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… says she has significant skillsHead of State Bharrat Jagdeo is defending the fact that Geeta Singh-Knight is a serving member on the Board of Directors of the Guyana Sugar Corporation despite the fact that she presided over the failure of insurance giant, Colonial Life Insurance Company (CLICO) Guyana.President Jagdeo said that she presided over “bad investments.”Geeta Singh-KnightAfter listing the fact that several bad investments were made by CLICO Guyana, Jagdeo was asked whether he thought it was a good idea to have her sit on the GuySuCo Board and he said that she has, “significant skills, frankly speaking.”Jagdeo had just finished telling the media operatives at a press briefing that several bad investments were made by CLICO Guyana.He told media operatives that at CLICO Guyana all of the money spent can be tracked adding that,  “It’s not like it disappeared or was siphoned…the problem is it was the judgment,Cheap Jerseys For Sale, it might be bad judgment.”The President said, “Clearly we can establish that they had inter-company links established across the Caribbean… they had interlocking directorate and they were excessively leveraged.”The President said that monies were sent from Guyana to CLICO Bahamas, to the Turks and Caicos, to Suriname and to several other CLICO ventures “because of interlocking directorate and because of incestuous transactions…those are clear to us.”As it relates to CLICO Guyana’s investments overseas, the President reiterated that, if one should talk about that, a lot of our people made bad judgments…They were lured by high interest rates….This happen in a financial crisis…Look at how much money is lost around the world.”Jagdeo stressed that if it were a matter of corruption then it would have been a totally different scenario “but we have found no evidence of corruption.”A lot of people made bad judgment in the period and a lot of people lost their money, some with Stanford.Singh-Knight was placed on an interim management board of GuySuCo to assist in drafting a ‘turn-around plan’ for the industry.It was later found that while she was at the helm of CLICO Guyana, the company breached the Insurance Act by investing more than it should have overseas and the company was well below its liquidity rate.Following the move to the court in The Bahamas to wind up the CLICO company there,Cheap NFL Jerseys China, and realising that CLICO Guyana has in excess of $6B locked in there, the then Commissioner of Insurance,Wholesale China Jerseys, Maria van Beek moved to the High Court to wind up the company.Acting Chief Justice Ian Chang granted Judicial Management to the Commissioner of Insurance and asked for an in depth report on the affairs of the company.That report has been completed and, according to van Beek, in a worst case scenario the company was some US$60M above its liability.In March, also, a Director of CLICO (Guyana) and General Insurance Company, William Ramalho, filed a writ for a hearing in court challenging Singh-Knight’s authority to act at the company.The director is seeking to have the court issue directions under the Insurance Act “to the Judicial Manager as to whether Geeta Singh-Knight is authorised to act as and to perform the duties of Chief Executive Officer of CLICO Life and General Insurance Company (S.A.) Limited whilst the said Company is under Judicial Management.”The Director had previously moved to the court by way of a motion, to have Chief Executive Officer of the Company,China NFL Jerseys, Geeta Singh-Knight,Cheap NBA Jerseys China, suspended.Leader of the Alliance For Change, Raphael Trotman, had lambasted the decision to place her on the GuySuCo Board, pointing out that it was known for a long time now that she was in breach of the Insurance Act.
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