The Government's decision to intervene on behalf of the tricksters behind the 'Ponzi' schemes called CLICO, CL Financial and Hindu Credit Union should not be allowed to materialize, or at least not in the ways so far suggested. This CL FInancial debacle has many issues that are cutting against the principles of a 'Just' society, and the people are chafing under the strain. If not handled properly it will do long term damage to our Democracy by undermining the rule of law in favor of the rich at the expense of the masses, and this will not auger well for anyone concerned.
Responsibility and accountability:
Did the then Minister of Finance plan to relieve the then primary investors/shareholders/Board of Directors, (read here those who bled the Companies dry to afford themselves lavish lifestyles while transforming a great Caribbean Company and its offspring into a glorified pyramid scheme) of their fiduciary responsibility?
Has she by her actions shielded them from investigation and prosecution? If so, I would like to suggest that her demonstrated conflict of interest (to which she still has questions to answer) has compromised all of her decisions on this issue and should be rendered null and of no effect.
Was the Minister of Finance guilty of malfeasance and contributing to the furthering of a criminal enterprise when she intervened?
Was the Central Bank Governor guilty of malfeasance when he stepped into the breech, and did his actions attempt to shield the guilty? Was/is he at anytime an investor or policyholder?
Was the then Supervisor of Insurance guilty of any malfeasance or incompetence in this matter, again rendering decisions moot?
The Government's first responsibility here is to protect ALL the people from this scandal, not to contribute to its success by robbing Peter to pay Paul. It is my position that the Government has no responsibility to bail anything out as yet, not until the former raiders are prosecuted and stripped of their ill gotten gains, which in turn should be used to fund any attempt at satisfying Company debt to policy and investment instrument holders.
This MUST be done or the Government will be seen to be functioning as accessories to this scheme to defraud.
Secondly, the way this Government proposes to bail out the Company only rewards the gang of thieves and I want to ask why?
Who is influencing policy?
Is there any justification to investigate the decision makers for possible or potential conflict of interest?
I am calling on the Government through the Attorney General to immediately freeze the assets of Lawrence Duprey, Ian Garcia, Andre Monteil, Claudius Dacon, Gita Sakal and others (both local and overseas) who made up the then Management and were financial beneficiaries of the CL Group of Companies, as well as Harry Harnarine and the Board and principles of the Hindu Credit Union and any and all interconnected Companies, and to launch a criminal investigation and a Commission of Enquiry (if warranted) to ascertain culpability and bring the guilty before the Courts and have them prosecuted for their crimes.
Only when the people of this Country see this Government as working on their side and not on the side of the rich and infamous will all the self congratulations find an agreeable audience. Until the Government deals with the issue of Steve Ferguson and Ishwar Galbaransingh definitively it will continue to appear as if shielding its investors from answering for crimes committed against the State.
Until the Government deals with the aforementioned matters in the interest of ALL the people it will appear to have failed at its primary function.
Until then, if the Government abdicates their responsibility here, we the people may have to bring action against the Government through the Courts for redress in these matters, and to force a halt to any proposals which attempts to raid the Treasury to cover the sins of others.