Eighty-two-year-old Llewellyn Johnson invested almost $150 000 in six-month Treasury Bills which were due to mature on Wednesday. Now, Government has told him he will have to wait 15 years, up to 2033, for his money. (Picture by SDB Media.)
Pensioner Llewellyn Johnson is frustrated and uneasy. That’s because on Wednesday, the 82-year-old will not be cashing in on his life savings of $147 420, which he invested in a short-term Treasury Bill with an interest rate of 3.5 per cent on April 13 this year.
In late September, he received a letter from the Ministry of Finance stating that agreement had changed.
In an effort to reprofile its debt, Government sent Offer to Exchange letters to Johnson and other holders of existing instruments – Treasury Bills and Notes and Debentures – outstanding as of September 30, 2018, informing them they would be exchanged for new ones with reduced interest rates and a longer maturity period.
The father of two will receive interest payments of $347.65 on December 31 and on the following three quarters (March 31, June 30 and September 30) a similar amount. With Government’s new instruments, his remaining monies will be disbursed over 15 years until the last payment of $293 is made on September 30, 2033. (SDB Media)
Subscribe now to our eNATION edition.
For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.