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Evidence of CLICO Guyana's investment in the Bahamas, says minister
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GEORGETOWN, Guyana: As the controversy surrounding CLICO (Guyana) investments deepens - matters here have taken yet another swing as Minister of Finance Ashni Singh said that his Ministry received several documents from the Judicial Manager of CLICO Guyana last week evidencing that there is an existing relationship between CLICO Guyana and CLICO Bahamas and its predecessor British Fidelity Assurance.

Singh said on Sunday that the documents provided a transparent paper trail of transactions at every stage of the investment with instructions to several local banks for wire transfers to CLICO Bahamas. Additional proof was also provided from annuity instruments and certificate of deposits along with other correspondence as evidence of an existing relationship.

He said that the Ministry had also received from CLICO Guyana through its Judicial Manager details such as names and telephone numbers of contact persons, e-mails, pertinent in the execution and discharge of a financial investment in CLICO Bahamas.

The finance minister added that government is making sure that all policyholders are protected, and “my ministry will continue the effort to ensure that all assets are secured in addition to preserving their value, and this administration will not stop until the matter is completely resolved.”

Singh said that despite the negative comments, “the President was very explicit with the Administration’s role in undertaking the responsibility of protecting the policyholders as was evident with the appointment of the Judicial Manager”.

The Minister said that it was regrettable that some - including the media did not examine the audited accounts of CLICO Guyana which clearly show amounts receivable from the CLICO Bahamas, but chose instead to distort a comment from the Bahamian Prime Minister Hubert Ingraham on what appeared to be the situation at one period in time without the assimilation of all facts by the Liquidator.

Singh remained adamant that the financial system is strong despite questions asked by some factions who have been using financial setbacks in the Caribbean Region on the strength of development within Guyana.

He said that it should be clear that the system is well managed and financially sound - and that it continues to be an attractive foreign investment destination. The Minister pointed to growth in the non traditional sectors - as investments in Guyana are further manifested through a vibrant Private Sector Commission (PSC).

He said that the growth in tourism and agro-processing and the increasing number of Information and Communication Technology (ICT) businesses are testimony to our resilience in a global product and service market that is constantly being challenged to be more efficient and effective.

The Minister further explained that even though survival in the light of the global difficulties presents a challenge, the Caribbean is fortunate that the degree of integration in the global economic system is limited, and “had worked to our advantage by offering some levels of protection.”

However as in the case of the trickle down effect of the CLICO Group, he pointed out that while “we are relatively protected, outside difficulties can affect the region with severe consequences.”

March 10, 2009

caribbeannetnews.com

March 10, 2009 | 3:09 PM Comments  0 comments

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