NIS gets $5.6B ‘lifeline’ as Govt pays off CLICO debt

first_img…a sad day for taxpayers but no use crying over spilt milk – JordanThe cash-strapped National Insurance Scheme (NIS) was on Friday handed a 20-year ‘lifeline’ when Government inked an agreement to hand over almost $6 billion, monies NIS would have invested in the Colonial Life Insurance Company Limited (CLICO) – an investment that became impaired when CLICO (Guyana) was ordered liquidated back in 2009.Finance Minister Winston Jordan presents the Debenture agreement to NIS General Manager, Doreen NelsonFinance Minister, Winston Jordan inked the Debenture agreement in the presence of NIS General Manager, Doreen Nelson, CLICO Liquidator, Bank of Guyana Governor Dr Gobin Ganga and the Finance Ministry’s Debt Management Director Donna Yearwood, among a host of other stakeholders.The ceremony was held at the Finance Ministry, Main Street, Georgetown and would see the impaired monies being repaid to NIS over a 20-year period, with the first tranche of just over $317 million to be made payable in January 2017.Approval was granted for government to make payments to the NIS through the issuance of 20 Non-negotiable Debentures, to be redeemed annually over 20 years, at a fixed interest rate of 1.5 per cent.Timely interventionNIS General Manager Doreen Nelson in welcoming the intervention by the administration, pointed to the cash-strapped nature of NIS:“(It is) certainly good to finally have this matter out of suspension and a decision taken in terms of the guarantee made some years ago…I am sure that you are aware of where we are financially.”She was at the time referencing a Parliamentary resolution, in tandem with a commitment by the then People’s Progressive Party/Civic (PPP/C) Administration under former President Bharrat Jagdeo, that all of the CLICO liabilities will be paid off.NIS over the years would have also been experiencing a situation where its annual expenses began outstripping its revenue – a situation compounded by the billions it had impaired in CLICO for a number of years.Nelson told those in attendance, including the media, “we find that this is a timely intervention” and pointed to the company’s upcoming actuarial review which is expected to make further recommendations on restructuring the company.Speaking on behalf of Government, Finance Minister Jordan said the impaired investment has had a traumatic effect on the operations of NIS.He denied that Government was giving NIS a loan, as had been reported in other sections of the media.In seeking to offer clarity, Jordan said, “what we are seeking to do is to give NIS, as most as possible, what they invested in CLICO over a period (to now be re-paid over a period of 20 years).”According to Minister Jordan were government in future to recover anything from CLICO with regards the NIS investments, those monies would be placed in the Consolidated Fund.Sad dayJordan quipped too that while it was a happy day for NIS, it is indeed “a sad for the taxpayer of Guyana because it is the taxpayer who have to bear these sets of payments over the next 20 years…In excess of $5.89 billion is gonna be diverted to meet these payments, so just consider what that kind of money could have done for other areas, be it wages or infrastructure or other running costs of the government.”Nonetheless, Minister Jordan is of the opinion that it’s “no use crying over spilt milk at the moment.”Meanwhile, CLICO liquidator Dr Ganga in providing an update on the payments being made to its policyholders, said while a significant amount has been recovered and paid over, the company still had weighty liabilities to honour – almost $6 billion.According to Dr Ganga, as of the end of July last, CLICO would have made total payments to the tune of $6.7 billion to a number of policy holders, related parties and organisations.He did seek to point out that while 8882 cheques would have been uplifted and processed to the tune of $6.7 billion, there are still 2881 cheques for persons yet to uplift. This outstanding amount, according to Dr Ganga, amounts to in excess of $130 million.According to the CLICO liquidator, the company still has debts to repay including to NIS to the tune of $5.9 billion.Speaking directly to the NIS repayments and an outstanding $4.9 billion, Dr Ganga was quick to point out that this will not be taken off the books, since CLICO is still exploring options to recover its monies.He said too that another Government organisation – the Guyana Forestry Commission – is also owed another $240 million, “so we are hoping that we will have enough assets for sale to pay the “organisations, related parties and others, fully what is owed to them, except NIS.”last_img read more

V-C in U.P. backs violence by students

first_imgThe vice-chancellor of a university in Uttar Pradesh courted controversy after he publicly exhorted students to take law into their own hands and even commit murder. He assured them that even if they committed the crimes, he would have their back.In a video clip widely shared on social media, Vice-Chancellor (V-C) of the Veer Bahadur Singh Purvanchal University Raja Ram Yadav is heard telling students to not refrain from violence and never come to him crying.“If you are a true student of Purvanchal University, then never come to me crying. If you get into a fight with someone, then beat him up. If you can, even kill him. Come after that and we will handle the matter,” said Mr. Yadav. He allegedly made the controversial comments at a function in Satydadev College in Ghazipur on Saturday.Mr. Yadav was lambasted on social media for his words. Omar Abdullah, National Conference (NC) chief tweeted: “This is what passes for an education in some places these days.”U.P. Cabinet Minister Sidharth Nath Singh said that a “V-C of such mentality had no right to stay in his position.”last_img read more

