Dear Editor,
I wish to firstly state that the Governor of the Bank of Guyana’s reply in yesterday’s Stabroek News confirms my view that he looks at the trees but ignores the forest. The Governor’s response claims that there was no neglect of duty by the Central Bank. I disagree with that statement and argue that he did not debunk my argument that there was no neglect of duty. It is true that the Ponzi scheme request for a licence was not accommodated. After the licence was not granted it was the duty of the Bank of Guyana to ensure that this illegal outfit did not continue operations.
The Governor and previous Minister of Finance should have held a press conference and informed the wider public that it appeared that the illegal scheme was still mobilizing deposits. This was a major neglect of duty and left Guyanese exposed. I wish to point out that the Governor gave examples of deposits of the illegal Scheme in the Banking system which were minuscule in respect of the large sums collected. These funds were exported overseas and were part of a wider network. If the Bank of Guyana had done its full duty it would not have waited for a new Attorney General to be burdened by their neglect. The Attorney General should be commended that he acted immediately. A central bank is the most important financial institution in any country and should have surveillance means for what is happening outside of the banking system. It was their civic duty to inform the public to dissuade them not to put their money into this unlawful Scheme. It is important that the Central Bank has a broader role to protect the public from fraudulent operators such as this Ponzi scheme. I wish to point out that the great philanthropist Will Rogers said the three greatest inventions of man are fire, the wheel and central banking.
Yours faithfully,
Asgar Ally
