Dear Editor,

I am somewhat bewildered!  Why is the Peoples National Congress so afraid of an investigation into Globe Trust?  Absolute mismanagement, wrought by unsecured loans caused the collapse of Globe Trust. It was responsible for the destruction of many lives and plans for the future, including retirement, especially in the case of Guyanese of African descent, who were happy that an institution like this existed, where they felt comfortable, they could feel their money would be secure and where they could be helped and they could also help.  Globe Trust betrayed its people.

I know many retired police and military personnel who placed money in the institution, so that they might feel safe and comfortable for the rest of their lives.  I saw one gentleman at a hearing we had at City Hall cringe as he spoke; he knows the pain − millions of his life’s savings gone.  Others saved for their children’s education and welfare − money gone!  They and even I were lured to save, save, save, get good interest and win fabulous prizes, etc.  They must have known they were in trouble, yet still they lured people, and then stopped providing withdrawals when the entire matter came to light.

I have old and good friends in the PNC; I have friends everywhere.  My advice to them is to encourage an investigation into Clico and also Globe Trust; stop being defensive about Globe Trust which squandered people’s money, and whose creditors to date do not wish to repay.  It makes the PNC look suspicious and misguided. Why be one-sided?

In fairness I wish also to state, as I did before in the print and electronic media, that I believe government has to bear much responsibility for the Globe Trust debacle, as the Bank of Guyana  which oversees compliance with the law took action when it was too late.

The facts above, known long ago, and the facts uncovered by the auditors of Globe Trust, warrant an investigation into Globe Trust. Deal firmly with this and with Clico; send a message of a no-nonsense style of government in dealing with those who wish to think that they can use corporations to be irresponsible with money belonging to the people of Guyana.

Yours faithfully,
Roshan Khan