AFC Press release.

The Alliance For Change registers its strongest condemnation against the management of CLICO (Guyana) Inc., the Commissioner of Insurance, and the Government of Guyana; more particularly, the Minister of Finance of Guyana, on the receipt of news that the Government has intervened to liquidate CLICO Guyana, and to appoint a Receiver to manage its affairs.

What kind of a backward party is this, the CLICO management screw up, the GoG is now trying to fix the problem so the AFC is calling for the people fixing the problem to stop.

This take over comes in the wake of statements made by both the President of Guyana, and the Company’s executives, not just two weeks ago, assured this nation that the economy of Guyana is sufficiently insulated against the effects of the global financial crisis, and that CLICO’s local operations are a separate entity from sister and associated companies under the CLICO Financial umbrella and would not be affected by the collapse of CL Financial.

So the AFC would prefer that the GoG announced two weeks ago that CLICO screw up, and create panic and a run on the company. How responsible for a party that will like to be in power.

The AFC had previously warned that the Government was being too complacent and inept by simply stating that Guyana’s financial system was sufficiently insulated from the shocks and tremors of the global financial tsunami. This attitude was in stark contrast to the situation in other Caribbean countries where governments and stakeholders had already begun examining ways of staving off the harsh effects of the ongoing financial global meltdown. “In this regard a multi-partisan strategy to the issue is the only approach at this time as we should follow the lead of other countries, by convening a dialogue of relevant national stakeholders. We need to drop the pretense and take the bull by the horns.”

In which coocoon was the AFC in when Jagdeo was consulting.

Immediate and drastic action has to be taken to avert a meltdown of the financial sector {do the AFC think this is ice} in Guyana.

As a start, the AFC demands the immediate resignations of both the Minister of Finance and the Commissioner of Insurance { the idots that head the AFC should resign instead}. The nation { since when the AFC can speak about the nation, when they represent 5 seats, how arrogant}now has no confidence in their ability to manage this obvious crisis given their lack of competency to foresee the consequences of this financial tragedy on Guyana’s economy, and for being less that honest and forthright with the people of Guyana. {The true motive of the AFC is not to solve the problem, but to create instability in the country. This motive is hidden behind the high sounding words of these old scamps}

What is required now is a clear and undiluted assessment of the true picture as it depicts the state of the financial sector in Guyana including, the degree of risk to the Guyana economy, and to the thousands who depend on the NIS, other pension schemes, savings plans, medical schemes and other financial services facilitated by CLICO Guyana and finance/investment companies in Guyana.

The above section was written by Bish Panday. Who is flip floping in the newspaper.
This is the last straw of the government’s deficiency, and incompetence as they have placed at risk the financial security and quality of life of thousands of Guyanese by their arrogant refusal to acknowledge the obvious threat, and to be forthright and honest with the people who expect nothing less from them at this time. Read what these jackasses have written, despite the government's assurances that they will ensure that CLICO depositors are protected.

Come on AFC, stop being Asshole's Financial Crap.