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CLICO-Guyana problems not unique
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GEORGETOWN, Guyana (GINA): The recent developments of the Colonial Life Insurance Company (CLICO) are not unique to Guyana as subsidiaries of four islands have also been affected by the recent financial troubles facing CLICO’s parent company, the Trinidad-based CL Financial.

The governments of Trinidad and Tobago, Turks and Caicos Islands, Belize and the Bahamas have taken over the management of the company and have placed them under the authority of the Commissioner of Insurance.

The Belizean government was the last of the five affected countries to announce that it had secured a judicial order for CLICO-Belize Limited to be placed under the management of the country’s Supervisor of Insurance Alma Gomez.

Following the problems with CL Financial Group in Trinidad and Tobago and that Government’s move to take control of the company in late January, Governments around the Caribbean heightened their monitoring of the institutions.

Subsequently, having ascertained the extent of CLICO Guyana’s exposure to overseas investments, Commissioner of Insurance Maria van Beek immediately instructed the company to correct this deficiency and was urged to continue to repatriate a greater share of its investment portfolio, while discussions on other options commenced.

The company undertook to do this in a manner that would be orderly and that would avoid undue dislocation to its operations.

While these options were being explored, because of the difficulties being experienced by CLICO-Bahamas, the Bahamian regulators moved to that country’s Courts and obtained an order for the winding up of that company on February 24.

Following that development, on February 25, given the investments held by CLICO-Guyana in CLICO-Bahamas, local regulators moved to the Courts and obtained an order to place CLICO-Guyana under judicial management-an act that was necessary to protect the policy holders of CLICO-Guyana.

This announcement was made by President Jagdeo on February 26 during a media conference where he highlighted the problems and provided an update on the local financial institutions in the presence of the Minister of Finance Dr. Ashni Singh, Governor of the Bank of Guyana (BoG) Lawrence Williams and the Commissioner of Insurance.

The government of Belize has secured the assets of CLICO-Belize and assumed full control of the Company’s statutory reserves.

The move taken by governments follows a new and radical approach to protect the interests of workers and policy holders, investors and pensioners in the company.

On March 3, President Jagdeo, at a press conference at the Cheddi Jagan International Airport, prior to leaving for engagements in Washington, DC indicated that Government will protect all CLICO- Guyana policy holders as the brouhaha surrounding what will happen to the insurance company continues to grip the attention of the nation.

All claims, including medical and vehicle, will be met because that is the commitment Government has made. If someone were to seek medical attention now, or had a fire or a vehicle accident and they have their premiums up to date, their claim would be processed as is normal, President Jagdeo assured.

The press conference was called after several newspapers had reported that the Bahamian Prime Minister Hugh Ingraham told his country’s Parliament on March 2 that “there appears to be no record available at this time” of CLICO Guyana’s investment in CLICO Bahamas. The local company had invested $6.9 billion in CLICO Bahamas. President Jagdeo assured then that CLICO Guyana has a considerable paper trail to prove the existence of the said investment.

The President further stated that when Trinidad & Tobago took action to take over four of the subsidiaries of CL Financial, he had tried to make contact with other Heads of State within the Caribbean, including Prime Minister Ingraham in an effort to encourage countries with CLICO operations to discuss the matter, find solutions and act in a unified manner.

March 7, 2009

caribbeannetnews.com

March 7, 2009 | 10:26 AM Comments  1 comments

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stonewall42 Jack loach
March 8, 2009 | 6:55 PM
The " Doyens

The Establishment “ Cover up crimes”.

The ‘Doyens’ of the establishment.’ ( Ivan Pictet and Monty Raphael.)

Ivan Pictet.
Managing partner in Pictet & Cie Bank .--- Switzerland.
President of the Geneva Financial Centre.
World Bank.committee member.
United Nations. Investment Committee member,
Vice President – Global Humanitarian Forum.
Member of the Henokiens.
Blackstone Group --- Board Member.
Past- President – Geneva Private Bankers association.
Past –President – Geneva Chamber of Commerce and Industry.


Monty Raphael.
Quote.” ---- Doyen of U.K. Fraud lawyers.
Consultant & Head of Fraud and Regulatory Dept.
Member of Board of Directors of the Fraud Advisory panel.
Member of the Law Society of England & Wales.
International Bar Association Member.
Past President—London Criminal Court Solicitors Association.
Past Chairman ---of Anti Corruption Committee.
Founder of Business Crime Committee of the International Bar
Association.


Pictet & Cie Bank & Peters & Peters.

The bank and it’s officials deliberately withheld crucial documents requested under a High Court order.The bank and it’s officials deliberately withheld evidence from the Police , and one of it’s account managers Susan Broadhead gave a false witness statement to the police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.)concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.)sought to have numerous documents destroyed,along with those copies held in their London office of P.A.M. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael – and the barrister Charles Flint.Q.C.) –later had to admit in Court that the documents were genuine.
Full Story.
Go to search box on “Google” and insert ( Ivan Pictet / Monty Raphael) or
insert ( Pictet & Cie / Monty Raphael.) - - then try it on “Yahoo”.
Or try (Jack Loach/ Ivan Pictet.)
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