website

Anyone wishing to contribute articles or letters to The Guyana Observer News, can email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Are you looking for the best prices in town, Realiable service and door to door pick up and delivery? Then contact Williams Caribbean Shipping today. Mention that you saw this ad on our website and receive a 10% discount!