Acting General Secretary of the Guyana Trade Union Congress (GTUC), Norris Witter,cheap nfl jerseys, says that New Building Society (NBS) could very well suffer the same fate as CLICO (Guyana).According to him, NBS is a victim of bad governance,China Jerseys, something that led to CLICO (Guyana)’s collapse.Witter also said that NBS total reserves amounts to some $4.7B. He added that in the past, management has not run NBS in the best of manner and this is now creating uncertainties in the minds of members.According to him, this could lead to persons deciding to withdraw their deposits and if this happens, NBS could suffer the same fate as CLICO (Guyana).Witter noted that unless the structure of the society is addressed, the loss of confidence on the part of account holders will accelerate and intensify. If this happens it is likely that NBS will collapse.Witter also said that the recent revelation by CLICO (Guyana)’s Judicial Manager, Maria van Beek,Wholesale Jerseys USA, that the liabilities of CLICO (Guyana) exceeds its assets in excess of several billions of dollars, has served to redirect the focus on the social security funds invested by the National Insurance Scheme in CLICO (Guyana), which has been estimated to exceed $6 billion.He added that the obscure purchase by the New Building Society of approximately $1.5 Billion of CLICO (Guyana)’s bonds invested in the Berbice River Bridge must also be re-examined.According to him,Stitched Jerseys, the incestuous relationship and the secrecy shrouding these transactions have redounded to a general climate of distrust and will do irreparable damage to the investment climate.More so,Wholesale Jerseys, Witter added, given the involvement of senior government officials and the vacillation of President Jagdeo himself in addressing this matter in a proper, professional and responsible manner.He stated that citizens must demand an impartial and independent inquiry into the CLICO (Guyana) fiasco.“The demand by President Jagdeo to link a CLICO inquiry with a similar inquiry into what took place at Globe Trust Investments is unacceptable. Now that President Jagdeo has committed the government to ensuring the passage of the Information Act, we need to test this commitment.”Chartered Accountant,Cheap Adidas NHL Jerseys, Christopher Ram, in an invited comment, said that NBS, although still a very liquid company, has significant problems.According to him, the Board has lost independent voices and they do not critically examine issues including the issue of the investment into the Berbice Bridge.He added that NBS does have problems but at this stage they are not at the same level as CLICO but that does not mean that there is no cause for concern.“NBS is still a very strong institution but the problem is that that every failed institution at some point in time might have been strong,” Ram noted.Ram also said that the governance of NBS is clearly not in keeping with modern and good practice.“I share Mr. Witter’s fears but NBS is still fairly strong…the last thing we want would be to have a run on NBS.”He pointed out that the Bank of Guyana has a duty to bring NBS under its supervision. “The Bank of Guyana as a regulator has to enforce the law.”On Wednesday, the Committee of Concerned NBS Members ventilated their grouses over what is happening at the company.The meeting was chaired by the Committee Chairman, Cyril Walker, and there were extensive presentations by Ramon Gaskin and Christopher Ram.One of the main points ventilated extensively was the political hijacking of the administration of the NBS, something that was considered a dangerous precedent in that the government could use the money in the Society as a slush fund.Another issue discussed was the $1.5B purchase of the bonds in the Berbice River Bridge, an act that was deemed illegal.The Government from the inception had asked NBS to invest $3B in the construction of the Bridge and after a report was compiled and submitted the company decided to invest a mere $350M.It was pointed out that had the Company been registered under the Financial Institutions Act as it should, it would not have been allowed to invest the $1.5B in the bridge bond that was held by CLICO (Guyana).