| By Gary EleazarThe financial records of investments by Colonial Life Insurance Company (CLICO) Guyana in CLICO Bahamas have been submitted to the Finance Ministry.According to Finance Minister, Dr Ashni Singh, if necessary these records will be made available to his Bahamian counterparts.There was a plethora of correspondence, including wire transfers of substantial amounts, dating as far back as 2004 with CLICO Guyana utilizing several local banks to transfer money to CLICO Bahamas accounts.The first set of monies went to British Fidelity Insurance Limited, the precursor to CLICO Bahamas.As recent as last year,Cheap Jerseys NFL, monies were transferred to CLICO Bahamas. In one case a bank draft went missing and was replaced. The record of this transaction was also revealed.There was communication with Karen Ann Gardier, who was to become CLICO Bahamas Regional Director,Wholesale NFL Jerseys Online, Finance and Investments.During an interview with this newspaper,Cheap Jerseys From China, yesterday, the Finance Minister said that there was even confirmation of receipts of the monies sent to CLICO Bahamas. As if to provide further proof of the transactions between CLICO Guyana and CLICO Bahamas, there is mention of Guyana in the CLICO Bahamas audited annual reports of 2006 and 2007.Under “Sale (withdrawals) of insurance contracts” a sum of US$15,Cheap Jerseys Authentic,114,138 was indicated in 2006.In the following year there was mention of US$1,656,302,Cheap Jerseys From China, representing interest payment to Guyana.The financial transactions were made in 2007 but because of a misplaced bank draft which saw a cheque being declared null and void,Cheap Jerseys Free, there was the replacement in 2008.All investments are also documented in the audited accounts of CLICO Guyana.As it relates to the $6.9B locked up in the CLICO Bahamas winding up process, the Finance Minister pointed out that every effort is being made to protect CLICO Guyana’s assets. Every available avenue will be explored to ensure that the exported assets are returned.According to Dr Singh, CLICO Guyana was given specific instructions to recover investments in The Bahamas.These investments were all short-term ones and the most recent request for the return of the money was made by way of letter to Ms Gardier early last month.He noted that the Ministry has been provided with documentation of the actions taken to recover.The Minister insisted that despite the Judicial Management of the CLICO Guyana, the company will be able to honour all of its liabilities.“The government’s clear and explicit intention is to exhaust every available avenue to protect the assets of the value of all investments and assets, including the assets of CLICO Guyana in The Bahamas and to ensure that our legal rights are asserted.”According to Dr Singh, “What we need to do now is to ensure that the court appointed process is allowed time to exhaust all avenues to protect the assets of CLICO Guyana and to recover them where there are issues such as in the Bahamas.” |
