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"As a result, many institutions, organisations, companies individuals and lives were destroyed," he told an audience far bigger than most other days of the sparsely attended hearings.
"It was painful to journey with hard-working, honest, creditable, trustworthy and up to then, successful entrepreneurs who lost the will to fight," Beckford commented.
Beckford's Horizon Group of Companies, which included a building society and the merchant bank, was taken over by Finsac in the late 1990s.
Yesterday, he told the commission that when the BOJ made its first intervention in a major financial institution in 1995, most indigenous financial institutions started experiencing increases in the levels of withdrawals of deposits.
"As the rumours became stronger in late 1997 that further BOJ interventions were likely, our institution started experiencing higher than normal levels of withdrawals," Beckford said.
According to Beckford, arguments that local financial institutions were badly managed leading to the crisis were unfounded. He instead charged that if consultations were made with members of the local financial institutions the outcome would have been different.
In his witness statement yesterday, Beckford implored the commissioners to objectively answer the questions, 'why did good loans turn bad? and why did good investments fail?'.
"Finsac is now history," said Beckford. "We need to focus on how we rebuild and rescue lives, [and] rekindle the spirit of entrepreneurship that is so urgently needed to move this country to another level.
"If this is achieved, we may live to experience our nation getting closer to the realisation of our ultimate national economic social goal -- a better quality of life for all."
Is wheh dis Beckford fellow ah talk bout ? Karl guh check him out.. someting smell fishy !
"It was painful to journey with hard-working, honest, creditable, trustworthy and up to then, successful entrepreneurs who lost the will to fight," Beckford commented.
Beckford's Horizon Group of Companies, which included a building society and the merchant bank, was taken over by Finsac in the late 1990s.
Yesterday, he told the commission that when the BOJ made its first intervention in a major financial institution in 1995, most indigenous financial institutions started experiencing increases in the levels of withdrawals of deposits.
"As the rumours became stronger in late 1997 that further BOJ interventions were likely, our institution started experiencing higher than normal levels of withdrawals," Beckford said.
According to Beckford, arguments that local financial institutions were badly managed leading to the crisis were unfounded. He instead charged that if consultations were made with members of the local financial institutions the outcome would have been different.
In his witness statement yesterday, Beckford implored the commissioners to objectively answer the questions, 'why did good loans turn bad? and why did good investments fail?'.
"Finsac is now history," said Beckford. "We need to focus on how we rebuild and rescue lives, [and] rekindle the spirit of entrepreneurship that is so urgently needed to move this country to another level.
"If this is achieved, we may live to experience our nation getting closer to the realisation of our ultimate national economic social goal -- a better quality of life for all."
Is wheh dis Beckford fellow ah talk bout ? Karl guh check him out.. someting smell fishy !