– Policyholders accuse him of trying to stymie payout
CHARTERED Accountant and political commentator Christopher Ram, fingered as a key figure in the Globe Trust fiasco where thousands of depositors were unable to recover their funds, failed in a bid to pose questions when President Bharrat Jagdeo yesterday met policyholders of the beleaguered Clico Life and General Insurance (South America) Company Ltd. The meeting took place at the National Cultural Centre in Georgetown at
which President Jagdeo announced the mechanism by which policyholders would
be fully reimbursed.
Following his presentation of about 55 minutes, Mr. Jagdeo invited questions “from policyholders” and after a few questions from persons in the audience, Ram approached the microphone to speak.
The President, as Ram prepared to ask his question, indicated that a person who was already awaiting an opportunity to speak should be allowed to proceed.
“Not at my meeting!” said the President to Ram, telling him to go outside and speak. “And you can write about that too,” Mr. Jagdeo added.
Ram, a vociferous anti-government critic, collected his things and departed the floor, leaving the building. His departure was met with cheers from the audience, who had earlier sounded their disapproval of the role he had played in the Globe Trust affair.
Members of the audience were overheard stating that “people like him should be ashamed of themselves for frustrating poor people’s access to their funds”.
“He has a political motive. We don’t”, exclaimed one elderly female pensioner from Mocha Arcadia, while another from Den Amstel said “Good riddance”.
Ram’s presence at the meeting came even after he wrote a letter published in another newspaper suggesting that the President should not be meeting with policyholders.
During his presentation, Mr. Jagdeo said Ram was the financial adviser who advised against the liquidation of Globe Trust when that financial institution fell apart in the early 2000s due to what the President called unethical and illegal practices.
President Jagdeo said that had Globe Trust been liquidated as had been the intention of the government, the monies realised could have been sufficient to repay more than 70 percent of the depositors.
“I am not going to let the tears of the Globe Trust depositors be shed in vain because of a few people who don’t have a conscience,” said President Jagdeo, speaking of the decision to pay the policyholders now that Clico has been ordered liquidated.