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Guyana gives PM CLICO documents
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By CANDIA DAMES,
Guardian News Editor -
candia@nasguard.com:


Guyanese President Bharrat Jagdeo has turned over documents to Prime Minister Hubert Ingraham he believes support his claim that CLICO Guyana has $34 million invested in CLICO Bahamas, Ingraham confirmed yesterday.

The turnover of the documents came just under two weeks after Ingraham informed the House of Assembly that there was no available information in CLICO Bahamas to confirm the Guyanese investments. Guyana officials are hoping to get back the money they say was invested, and have even hired a legal team of Bahamian and Guyanese attorneys to protect the country's interest.

Ingraham confirmed that he was able to have a face-to-face talk with Jagdeo at a CARICOM heads of government meeting in Belize late last week.

The prime minister, who fielded questions from reporters at a press conference yesterday afternoon, said, "I told President Jagdeo that he ought to make available to me all of the information that they had to substantiate their claim. He caused that to be delivered to me in Belize City," Ingraham said.

He said his office made those documents available to the Registrar of Insurance Lennox McCartney and CLICO Bahamas liquidator Craig Gomez. The prime minister said he expected to find out from them yesterday the legitimacy of the information.

"And if they are as they appear to be, to so inform the president of Guyana who, once he finds The Bahamas in acknowledgment of his claim, will not have an interest on following through on the matters which you wrote about this morning (Monday)," said Ingraham, referring to a Nassau Guardian article which revealed that Guyana has hired attorneys to push its case.

He said CARICOM heads are awaiting a report from insurance regulators who met in Trinidad last Friday. Ingraham also informed that the leaders plan to meet in Barbados, possibly as early as the end of this month, to discuss the CLICO matter "and other things".

"We have determined that it is a Caribbean-wide problem and that no individual country will seek to go on its own without consultation with the group and that we may therefore be in a position to make a determination based upon the report which we receive from the regulators of insurance," he said.

Asked whether he has any additional information for policyholders of CLICO Bahamas, Ingraham responded: "My word stands. [There's] nothing I want to add or take away from what I have said and I am very pleased that the public of The Bahamas has been accepting my word as being words they can live by, and have been doing exactly as I asked them to do — continue to make their payments until I tell them otherwise."

Gomez, the liquidator, has also urged policyholders to do the same thing.

In a statement published on a special website set up to provide information on the developments related to CLICO Bahamas, he assures policyholders and employees of CLICO that every effort will be made to protect their interest and assets of the company.

Gomez was expected to prepare financial packages by the end of last week for insurance providers in The Bahamas interested in purchasing CLICO's portfolio.

"It is the liquidator's intention to have [the] portfolio transferred to the new insurance provider as quickly as possible," his statement said.

The prime minister's latest comments on the CLICO debacle came as he fielded questions during a press conference held to discuss the government's planned unemployment benefit scheme, which comes into effect on April 20.

March 17, 2009

thenassauguardian.com

March 17, 2009 | 9:56 AM Comments  0 comments

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