Former sugar workers misled Into bad investments

BASSETERRE, St. Kitts, November 19th 2009 (Labour Secretariat) - Ex- sugar workers had the opportunity to invest in special treasury bills which could have softened the current and widespread upset concerning the financial fiasco at the British American Insurance Company (BAICO).
 
Speaking on a recent edition of AskThePM on ZIZ radio, the St.Kitts/Nevis Prime Minister, former finance minister and leader of the Labour Party Dr. Denzil L. Douglas said his government had set up a special treasury bill for former sugar workers to invest their lump sum redundancy payments following the closure of the sugar industry back in 2005.
 
And there is speculation that general manager of BAICO, Eugene Hamilton may have been politically mischievous in his cliental recruiting of ex-sugar workers.
 
Hamilton is the People’s Action Movement’s (PAM) candidate for Constituency #8.
 
PM Douglas reported that many ex-sugar workers indicated that they were told by Hamilton not to allow the government to tell them what to do with their monies.
 
“Mr. Hamilton has come under fire in recent times because he is a political candidate for the opposition party for the elections coming up,” Dr. Douglas said.
 
He continued: “When the government paid out the sugar workers in millions of dollars and had created a special treasury bill to help those who were getting their monies to invest in longer terms, he (Hamilton) was one of those persons who went around and told the former sugar workers not to allow the government to tell them how to spend (their) money.”
 
“He encouraged them instead of buying treasury bills to deposit these monies into his company. Mr. Hamilton should not be a candidate in the upcoming general election. He has too many questions for persons who he approached personally and asked to remove their monies from the safe haven of several banks- I am told- to remove their money from the safety of the commercial banks to deposit their money in (BAICO) promising them 8% interest on returns getting large sums of commission,” Dr. Douglas said
 
As indicated by the former finance minister, Hamilton received thousands upon thousands of dollars as commission whenever persons moved their money from one bank and placed it into his insurance company. 
 
To date $130 million stands unaccounted for at the British American Insurance Company.