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NIS begins process to recoup funds

first_imgThe National Insurance Scheme (NIS) has begun what it said is a “restructuring” process that could see it being able to recover the funds it invested in the Berbice River Bridge Company.The Berbice River Bridge tool boothNIS Chairman, Dr Surrendra Persaud, who is also the new Chairman of the Berbice Bridge Company Inc (BBCI), said the insurance scheme is the largest investor in the Bridge project, and has taken up the responsibility of “leading the bridge management through a restructuring process,” to enable it to hopefully get back its monies.He said as it is now, the money received from NIS and other investors cannot service the Bridge since it also started functioning a few years later.“So right now the Bridge is in a position where it is unable to satisfy itself. So the NIS is leading the Bridge management through a restructuring process and while it is somewhat challenging, it is hoped that it is done and within the first quarter of next year…. NIS is able to receive its funds from its investments,” Persaud said on Thursday at the celebration to mark NIS’ 47th anniversary.Reports from a forensic audit conducted into the operations of the NIS earlier this year, showed there were two particular “major high risk investments” that were said to be potential losses to the scheme; the $5.1 billion investment into CLICO and the $2.5 billion investment in BBCI.The ownership structure of BBCI is made up of ordinary share capital of $400 million owned by private investors and preference shares of $950 million owned by NIS.last_img read more


first_imgSinn Fein’s Martina Anderson with Donegal delegates.Donegal delegates have join MEO Martina Anderson as part of a delegation to EU Parliament.The Sinn Féin MEP this week hosted the delegation to the European Parliament focusing on cancer patients’ concerns, needs and rightsSpeaking from the European Parliament in Brussels, Ms Anderson said, “The purpose of this delegation was to focus on patients’ rights, concerns and needs but also to reaffirm our commitment to tackle the cancer epidemic in a coordinated approach across Europe.“In the north alone, it is estimated that by 2020 – just four years from now – that 74,000 people will be living with cancer. It already accounts for 30% of all deaths across Ireland. Its prevention must be a high public health priority.“Cancer risk in women continues to rise, and lung cancer has now overtaken colorectal cancer to become the second most common major cancer in women.“The large, and growing, number of cancer survivors in our community will have major implications for cancer support services in the coming years.” Noelle Duddy, from Co-operating for Cancer care North West (CCCNW) in Donegal, added “This was a very welcome opportunity to visit the European Parliament. It was very insightful to discover other delegate’s thoughts and experiences of living with cancer and campaigning for increased awareness and services.”DONEGAL DELEGATES JOIN CANCER DELEGATION TO EU PARLIAMENT was last modified: March 3rd, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:cancerdonegalMEO Martina Andersonlast_img read more