Mohali Test: Match evenly poised after Sehwag’s fifty

first_imgRiding on a brutal, swift counter attack by Virender Sehwag, India raced to 110 for two at stumps, in reply to visitors’ challenging first innings total of 428, on the second day of the first Test at the PCA Stadium in Mohali.At the end of day’s play, Rahul Dravid was batting on 21 and nightwatchman Ishant Sharma was on zero.Sehwag batted in a manner only he is capable of and was also dismissed in a manner which is pretty similar to some of his earlier dismissals.He smashed the Aussie bowlers to all corners of the park scoring 59 in 54 balls with the help of 10 boundaries before Mitchell Johnson banged one short but ball arrived late on Sehwag as he had closed the face of the bat. It was Michael Clarke who took a dolly at extra cover.Sehwag with this 23rd Test half-century, now, has 50 plus knocks in 11 consecutive Tests and also shares the world record for most of number of 50s with Gautam Gambhir and Vivian Richards. Courtesy Sehwag’s blistering innings, India trail by 318 runs.Sehwag stamped his authority as he hit Ben Hilfenhaus over third man, punched Doug Bollinger through covers, steered Mitchell Johnson to deep thirdman and heaved Nathan Hauritz over extra cover for boundaries that made the pitch, which till then seemed a difficult one, look easy to bat on.He added 81 with Gautam Gambhir (25) in only 13.2 overs before the latter fell leg before to a Johnson delivery that kept low.Earlier in the day, India were dealt a ‘Paineful blow’ as rookie wicketkeeper-batsman Tim Paine scored a gutsy 92 to defy the Indian bowlers from wrapping the Aussie innings quickly.advertisementPaine, who was dropped on nought by the Indian captain Mahendra Singh Dhoni off Zaheer Khan on Friday, cashed in on the opportunity as he shared three important partnerships of 53, 82 and 54 runs with Shane Watson, Mitchell Johnson and Ben Hilfenhaus respectively. That helped Australia bat for 151.4 overs and reach a score which looks imposing on a slow track.Playing only his third Test, Paine showed a lot of composure on a difficult track as he hit 12 boundaries in his 196-ball knock. He was unlucky to miss what would have been a well deserved maiden Test ton, being caught by VVS Laxman in the slips off Zaheer.With PTI inputslast_img read more

Jordan Spieth refuses interview after 3rd round of PGA Championship

first_imgJordan Spieth hits out of a bunker on the 15th hole during the third round of the PGA Championship golf tournament, Saturday, May 18, 2019, at Bethpage Black in Farmingdale, N.Y. (AP Photo/Julio Cortez)FARMINGDALE, N.J. — Jordan Spieth’s third round in the final group of the PGA Championship with runaway leader Brooks Koepka will have to speak for itself.Spieth didn’t talk to the media.ADVERTISEMENT Minutes after signing his scorecard on a scrambling round of 2-over 72, the 25-year-old Texan refused a request by The Associated Press for an interview.A man with Spieth said no one in the media had asked to talk to the player after the round and he was not going to do a one-on-one interview.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsSpieth, looking to become the sixth player to win the career Grand Slam, spent five minutes signing autographs for fans around the putting green at Bethpage Black. He then started to walk to the clubhouse when he was approached again by the AP, once more asking for an interview.He was polite in his refusal, but he would not discuss his round that included two birdies, two bogeys and a double bogey. He will enter the final round tied for eighth place with Adam Scott, Patrick Cantlay and Xander Schauffele at 3 under, nine shots behind Koepka, who has a seven-shot lead. Catholic schools seek legislated pay hike, too Private companies step in to help SEA Games hosting MOST READ PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Sports Related Videospowered by AdSparcRead Next In the eight stroke-play events this year when he played on the weekend, Spieth on average has finished 14.5 strokes behind the winner. He has yet to finish in the top 20, with his best result a tie for 21st at the Masters. Chris Wondolowski breaks Landon Donovan’s MLS goals record Ethel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venue “I did eight (interviews) yesterday and I think I have said most everything to be said,” Spieth said as he turned and walked away. “I’m good.”Spieth, who shot 69 and 66 in his opening two rounds, said he would talk after the final round.His third round was all over the place on the 7,459-yard public course. He hit seven of 14 fairways, 10 of 18 greens and needed 30 putts. His main problem was he couldn’t get anything close to the pin. His birdies putts came from 13 and 7 feet on Nos. 12 and 13. His double bogey on No. 9 resulted after he found a greenside bunker from the fairway, had his bunker shot land 47 feet from the hole and three-putted.A shot from the fairway to a greenside bunker also cost him a bogey at No. 4. Missing the fairway led to a bogey at No. 16.Spieth is winless since the 2017 British Open at Royal Birkdale. He had chances on the back nine of two majors last year and failed to capitalize.ADVERTISEMENT ‘Rebel attack’ no cause for concern-PNP, AFP Don’t miss out on the latest news and information. Duterte wants probe of SEA Games mess LATEST STORIES Two-day strike in Bicol fails to cripple transport Cayetano: Senate, Drilon to be blamed for SEA Games mess DA eyes importing ‘galunggong’ anew View commentslast_img read more