Tag Archives: National Industrial and Commercial Investments Limited – NICIL

GUYANA: Uncertainty over GuySuCo assets as reopening of estates fade

03/22/2022 – 12:03 am

…. as PPP/C’s dream of reopening shuttered estates fades

Mar 21, 2022- Kaieteur News – By Zena Henry

When the former A Partnership for National Unity + Alliance for Change (APNU/AFC) government decided to close four non- performing sugar estates in 2016 and 2017, the then administration decided to place the assets of Wales, East Demerara, Rose Hall and Skeldon sugar estates under the control of the National Industrial and Commercial Investments Limited (NICIL).

Severed GuySuCo workers received their severance pay and was given an additional $250,000 payout by the PPP/C government. Some observers say that the $250,000 may have been a “conscionable” payoff by the government given the difficulty it faces to reopen the estates and rehire the workers as promised.            Continue reading →

By guyaneseonline | Posted in Agriculture, Commentary, Government, Guyana, Technology | Also tagged , , , , , , , , , , , | Comments (1)

GUYANA: Nigel Hinds resigns from NICIL over treatment of Success squatters by GuySuCo

10/17/2020 – 12:05 am
Nigel Hinds

Nigel Hinds

By broek News – 16 October 2020      

Accountant Nigel Hinds today resigned with immediate effect from the Board of the National Industrial and Commercial Investments Limited (NICIL) over the manner in which it has handled squatters at Success on the East Coast of Demerara.

The state holding company NICIL has begun flooding squatters out of the area and the police have fired pellets on several occasions when they said tensions rose and there were confrontations. Teargas has also been used on the squatters.      Continue reading →

By guyaneseonline | Posted in Agriculture, Business, Disasters, Government, Guyana, legal | Also tagged , , , | Comments (9)

Guyana: US$75M – 150-room AC Marriott Hotel for Ogle

02/14/2020 – 7:59 pm

Feb 13, 2020  News – Trinidadian businessman John Aboud is investor – NICIL

There will be the turning of the sod this afternoon (February 13), to start the construction of a US$75M, 150-room hotel at Ogle, East Coast Demerara. The hotel to be named AC Marriott, will take 30 months to complete, with Trinidadian businessman, John Aboud, as the investor in Trinuyana Investments Incorporated of Guyana. 

CEO of Trinuyana Investment Inc., John Aboud

The land would be in the vicinity of where the old headquarters of the Guyana Sugar Corporation (GuySuCo), at Ogle is located. It will also reportedly be close to where a bypass road linking the East Bank Demerara will be built.

According to an invitation from the National Industrial and Commercial Investments Limited (NICIL), Minister of Finance, Winston Jordan, will deliver the keynote address.        Continue reading →

By guyaneseonline | Posted in Business, Caribbean news, Economics/Finance, Government, Guyana, Guyana infrastructure, Personalities | Also tagged , , , , | Comments (4)

Demerara Distillers Limited will help restart Enmore sugar estate – for molasses

03/06/2018 – 12:10 am

Govt confirms Demerara Distillers Limited will help restart Enmore sugar estate for molasses; hundreds rehired

Demerara Waves – March 5, 2018

The Guyana government appears to have finalised a deal with the privately-owned Demerara Distillers Limited (DDL) for the restart of the Enmore sugar estate to produce molasses for that company.

The Head of the Special Purpose Unit (SPU) of the National Industrial and Commercial Investments Limited (NICIL), Colvin Heath-London said almost 200 workers have been employed at Enmore aimed at starting operations on March 14, 2018.       Continue reading →

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NICIL controls revenue of several major govt. entities

05/12/2012 – 7:42 am

NICIL controls revenue of several major govt. entities

MAY 11, 2012 | BY KNEWS |

–    Guyoil, NCN, Chronicle, GNCB, Linden Electricity Co.  GNSC  etc.

As of December, 31, 2003 the National Industrial and Commercial Investments Limited (NICIL) now headed by Winston Brassington and Marcia Nadir-Sharma owned and controlled several major companies. They also controlled monies earned from the Privatization Unit.

Money accrued to the Privatization Unit is earned through the disposal of State Assets and would include revenues earned from transactions such as the sale of the Sanata Complex at Industrial Site. This asset was acquired by Queens Atlantic Investment Inc.    Continue reading →

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NICIL’s refusal to hand over its $$$ is criminal – former Auditor General

05/07/2012 – 5:25 pm

NICIL’s refusal to hand over its $$$ is criminal – former Auditor General

May 6, 2012 | By KNews |

Former Auditor General, Anand Goolsaran

 “I have no recollection that Parliament has authorised any expenditure from the NICIL accounts neither am I aware that NICIL, as a state-owned company incorporated under the Companies Act of 1991, has the authority to intercept funds that truly belong to the Consolidated Fund and to use such funds for purposes extraneous to the defraying of certain expenses referred to above.” – GGMC, GFC, Lotto also obligated   –  says Former Auditor General, Anand Goolsaran

The pressure is continuing to mount on Government to release details on the billions of dollars it is holding in a special company without any Parliamentary oversight.    Continue reading →

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