Weekly Column

What could be so sinister about a request to lay in Parliament the Memorandum of Understanding between the Government of Barbados and Clico Holdings Barbados that could provoke the ire of the Prime Minister?

What could be so “secret” about this Agreement between the people’s representatives and Clico that would cause the Prime Minister not to want to disclose it?

What are the Terms of Reference of the Oversight Committee established by the Government of Barbados to oversee the sale of the assets of the subsidiaries of Clico Holdings and their expenditure?

Why does a request to release these Terms cause the Prime Minister to launch a political tirade that suggested a discomfort and an unusual sensitivity with the request?

Where do the duties of Clico’s Directors begin and end?

Where do the duties of the Oversight Committee begin and end?

Will this Government appointed committee expose the Government to any further liability for decisions taken?

Have any sales of any of the assets taken place as yet? What were the assets of Clico that have been pledged to the Statutory Fund? Is it intended to sell any of them?

Are they currently pledged elsewhere and if so, will the net proceeds be committed to the Statutory Fund and will it help close the deficit?

What will be the likely exposure of the Government and people of Barbados if a bail out becomes necessary, especially given the difficult fiscal situation and the recent S&P downgrade?

It is vital that these questions be answered for the benefit of the public. There is a growing number of persons who have now been waiting for two to three months to receive their monies from the surrender of annuities or of pension funds.

The majority of Clico’s revenue came from new business and it stands to reason that if there is not an abundance of new revenue coming into the company this year it will have difficulties servicing its existing liabilities. To compound the situation, Clico has not complied with the statutory requirement to publish its audited 2008 accounts by 30th April, 2009.

In response to these concerns, the Prime Minister tried, in his inimitable style founded on innuendo, to sidetrack the issues and talk about car claims being settled when he knows that the issue is life policies, pension plans and annuities.

Trying to cast blame on the former Prime Minister for failing to act in 2004 when there was no crisis, does not put a cent in anyone’s pockets from Clico today.

He needs to answer the questions that concern Barbadians who have a vested interest in securing or protecting their investments. These are the people he is sworn to protect, defend and serve. Not a corporate giant and its Chairman. The people of Barbados now know who is the party of big business.

Why is he still resisting the option of Judicial Management, which will ensure protection of the policy-holders?

So many questions and so few answers from a man who told us he believed in freedom of information and transparency in Government. It seems he has totally lost the plot when it comes to Clico and accountability. Perhaps this might explain his anger and defensiveness in Parliament on Tuesday. We anticipate many more outbursts like this.

The story is far from over and we can only hope for a happy ending for the policy-holders, investors and employees who we shall continue to represent by posing relevant and serious questions to the Prime Minister.

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