The GORTT has a responsibility to ALL citizens, not just the one per cent (14,000 clients) affected in this case who are claiming 17 per cent ($7 billion) of projected 2010/2011 revenue. It is most interesting that despite the claims of the EFPA group and the delays in payment, that no legal action has been formally filed. Is it now that legal counsel has advised the group that this is a losing cause and there are absolutely no legs to stand on? The lesson from this for everyone is that individuals need to be more careful and seek financial advice if they are not competent to make such decisions on their own. The Central Bank needs to review insurance companies to ensure that they comply with relevant laws. Finally, and most importantly, the AG needs to ensure that justice must not only be done but seen to be done with respect to the directors of companies who mismanage funds leaving individuals in dire straits while they are allowed to enjoy the fruits of their ill-obtained gains.
Ryan Ramoutar
Point Fortin