Throughout the course of our seventy years of existence as servants of the people of Barbados, the Barbados Labour Party has never failed to face the challenges of defending the interests of the people of this country.
It has never been in the nature of our leaders to sit idly by in calculated defence of their own self interest and well being, while challenges face this island and threaten to devastate the lives of thousands of our fellow citizens.
It is therefore in the spirit of that noble tradition that we remain focused and vigilant about the need to protect the interests of 40,000 Clico Policy holders here in Barbados, notwithstanding the flippant manner in which the DLP treated that concern in the recent no confidence debate.
We feel even more fortified in that commitment, when we reflect on last week’s declaration by St. Lucian Prime Minister Stephenson King that his government is taking steps to protect St. Lucians who have invested in the Pan-Caribbean Insurance Company CLICO.
Of great interest to us and unfortunately, of equal concern is the fact that Prime Minister King has now introduced yet another Pan-Caribbean company doing business in Barbados into the equation.
Prime Minister King is reported to have named CLICO and its Sister Organisation British American Insurance in a statement to the St. Lucian Parliament.
Press reports on that Prime Ministerial Statement indicate that King said that “The operations of both CLICO and British American Insurance Company are deemed insolvent and require immediate corrective action.”
The Prime Minister is also reported to have said that “Clico was currently unable to pay all of its debts,” and that “measures were being put in place both at the national and regional levels to deal with the fall out.”
He is also reported to have said that “while a regional approach to the problem was being pursued by the Eastern Caribbean Central Bank,” his government “was focusing on ensuring that the interests of St. Lucians who have a stake in the companies are being protected.”
Prime Minister King indicated that as part of that protection his government had “taken steps to secure all the registered assets of Clico in St. Lucia.” This statement of course comes in the wake of other measures taken to protect the policy holders in other Caribbean jurisdictions.
We recall for example the February 22nd Central Bank of Trinidad and Tobago application for an injunction to restrain C L Financial or any of its subsidiaries or related companies from in anyway disposing of any of its assets wheresoever those assets are located and however they are described.
We also recall the 25th of February application by the Commissioner of Insurance of Guyana for the High Court in that country to issue an order to place Clico Guyana under the Judicial Management of the Commissioner of Insurance.
Indeed, steps were also taken in the Bahamas in respect of Clico Bahamas which is now being wound up on the grounds of insolvency under the supervision of the High Court.
Despite all of these signals our own Prime Minster has stubbornly refused to take any action that will protect the almost 40,000 policy holders depositors and their families here in Barbados.
Neither has he commented on the very worrisome observations made by his colleague Prime Minister in St. Lucia about the State of these two Companies which have significant interests here in Barbados.
In stating that “the operations of both Clico and British American Insurance are deemed insolvent” Prime Minister King was pointing directly at us because the St. Lucian business interests of Clico fall under the operations of Clico Holdings Barbados.
What then is the situation with respect to Barbadian Investors and policy holders with British American insurance? When will our Prime Minister declare what steps he is prepared to take to protect Barbadian policy holders and investors?
In the face of the clear and present volatility in the regional and international financial market, how can we feel satisfied that our Prime Minister is being faithful to our taxpayers first and above all others?
3 responses so far ↓
Telma White // April 2, 2009 at 5:56 am |
One of the hall Marks of this DLP government that has become so common in its affairs of the people is they repeated use of Denial.e.g CLICO and the recent revelation of the commerical Bank foreign reseveres levels dropping.
Further to that is the repeated blame game on the BLP for every thing thye cant get done, and refusalby the dlp to accept they shoulder of responisbility as the goverment of this island.
This is clear aspeacially with our tourism sector, for which this government has failed to maintain levels of activity here.
what is most alarming as well, is to encounter the wide spread beleive among this dlp government support groups , the presistance veiw that this DLP government is unable to do anything to fix or stimulate the economy because the BlP made is so difficult to render a solution.
That the most boldest LIE in cirulation today.
See, these dlp supporters know deep inside them self that these DLP jokers there are in no way capable of managing , directing, ,planning or organising , an effective stratagy for maintaining the level of economy activity as the BLP did.
SO they resort to LIES and Denial as a comofrt zone in they heads and as an answer to a conversation reply.
Fool who they can, but to those who know what going on and the ability of this government to response TO the present level activity, those type of explaination fall like dry coconuts to the ground.
It has become clear , thompson definity dose NOT know what to do.
His projection are wrong in 2008 and his income generating appraoches only bring more harish. Thus the same applies to 2009 until the next election.
I feel already bad for all those who have loss they jobs espeacailly those ones that VOTED FOR THE BLP( the BLP did warned that this would happen if a dlp government was elected) so the masses cant say that the BLP ANIT WARNED THEM. WE DID.
Oh what a mistake some Barbadians MADE.
WHAT A BIG, BIG MISTAKE!!!!!!!!!!!!!!!!!!1
Wondering // April 8, 2009 at 3:16 pm |
I am a BLP supporter but instead of just saying that the DLP can’t handle the economy the BLP has to show the voters that they have in the pass been able to handle the economy and that they have a plan in place to deal with the fall out from the current world recession.
Show the people of Barbados that you are “the” viable alternative to the incumbent administration.
Telma White // April 13, 2009 at 9:06 am |
To writer Wondering
You can not be a Barbados Labour Party Supporter.
I will deal with you in two aspects
1. The structure of your statement IS illogical .
How can you say that you are a Supporter of the BLP and be advocating a position the the BLP must ” show the people of barbados that the BLP is an vialbe ALternative?
ARE YOU MAD?
What was dose BLP the economic growth record for Barbados form 1994 to janauay 2008 indicate to you?, and are you not thinking that bardadian electorate them self cant think and jude and do an comparative analysis of the tow party proformances. Note we had 9-11 and oil prices rise as well
you could not have been living here
2. Are aware that The BLP member of pariliment have time and time again made serval recomnedation and caudition to this Dumb DLP government about matter relating to the economy e.g the tax reduction on the middle class , and not to tinker wih th tourism ministry structure , desil price hike, and cuting substiles on flour, and anmial feed , as just a few example and the Blp was bluntly told by this dumb retarted DLP government that the BLP CAN NOT TELL THEM WHAT TO DO BECAUSE THEY ARE IN GOVERNMENT NOW?
ARE YOU AWARE OF THAT?
I recognise just what your intentions were with that phare in your last sentence .
but it will not work.
No idea sharing with this government will be done , becuase it has been rejected by the DLP,
so if thing getting brown and now you want us to come around , it to late ,
tour all postion has been made clear as day light
we in the BLP cant tell you all DLP government what to do
so face the chanellge and deal with the case.
the electorate is watching and making they own judgement ofn this DLP government