…”Ask Goolsarran that”— Ramroop tells reporter
Local financial minds are trying to understand why the National Industrial and Commercial Investments Limited (NICIL) never pressed to collect dividends on the 10 percent shares Government has in New Guyana Pharmaceutical Corporation (GPC)

Ninety per cent of the shares in the company is owned by Dr Ranjisinghi ‘Bobby’ Ramroop, who happens to be the best friend of former President Bharrat Jagdeo.

The remaining 10 per cent is owned by Government.
The matter is one which was documented in the NICIL forensic audit report conducted by Chartered Accountant, Anand Goolsarran.
Goolsarran looked into the trade investments and found that Government as of last year owned 10 percent shares in the company.
The report said, “In relation to the New GPC Inc., by Cabinet approval of October 1999 and September 2001, the Government had sold 60 percent and 30 percent respectively of its shareholding in the predecessor company, the Guyana Pharmaceutical Corporation, to Queens Atlantic Investments Inc. for $658 million.

“However, there was no evidence that the New GPC paid any dividends to the Government for its 10 percent stake in the company.”
Analysts who are looking closely into the matter say that it is one that points to financial lawlessness and a total disregard for best practices in accounting.

“The big question is why? Why would anyone with God-given commonsense have a share in a company and simply be so lax with ensuring that they receive dividends? What is before us points to many corrupt things and Ramroop and the company’s former Chief Executive Officer, Winston Brassington, would have to explain this,” expressed the financial analyst.

Questioned yesterday to say whether the company ever paid dividends to the Government for its 10 percent share, Ramroop asked, “What is the problem? You can’t ask me that. Is Goolsarran wrote the report. You have to go and ask Goolsarran that. Look, I don’t speak to Kaieteur News so forget it.”

Additionally, Kaieteur News also understands that when it comes to this particular matter, Brassington never responded to it when the draft report was sent to him by forensic auditor, Anand Goolsarran.
Goolsarran’s 80-page forensic audit report also details numerous cases of financial improprieties by the former directors of NICIL and Brassington.

In the report, Goolsarran recommended that moves be made to institute criminal and/or disciplinary actions against all those responsible for the interception of State revenues totaling $26.858 billion in violation of Articles 216 of the Constitution and the related sections of the Fiscal Management and Accountability Act (FMA).
He believes that there should be a further independent audit to examine in detail transactions over the last six years, given that the scope of his report covered the period 2001 to May 2015.

After deliberating on the forensic audit report Cabinet on December 23 finally instructed that the report be forwarded to the Guyana Police Force and the State Asset Recovery Unit (SARU).
It also gave clear instructions for Brassington, and his Deputy, Marcia Nadir-Sharma, to be sent immediately on administrative leave pending the outcome of the investigations.
Brassington has since resigned.