Authorities must get justice for British American investors

01.APR.10

Editor: My recent information is that a new company is being formed to take over the assets of the collapsed British American Insurance Company. I understand that the East Caribbean Governments and two private investors will invest in this new company. It is my understanding that depositors in BAICO will lose all accrued interest, and that the principal will remain frozen for another five years.{{more}}

In my opinion, I think that the Governments of the region and the East Caribbean Central Bank are responsible to the depositors, in that they never fully implemented the law in relation to statutory deposits of Insurance companies, and the requirement for annual audit of accounts.

I lived in the UK and returned to St. Vincent some years ago. I invested my life savings in annuities with this Insurance Company. I am sick and in need of specialized medical care, which could cost thousands of dollars. I have postponed my decision to undergo medical care abroad, mainly because of lack of funds. I have enough to cover my medical costs, but it is all frozen in British American Insurance Company. I am also aware of friends who have had to delay their children’s University education because of this same problem.

My question is: Why cannot our Government do something better in securing justice for the unfortunate customers of British American Insurance Company? Why cannot negotiations be made with Trinidad, Venezuela, Taiwan, Cuba and other friendly Governments to finance the establishment of the New Company?

I hope that depositors could join with me in pressuring the Authorities to act sensibly and fairly.

Investor