Nineteen more employees of the financially troubled CLICO (Guyana) yesterday had their services terminated.
Stabroek News understands these employees were from the Accounting and Customer Service departments. This leaves just about 26 junior staff workers working at the insurance company’s head office in Camp Street, this newspaper was informed. Stabroek News, however, was unable to ascertain who had signed the letters of termination.
According to reports, the dismissals of these employees did not come as a major surprise since there had been rumours circulating since last week that more employees were about to lose their jobs.
On March 18, more than 30 employees were given letters of termination by Assistant Manager and former Chief Executive Officer Geeta Singh-Knight. On that same day, branches on Lamaha and Irving streets, which formerly housed agents, were shut down and these agents were relocated to Camp Street.
CLICO (Guyana) invested $6.9 billion (US$34 million) in CLICO (Bahamas) which represented 53 per cent of the local company’s assets. Although these investments were liquid on paper, investigations have revealed that this sum has been tied up in real estate investments that CLICO (Bahamas) had in Florida through subsidiaries. When CLICO (Bahamas) was ordered liquidated on February 24, the local company was subsequently placed under judicial management.
The Bahamian company was then ordered wound up on April 7, by Justice Cheryl Albury, a move which makes the prospect of CLICO (Guyana) recovering its $6.9 billion (US$ 34 million) dim. Justice Albury’s ruling means that all of the company’s assets will be sold to pay off its creditors, and the remaining assets, if any are available, will be distributed to the principals of the company. However, Guyana has hired attorney John Wilson, of McKinney Bancroft & Hughes, to represent the country’s interests in this matter.
President Bharrat Jagdeo, meanwhile, disclosed recently that he had successfully lobbied other Caricom Heads of Government to allow for $3 billion (US$15 million) to come from the regional Petroleum Fund to Guyana to assist in meeting the liabilities of the financially troubled CLICO.
Dont worry, the PPP will find you guys a job at Badall investments at the new Pegasus hotel.
HaHaaaaaaaa.
BISWATTIE.
YOU ARE DYING FOR ATTENTION SO HERE IS SOME.
TODAY,S NEWS IS THE USA. UNEMPLOYMENT RATE IS AT 9.4%
AND CANADA IS 8.4%
PROCESS THIS UPSTAIRS AND THE COMMENT.
WOW Biswattie!Everything is the PPP/C,next thing you know the rain start fall suddenly or we have a Tsunami,you will say it is the PPP/C cause it.
bishnuR,I assume Biswattie will say the PPP cause it.
well errr marvin ummm i doan think the Poo poo poo helped the situation by funneling 34 million USD to clico illegally.
Did they?
So sad to see these employees terminated, hope they can find work after this fiasco.
If the Company is liquidated what do you expect, they will hire more people of fire more, it is up to them whether they want to find other jobs, there are lots of jobs available now in Guyana…Massive Construction Projects are taking place…
if they are jobs in guyana why is guyanese still want to come to u.s or go to barbados, stop stifling your consciense soldier,and by the way what job? do you mean working at a fast food restaurant or domestic work that pays next to nothing and plus you have the bossman want to be with you if you’re a female.
GEENA will hire them.
These people need empathy, not callousness, it will not be easy for them to now find jobs out there, they are not engineers of the circumstances they now face, times are very difficult, and to be jobless now is unimaginable, the people who are cynical now, beware, when you see other people’s houses burning, don’t laugh, but pray that the fire doesn’t reach your own house, then you will realize how good is is to have someone with a bucket of water by your side. Anyone’s circumstances can be reversed. and no one is certain about the future, Time and unforeseen occurrences befall us all with no distinction between age, ethnicity, gender and nationality.
Where is Geeta the Knight in Shining Armour Singh?
I guess Juggy gonna mek her a minister soon.
hehehhehee
It is really sad that so many people are out of jobs. I know what it is like to be educated and out of work. However, I am really upset that my little pension savings at CLICO are all gone. I know many others have lost so much more than what I’ve lost but that does not compensate for my losses. I’m so skeptical about taking out more insurance now. I will only deal with the absolutely necessary ones now like car, house. Sad situation, sad indeed.
Funny thing is everyone losing their jobs but the chief cook and bottle washer has a new job over at GuySucko.
Talk about the madness of this govt. and they are claiming oh she was already hired at Guysucko’s board so the clico debacle has nothing to do with it.
The woman broke the laws of this country who cares when she joined Guysucko?
BRANDON, WHAT KIND OF PERSON ARE YOU REALLY.. are you really the AFC brand, cause if you are, you represent a very poor MODEL.. ..WHEN I heard the AFC, was emerging as a third political force, Iwas very excited, had some respect for Mr. Trotman, since I Knew he was the product of a respectable Christian family, and I was longing for a group, that could provide a credible alternative to the two Main parties,… and it would seem that so did 28,000 or so other Guyanese..at the last election,,.. I suspect, that the other supporters of the PNC. WHO SWITCHED ALLEGIANCE TO THE AFC., also felt like me, they were looking for decency,.. and the lifting of politics to higher plane, .. they were not looking for a Mini PNC, or PPP FOR THAT MATTER,.. we wanted to mve away from the Mo fire, Slow fire Mode’.. from the Name calling personal attack/ redicule mode, and to be led by persons of integrity.. who were able to deal with issues in an uplifting manner… instead of that, look who we got after 3 yrs…. YOU… folks like you make thePPP stronger, and makes president Jagdeo, become, a beacon for his supporters… don’t you Guys get it…who in their right mind would see the likes of you, as an alternative to the ruling clique?… the type of tripe emanating from your fingers in these columns,. is harmfull to the health of the AFC,.. ..take some advice and restructure your thought process if you really mean well for the AFC…
please Guyflag you like soldier boy are trying to blunt criticisms. If you are so interested in common decency call on your president to answer the following things so you can gain respect for the AFC again.
1. Where is maria van Beek why has she fled Guyana under ppp rule?
2. Why haven’t we started a scotland yard investigation of the Roger Khan / David Clarke situation?
3. What happened to the 34 Million NIS dollars? why hasnt the investigation started yet? jagdeo cannot say he doesn’t see any laws broken as yet because he is the one being accused of breaking the laws. Get it?
The AFC will continue to expose the PPP day in day out. Whether you like it or not we will keep it lit.
guyflag, sa-moron will never get it. he is flogging a horse that is already dead before the start of the race. imagine they couldn’t reach a consensus with other opposition parties on a plan yesterday. these are the people that want want to run a country.
call it dead horse call it what you want, the people of Guyana are not going to walk away from this Roger Khan scenario until we get scotland yard here to investigate.
Shame on you for not having the decency to call out the PPP when they have clearly committed crimes of some kind here.
Putting blind support behind any organization is not only careless it is plain simply put chuppid.