Tag Archives: NICIL

Guyana: A culture of dishonesty – commentary

Guyana: A culture of dishonesty

opinionJun 11, 2016 Editorial, – Kaieteur News

Fraud seems to be commonplace in the society. The forensic audits have uncovered many instances. The argument is that no individual has been fingered so it is difficult to institute charges. However, numerous files have been handed over to the police for action.

In one case, to wit, the file on the National Industrial and Commercial Investments Limited, NICIL, there is one school of thought that suggests that the statute of limitation has passed. The argument is rooted in the Companies Act and states inter alia, “A prosecution for an offence under this Act or the regulations may be instituted at any time within two years from the time when the subject matter of the prosecution arose.”   Continue reading

GUYANA – Latest News from various sources – November 27, 2015

GUYANA – LATEST NEWS – 27 November 2015  –  Kaieteur News  

         (see other News sources at the end of this entry)

GUYANA – LATEST NEWS – 29 September 2015

GUYANA – LATEST NEWS – 29 September 2015 – Kaieteur News

Work permits missing for Chinese workers on CJIA Expansion – Broomes

SEPTEMBER 29, 2015 | China Harbour Engineering Corporation (CHEC), the foreign contractor for the Cheddi Jagan International Airport (CJIA) Expansion Project, has been asked to submit a plethora of documentation to the Ministry of Social Protection. This follows the discovery that one of its employees recently killed in a work related accident was in fact working in Guyana without […]

Venezuela border controversy… Maduro stands by claims but welcomes UN’s intervention

SEPTEMBER 29, 2015 | By Leonard Gildarie in New York –The Guyana administration has no immediate intention to spend monies to buy military weapons or increase its strength anytime soon, despite the aggression from neighbouring Venezuela. Rather, President David Granger insisted Sunday night, that Guyana will continue to seek solutions through the diplomatic route. Granger was speaking to reporters shortly […]

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APNU-AFC’s economic plan…All agents of financial lawlessness will be dealt with

APNU-AFC’s economic plan…All agents of financial lawlessness in NICIL, GRA, GFC, GGMC etc will be dealt with – APNU-AFC

MARCH 2, 2015 | BY |  By: Kiana Wilburg

…so that the much needed transparency and accountability can be returned

Carl GreenidgePhoto: APNU’s Shadow Minister of Finance, Carl Greenidge

APNU’s Shadow Minister of Finance Carl Greenidge in a recent interview with this publication explained some of the details of the APNU-AFC programme for improved governance as it relates to economic development, financial legislation and taxation reform.

While it gears to launch its election campaign on Wednesday in preparation for the May 11 polls, A Partnership for National Unity-Alliance For Change (APNU-AFC) disclosed that it is practically in the final stages of preparing its joint economic plan for the nation. Continue reading

Is Linden a diversion from corruption investigations? – 3 articles

OP attracts protest over approach to Linden issues

AUGUST 14, 2012 | FILED UNDER NEWS

“The Government is prolonging Linden’s struggle to distract Guyanese from the bigger issues of corruption at NCN, NICIL, GuySuCo, and the super salaries at OP. They obviously need a distraction” – Gerhard Ramsaroop    

Political leaders, social activists and a number of Linden residents yesterday assembled at the Office of the President and mounted a […]

Linden, a diversion from corruption – AFC

AUGUST 12, 2012 | FILED UNDER NEWS

The ruling PPP government thrives on chaos and is triggering delaying tactics in settling the Linden unrest to keep corruption off the front pages, Khemraj Ramjattan, the leader of the Alliance for Change (AFC) said yesterday. Ramotar charged that the government is aggravating the unrest in Linden instead of seeking an early resolution, because, […]     Continue reading

Corruption has Donald Ramotar cornered – commentary

Corruption has Donald Ramotar cornered

JUNE 19, 2012 | BY  | EDITORIAL

Over time the people of this country have been hearing about their corrupt government. For example, there was talk that Forbes Burnham had stolen so much money that he was the fifth richest person in the world. The accusers quoted Forbes Magazine. Those were the days when information contained in foreign magazines was not readily available.

It turned out that there was never such a publication. Today, more than 25 years after Burnham’s death there is no evidence that he was ever a wealthy man. President Cheddi Jagan came to power with a pledge to run a lean and clean government. And he was true to his word. He caused his government to import pharmaceuticals when a local supplier turned out to be fleecing his government. Suffice it to say that that local supplier is once more the major supplier of pharmaceuticals to the government.      Continue reading

AFC would support NICIL’s liquidation – Ramjattan

AFC would support NICIL’s liquidation – Ramjattan

May 16, 2012 – Demerara Waves

The Alliance For Change (AFC) says it would support the liquidation of the National Industrial and Commercial Investments Limited (NICIL) should it operations be found to be unconstitutional.

This was relayed by AFC Chairman Khemraj Ramjattan at a news briefing on Wednesday the same day that a newspaper article reported the APNU’s Carl Greenidge as saying that that was an option if efforts to rectify the situation with the state holding company NICIL fail.

“I would call for a liquidation of the company and then a literal extinguishment if I may say so … bringing its activities to an end after it would have been liquidated and so it will not form part of our financial infrastructure anymore, it’s being abused,” Ramjattan said.      Continue reading

NICIL monies belong to NICIL – Brassington

NICIL monies belong to NICIL

MAY 14, 2012 | BY  |

… transfer to treasury done at the discretion of the Directors – Brassington  

Executive Director of the National Industrial and Commercial Investments Limited (NICIL), Winston Brassington, appeared on the State-owned National Communications Network (NCN) last evening and declared that the monies in NICIL accounts belong to NICIL.

Brassington was at the time being interviewed by former beauty queen, Olive Gopaul, who was told that while there is no obligation placed on NICIL by the Constitution of Guyana to have its monies turned over to the Consolidated Fund; it is done at the discretion of NICIL’s directors.

The Directors at NICIL at present include Finance Minister Dr Ashni Singh, Dr Roger Luncheon and Marcia Nadir-Sharma.  Continue reading

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

$50B in NICIL accounts a gross exaggeration – Brassington

$50B in NICIL accounts a gross exaggeration – Brassington

The political opposition and the stakeholders behind the National Industrial and Commercial

Investments Limited (NICIL) are now poised to collide over the amount of money being held by the State’s holding company.
Alliance for Change (AFC) Chairman, Khemraj Ramjattan, has contended that moneys being held in the accounts of NICIL, and which should be transferred to the Consolidated Fund, amount to some $50B, but there is a differing opinion from the entity’s head.
When contacted yesterday, Executive Director of NICIL, Winston Brassington, said that while he was not in a position to give a definitive figure, the $50B being bandied about by the AFC is “a gross exaggeration and one not grounded in reality”. Brassington said that he will soon be presenting details of the NICIL accounts.     [more]

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