by Man from Baker Hill
Some say that it might be as much as two hundred million dollars that Montserratians lent to the struggling or defunct insurance giants CLICO and British American. Others say that even if the amount of money is only 50 million dollars, the Chief Minister should talk; he must tell the people which statutory authority or department lent money to the insurance companies. He must talk to the people because they need to be assured that their money at government savings bank and their pensions at the social security are not compromised.
But I… I say let’s talk openly.
We have to talk about this CLICO BRITISH AMERICAN INSURANCE MONTSERRAT PEOPLE MONEY matter, sooner rather than later.
It is no secret that our government has been begging, almost demanding, Montserratians living abroad to invest in the redevelopment of Montserrat; but it won’t be long before these ‘diasporaseans’ ask why should they. Yes, they will ask why should they, when ‘on the rock’ Montserratians lent 50 to 200 million dollars to insurance companies to help develop the neighboring islands.
Of course we need to talk. We need to talk seriously about MONEY, SAVINGS, PENSIONS and INVESTMENTS. We need to talk about our attitude towards RISK.
We need to talk about how these insurance companies got their hooks into our bankbooks to the tune of 100 million dollars.
Talk! The realities of disasters drilled into us the need to place much emphasis on savings and pensions; and now it seems as if the institutions that should protect our money have compromised our efforts.
Money is the fuel that keeps society going. Believe me, there will be no peace and security in this land if savers and pensioners do not know what happened to their money. Montserrat will self-destruct, so talk!
I said let’s talk; so let me start a conversation.
Insurance business and banking business are very different. They are authorized to carry on different categories of business on Montserrat. In our neck of the woods, I do not think that insurance companies are authorized to transact banking business; neither are banks authorized to sell insurance products.
So what product CLICO BRITISH AMERICAN INSURANCE offered? Did they trick government institutions to withdraw 50 million dollars from the banks and lend to the insurers.
Surely, we need to talk. Did the insurers promised fixed deposits? Fixed deposits are banking instruments. And what did the insurer gave in exchange for our money, was it a pension instrument? Are Insurance companies authorized to transact fixed deposits? Let’s Talk!
We can talk a little about our attitude towards risk, and the opportunities on Montserrat for sharing risk. Talk about the Montserrat experience in local risk taking ventures.
Talk about The Montserrat Building Society, The Bank of Montserrat Limited, and used to be The Shamrock Cinema. These are the names of three very successful local companies. If one were to examine the ownership structure of these companies, it would be seen that sharing risk is very worthwhile and profitable; it would also be seen that Montserratians share risks too.
We must begin to talk the big picture. The future of and for Montserrat glares at risk sharing opportunities. We must talk about how to share risk and share profits.
The sand mining and industry comes to forefront immediately. An integrated sand mining industry, fully utilizing independent truckers and equipment owners, is an excellent business in which to invest. So talk about a Montserrat Sands company offering shares to everybody. This is the cheapest form of borrowing. We had 100 million dollars to lend ourselves! Surely we can still find a few millions here and there.
We can also talk about fishing and meat processing as another business in which to invest our money. This is an industry that can utilize fishermen, farmers, meat cutters, refrigeration mechanics and butchers. We can revolutionize fishing and farming and become exporters of ground beef and lamb. Talk about the sheep pen at Barzey River and the wanton and wasteful slaughtering of cattle in the unsafe zone.
We need to talk about Taxation. I am sure many Montserratians think about taxation before and after prayers everyday. I am also sure you have heard the CM on ZJB warning hell fire and courthouse if you fail to pay your taxes. Taxation is second only to Godliness, in every successful nation. Lets Talk!
Certainly, we should talk about 100 million dollars and our attitude towards investment in ourselves. We must never demand that others invest in us for us, even if they are diasporaneans.
And finally, were the insurers authorized to sell fixed deposits?
Were the transactions legal?
Come on let’s talk!
Let’s talk everyday, because we may never recover from those 100 MILLIAN DALARS that CLICO BRITISH AMERICAN INSURANCE baa ree fan awe.
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