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NICIL money invested in undisclosed projects

NICIL money invested in undisclosed projects

May 13, 2012 | By By Gary Eleazar

 …only US$3.5M  remains in the coffers – Brassington

Head of the National Industrial and Commercial Investments Limited (NICIL) Winston Brassington, has revealed that its accounts hold some $700M and not $50B as touted in some quarters.

The $700M however, represents only that which is in NICIL accounts as a singular entity and would only include proceeds from the Privatization Unit.
The Privatization Unit according to Brassington falls under NICIL accounts given that it is not an independent legal entity but rather, an arm or agent of NICIL.     He said that the $700M referred to as reflected in NICIL accounts, does not reflect the accounts of any of the subsidiaries of NICIL.

The Subsidiary Companies that NICIL controls include The Guyana National Newspapers Limited, publishers of the Chronicle, NCN, GUYOIL, National Edible Oil Company, Guyana National Printers Limited, Linden Electricity Company, and Guyana National Shipping Corporation. It has shares in several other companies including Guyana Stockfeeds Limited and more recently, Guyana Telephone and Telegraph Company and the Pegasus.   Continue reading

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