Globe Trust should have been investigated at the time it failed

Dear Editor,

The President of Guyana, Mr Bharrat Jagdeo, said that if CLICO Guyana is to be investigated then Globe Trust will also have to be investigated.

This is where the President has failed the nation and the depositors in Globe Trust; it should have been investigated as soon as it was discovered that things were not right. Guyanese as well as the depositors would have then got a true picture about the many things which had gone wrong and why Globe Trust failed making it difficult for depositors to get back their monies.

At Globe Trust some ‘big ones’ took large loans without lodging the necessary collateral. They are now unable to repay the loans and there is no collateral which can be seized and sold to get back the money.

Yours faithfully,
Baldeo Persaud