President Bharrat Jagdeo says that had he found any case of fraud at Clico or “even a slight inkling of fraud” the administration would have been first in conducting a full scale Commission of Inquiry.
At a press conference on Friday he said that he does not have a problem with a joint investigation into Clico (Guyana) and Globe Trust and Investment Company Limited (GTICL) but asked whether members of the main opposition party also “do not have a problem” particularly with a probe that includes the collapse of GTICL.
He was unaware that the People’s National Congress Reform (PNCR) had offered its support for the joint investigation when questioned by this newspaper.
“I have not seen where the opposition said that, so I don’t know maybe we will have to get together and do a formal investigation”, he added.
But back in April the PNCR had said that it holds no brief for the directors of Globe Trust and it has never objected to any investigation into that entity, in response to a letter published in the April 21, 2009 edition of the Stabroek News.
The party contended that the institution collapsed as a result of irresponsible management by its directors and the failure of the Bank of Guyana and by extension the Government of Guyana to carry out its supervisory function efficiently. It said too it would have supported an investigation since many PNC supporters lost valuable resources and in fact it had provided legal representation to many persons affected by the collapse.
But Jagdeo questioned on Friday whether the members would be comfortable with an investigation.
“… I hope that some of the PNC members [don’t have a problem with it] because they took positions on the Globe Trust matter and AFC members including (Raphael) Trotman… [I hope] that they would not be too embarrassed”, Jagdeo stated. The President continued that some of the current PNCR members of Parlia-ment were part of an arrangement to deprive over 3,000 poor people of their small savings in the entity, adding that “they can’t wash their hands of that issue”.
When pressed as to why he insists on a joint investigation, rather than simply looking into what happened with Clico (Guyana) the President stated that he wants to point out the inconsistency of the opposition. He explained that when the financial institution failed, culpable people were identified, but that the opposition not only did not want an investigation, but that they even frustrated solutions “so that ordinary people can get back their money”.
No fraud
However, the President stressed that the administration found no evidence of fraud at Clico (Guyana) . He said that the big issue to date has been the investment made in The Bahamas – the investment of US$34M which he acknowledged that Clico is not getting back.
According to him, an investigation into Clico (Guyana) would currently find inter-locking directorates and excessive inter-company transactions. Things, he said, the government does not need an investigation for.
“Maybe our legislation now would look at these things like how to regulate in a greater way connected- party transaction and inter-locking directorate which is so prevalent in our country”, he said.
Public companies
The President criticized the media for not investigating whether some public companies are serving the interests of small shareholders.
He questioned whether there has been any examination in Guyana of what the compensation packages are in the public companies- both visible and invisible packages. He also asked whether there has been any examination of the adequacy of information “about dealings of these companies”.
“I recall the Securities Council taking a few of these entities to court and I have not seen a single word in any of the newspapers here, none of you have ever written about the findings of the Securities Council in relation to some of the corporate entities”.
“… and you know why many of you will not write about it, your editors rely for ads on some of these companies, you do not want to get into the bad books of some of these companies”, Jagdeo declared.
Schuups, i don’t know why the president keeps embarrasing himself, he just don’t make no sense, mr. president a fraud did took place at clico do you need a extra pair of glasses to see that, are you saying the 34million dollars is chump change and guyanese shouldn’t worry about it.
The man should use this occasion to show his critics how stupid they are and call an investigation if he really feels he has nothing to lose.
He could use it as a great political weapon in 2011.
BS read and understand.
investment was lost of a failed branch overseas, and govt cannot dictate how a private corp. function.
when govt. take action/control you people called it communism, when the table turn you call it another name, so brandon go for your walk on the bronx river-park way or the zoo.
Amen-ra ! The President statement is consistent with the status quo. What you see as fraud is merely a relocation of ‘their’ money or assets. Brilliant !
bad investment is way different than fraud
Freespeech, you are as lame as your President. This is worse than fraud! This was criminal! Section 55 of the Insurance Act forbids insurance companies from investing more than 15% of their local funds overseas; Clico Guyana had 51% invested overseas at the time of collapse! Where is the investigation into why Clico Guyana broke the law and no punitive action taken as per Section 39 of the Insurance Act? There is need for an investigation by the Auditor General because the law was broken here!
you nah understand the man……key word is ‘inkling’…..nothing nah ‘write down with Parker Ink’…..is ‘ball point’ pen them use…..
well here are a few things why an independent investigation should be called freespeech it is not only for just criminality.
But what we should get a better understanding of is exactly what decision making went into giving away 34 Million USD to clico and bankrupt NIS?
