Business Review

Introduction If NICIL – the National Industrial & Commercial Investments Limited – was a play, it would be one that challenges Othello and King Lear for the dubious distinction of saddest tragedy ever written. 

Introduction It is that dreaded time of the year when columnists are expected to look into and engage in attempts to predict the future.

Correction, addition and appreciation In last week’s column I stated as the year in which the Government of Guyana took over the assets, liabilities and operations of the Royal Bank of Canada as 1994.

Introduction Twenty years and four days ago, Business Page became a feature of the Sunday Stabroek.

Introduction   Perhaps it is the constant stream of news coming out of Trinidad about Commissions of Enquiry, referring files to the Director of Public Prosecution or about police investigations in that country.

Conclusion Introduction This week I continue to raise questions on matters we may not have noticed in areas of public finance and management in Guyana.

Following, but not as a result of last week’s column addressing the parlous state to which Cabinet Secretary Dr Roger Luncheon has brought the National Insurance Scheme, I had two very interesting conversations, one with a business leader and the other with an MP.

Introduction Dr Roger Luncheon, Chairman of the National Insurance Scheme (NIS) and chief spokesperson for the Government is denying the reality of the parlous state of the NIS.

Introduction Proving that true honeymoons are for first timers only, President Barack Obama returned the morning after the night before to his office/home at the White House and was immediately confronted with some of the immediate challenges he would face the second time round.

Introduction Last Thursday, President Donald Ramotar swore in Mr Deodat Sharma as the country’s Auditor General. 

Introduction The 2011 Auditor General’s report is the earliest since 1993.

Introduction The 1986 lifting of the four and a half years ban on the importation into Guyana of wheaten flour was of national significance in our economic history.

Introduction The Luncheonese in the heading is deliberate. Business Page of May 10 2009 wrote that the NIS faced real and disastrous consequences from Cabinet’s failure to act on the recommendations contained in the 2001 and 2006 Actuarial Reviews of the NIS.

Conclusion In the introduction to last week’s Business Page I pointed out that it was refreshing that the mid-year report was not only prepared within the statutory deadline but that the report was actually made public even before it was laid in the National Assembly which is presided over by the Speaker.

Introduction For years, this column has made some sharp comments about the Finance Minister over his presentation of the economy’s mid-year report required under the Fiscal Management and Accountability Act.

Conclusion Introduction Today completes a series on the liquidation process of the insurance giant that collapsed spectacularly in early 2009 after news came out of Trinidad and Tobago that the company’s parent had been taken over by that country’s central bank following a dramatic run on the company mainly by policyholders.

Introduction Here is a cheque drawn on the account of Clico – in Liquidation.

Introduction This column is about Clico Life and General Insurance Company (South American) Limited (Clico), a regional insurance giant whose Guyana subsidiary collapsed spectacularly when Mr Ian Chang, Chief Justice appointed Mr Lawrence Williams, Governor of the Bank of Guyana to liquidate the company.

Conclusion Introduction As this column evolved over the past month its focus moved beyond Linden and electricity to the whole of Region 10 of which Linden can be considered the capital.

As with the first, the second installment of this column last week attracted a full length response from the Prime Minister Samuel Hinds which as far as I could understand pleaded with me “to help soothe anxiety about removing a historical subsidy.”