22 May 2013
I, Brian Pitt, a survivor of hurricane IVAN of 2004, and a victim of NALGICO’s collapse, still await the settlement of outstanding insurance claim and default judgment, in the amount of $273,296.41, plus interest.
This letter is a gentle reminder to the following persons of interest:
The Minister of Finance in 2004;
The Permanent Secretary Finance and Supervisor of Insurance in 2004;
The Acting Permanent Secretary and Supervisor of Insurance 2005;
The Directors of NALGICO 2004;
- David S. Phillip
- Jerome Joseph
- Sherron McLeish
The Shareholders of NALGICO 2004
- David S. Phillip
- David Neckles
- Grenville Vale Estates
I am informed that over the last 10 years, approximately $500 million has been lost to his economy, through the financial failure of Cap Bank, NALGICO, SGL, CLICO and British American. The unbelievable thing is that the people of Grenada are not aware of the status of any investigation.
It is instructive to note that to date we do not know if any laws were broken or if this financial failure could happen again. Because of the internet and television we are all familiar with the success of the USA department of justice in prosecuting cases of financial crime and the forfeiture of assets from financial crimes, and the use of acquired assets to compensate victims.
I also believe it useful to reproduce an open letter to the Minister of Finance of 22 October 2010 this letter was ignored.
An Open Letter to the Minister of Finance
October 22, 2010
Hon. Nazim Burke
Minister of Finance
Re: Hurricane Ivan, NALGICO, I Feel Aggrieved
It’s been six years since hurricane IVAN destroyed over 80% of Grenada’s housing stock. Six years since the Supervisor of Insurance did not do his job and allowed a home grown company NALGICO, to sell policies even though they were in violation of the Insurance Act, six years since the directors of the company DAVID S. PHILLIP, JEROME JOSEPH, and SHERRON McLEISH nor the Shareholders DAVID S. PHILLIP, DAVID NECKLES and GRENVILLE VALE ESTATES did not take responsibility, nor were they held accountable for the fate of the company, when they could not pay their claims for damage done by IVAN, to people who have paid their policies for years.
It’s been six years and some people have lost their homes, some died, others still have not repaired their homes, some are so tired they have left the fate of all involved in this injustice to the creator.
I write to you in the first person because I feel alone, like the only victim left with a little fight. Although IVAN was in 2004, you continue to talk about Government being continuum; government, past and present have ignored the issue as if it never happened as if it was not Government’s own Supervisor of Insurance, through his inefficient negligence, that caused policy holders not to be paid.
I feel very, very, aggrieved when Government agreed to help the victims of CLICO and British American and not victims of NALGICO, when in fact the victims of NALGICO were more deserving of help, because IVAN was a natural disaster. I feel aggrieved when you and the Prime Minister talk of the failed insurance companies in Grenada and no mention is made of NALGICO, a home grown company, you seem more eager to help regional/International company before a local company. I feel aggrieved when I see the same people responsible for destroying so many lives after Ivan being held in great esteem by your Government.
I feel aggrieved when I look at the social divide between the majority of victims of CLICO/British American and NALGICO. I feel aggrieved when you say that there is nothing you can do for the victims of NALGICO, but you are trying to find millions to help the victims of CLICO and British American, you have even negotiated for Sagicor to take over the property policies of the British American clients, in time for the hurricane season, to protect those policy holders.
I feel aggrieved when Mr. David Phillip says that your Ministry has been ignoring him and his efforts to raise funds. In a recent e-mail Mr. Phillip even suggested that I, a victim, try to arrange a meeting with the Ministry of Finance, because he is being ignored. I guess NALGICO and its victims are just too small for your attention.
Yes I feel aggrieved, almost like the last man standing, I guess you are waiting for me too, to go away and there would be none. Is this a government for the people or of a few people? Yes, I know this letter would not make a difference, but then what’s new.
Cc: Hon Tillman Thomas / Prime Minister / The Media