What deal exactly went down and what were the terms of the deal. Jagdeo is now saying it was an investment, Clico Bahamas says it was some shady loan which they never received the monies for, the money was diverted into a US bank account.
So there are a lot of unanswered questions and while there may not be illegality it does not mean there were not terrible decisions made that we the citizens of the country should know. This knowledge will server a greater good to the public that covering jagdeo’s sorry behind.
While I totally understand how you would just buy jagdeo’s soup wholesale without even a taste test. I am sorry some of us want more details. Why is the PPP ducking and hiding the details? come forward and share with the public all the info and have a full disclosure so we know what happened. Will that cost too much money for jagdeo? after all your moniker suggests that you are a big advocate of freespeech and ultimately i may hope freedom which is freedom of information etc. etc. Let the information flow, unless of course the PPP is engaged in a big cover up and there is some illegality that took place.
Jagdeo you mean like your willingness to investigate the Raja Khan issue?
If there is no criminality then why are you so opposed to an investigation to prove all your critics wrong JAgdeo?
waste tax payer money? Why not ask Obama to investigate all those banks that lost billions and still pay millions in bonus.
FYI the banks were investigated how do you think the ways and means committee got their report on AIG etc?
Do some reading and enlighten yourself .
James,
Mr. BS better not attempt to rant and rave against Barack and his trillion dollar bailouts before he winds up in Canjie creek instead of the Bronx River. These Guy-Yanks and Guy-Nadians cannot mouth off against the governments that collect their taxes and redistributes the public money as it see fit. So they unleash their pent up hostility and personal venom on the Guyana government daily. Perhaps it is therapeutic for them.
Yes Samaroo,,,When the evidences is supplied by the US Authorities…
Why will anyone sane launch a criminal investigation into Cloco when there is no evidence to prove criminality Samaroo??? must catch your breath before you open your mouth with wildness…
Brandon, u loose twice, what came out of the investigation? That was only done to see how many more billion they need to pay bonus and send execs to private spaws on private jet.
No jimmy boy it is called understanding what went wrong and then taking steps to fix it. Every business, government or otherwise needs to review their operations and continuously identify defects and improve.
Toyota created a whole new program out of that called Lean, GE called it Six Sigma which they adopted from Motorola.
We need to know what happened it is also called good governance the canadian govt does it all the time. How do you think they are catching up with Mulroney and his hookery and crookery today?
So we need to understand fully and transparently what happened Jagdeo can only run and hide for so long. Share the info man, what do you have to hide if there was no criminality?
It is better for someone to think you are a fool rather than open your mouth and expel all doubts. Nothing more to be said.
Yes Pressie,I believe ya,let them bring the hard evidence and lay it at your feet,only then will you have an investigation,they will have to put up or shut up!!
Here we go again with Jagdeo’s nonsensical pronouncements. An investigation including a forensic audit will determine if there was fraud. You don’t start out from a desired conclusion ( that there was no fraud) and then preclude a corrective measure( investigation and prosecution). This is akin to his assessment of Roger Khan ( if there was criminal activity then he should be prosecuted).
sure pal one thing i give jadeo credit for he has a plaster for every sore
Mr. President, there is an ‘inkling’ of mass murder by the group connected to the alleged drug king pin, Roger Khan. Is a Commission of Inquiry being formed?
There is no proof of any mass murder except the slaughter that was carried out by the FREEDOM FIGHTERS, there are allegations of PHANTOMS taking down questionable characters.
Yes the commissioner of police is dealing with the commissioner of inquiry…Make your enquiries with him…
200 people would be considered mass murder Coolieman. Criminals or not it would be considered mass murder by international standards.
So the PPP and jagdeo better tread carefully.
I am tired of hearing this man speaks.
PLUG UR EARS
You alergic to the truth, customed to the lies from the PNC…RAJ.
you telling people they allergic to the truth soldier? if truth slapped you, you would have no idea.
He concluded that there was no fraud at Clico,without an investigation.Unbelievable but true!.He has taken the same stance,in relation to Roger Khan,the “mercenary”.
Jagdeo, jagdeo boy a tell yuh, u really pressin ur luck, can u find another word for investigation, seems this word is gettin u and ur cabinet no where, the last time I check there were no investigation complete under ur regime,so much incompetent ppl around u.
I wonder if all u USA people asking Obama to investigate those banks and investment firm that lost your money.
They are being investigated you donut why do you think there are congressional and senate hearings on this stuff all the time?
What do you think the US is a dictatorship like that little empire JAgdeo thinks he has there?