AFC demands Parliamentary probe of NICIL
February 9, 2012 | By KNews | Filed Under News
-says billions unaccounted for in deals
The Alliance For Change (AFC) is calling for a total scrutiny of the National Industrial and Commercial
Investments Limited (NICIL) by the Economic Services Sector Committee of Parliament before the departure of Executive Director of NICIL, Winston Brassington.
AFC’s Chairman, Khemraj Ramjattan, made the call yesterday at a press conference at the Side Walk Café and said the Parliamentary Committee needs to investigate the flagrant violations of the requirements under the Companies Act which require annual returns to be filed.
Ramjattan further noted that NICIL has directly and indirectly participated in Government transactions worth tens of billions of dollars. “The magnitude of this company’s dealings, in so much stealth, and even in sin, makes it all the more necessary for the truth to be delivered to the public.”
Adding that NICIL has become the vehicle of choice for many of the government’s “improper” financial transactions, Khemraj said that its Board of Directors is made up almost entirely of Ministers of Government and is chaired by Finance Minister, Dr. Ashni Singh.
Noting that the board includes government officials such as Dr. Roger Luncheon, Minister Robert Persaud
AFC’s Chairman, Khemraj Ramjattan
and Manniram Prashad, he said the officials should ensure that the monies NICIL deals with are properly accounted for in a transparent manner.
“These officials have abused and misused this to do the opposite. It is now used to divert public funds into the control of the PPP politicians,” Ramjattan said. “On the direction of Cabinet, the Guyana Geology and Mines Commission paid NICIL $1.8 billion to build roads which it has never properly accounted for. During the past five years, NICIL received hundreds of millions as privatisation proceeds, including lands sold to John Fernandes Limited, GBTI and the Ramroop Company, Queens Atlantic Investment Inc.”
He added that it was NICIL that was at the centre of tax concessions given to the Ramroop Company… concessions that turned out to have been “unlawfully” granted by the Minister of Finance.
Underscoring that NICIL is at the heart of the proposed Marriot Hotel deal and indeed has been busy shopping around for any partner who would give the project “legitimacy”, Ramjattan opined that it is believed the funds paid to Fip Motilall to build the Amaila Falls Road came from NICIL. That contract, which everyone but former President Jagdeo and NICIL knew that Motilall could not deliver, was for $3B. Guyana is now left with no road and some junk equipment.
He disclosed that NICIL’s funds financed the diversion of sewage in Kingston as part of a scheme to build a hotel. Tens of millions have also been spent on related expenditure to set up another NICIL company to build that hotel.
“The company was formed with two persons in control, namely, Mr. Winston Brassington and Ms. Marcia Nadir. They have been looking for any partner which would give the project legitimacy.”
NICIL was also at the centre of the “shenanigans to get the financing to build the Berbice River Bridge. Financing that has caused the NIS to face the real prospect of the loss of $5B. It also waived some half a billion dollars in interest from the bridge company so that the private investors in the bridge company could be paid. It was also at the centre of the RUSAL sell-out and the disposal of government and GuySuCo properties.”
February 9, 2012 | By KNews | Filed Under News
-says billions unaccounted for in deals
The Alliance For Change (AFC) is calling for a total scrutiny of the National Industrial and Commercial
Investments Limited (NICIL) by the Economic Services Sector Committee of Parliament before the departure of Executive Director of NICIL, Winston Brassington.
AFC’s Chairman, Khemraj Ramjattan, made the call yesterday at a press conference at the Side Walk Café and said the Parliamentary Committee needs to investigate the flagrant violations of the requirements under the Companies Act which require annual returns to be filed.
Ramjattan further noted that NICIL has directly and indirectly participated in Government transactions worth tens of billions of dollars. “The magnitude of this company’s dealings, in so much stealth, and even in sin, makes it all the more necessary for the truth to be delivered to the public.”
Adding that NICIL has become the vehicle of choice for many of the government’s “improper” financial transactions, Khemraj said that its Board of Directors is made up almost entirely of Ministers of Government and is chaired by Finance Minister, Dr. Ashni Singh.
Noting that the board includes government officials such as Dr. Roger Luncheon, Minister Robert Persaud
AFC’s Chairman, Khemraj Ramjattan
and Manniram Prashad, he said the officials should ensure that the monies NICIL deals with are properly accounted for in a transparent manner.
“These officials have abused and misused this to do the opposite. It is now used to divert public funds into the control of the PPP politicians,” Ramjattan said. “On the direction of Cabinet, the Guyana Geology and Mines Commission paid NICIL $1.8 billion to build roads which it has never properly accounted for. During the past five years, NICIL received hundreds of millions as privatisation proceeds, including lands sold to John Fernandes Limited, GBTI and the Ramroop Company, Queens Atlantic Investment Inc.”
He added that it was NICIL that was at the centre of tax concessions given to the Ramroop Company… concessions that turned out to have been “unlawfully” granted by the Minister of Finance.
Underscoring that NICIL is at the heart of the proposed Marriot Hotel deal and indeed has been busy shopping around for any partner who would give the project “legitimacy”, Ramjattan opined that it is believed the funds paid to Fip Motilall to build the Amaila Falls Road came from NICIL. That contract, which everyone but former President Jagdeo and NICIL knew that Motilall could not deliver, was for $3B. Guyana is now left with no road and some junk equipment.
He disclosed that NICIL’s funds financed the diversion of sewage in Kingston as part of a scheme to build a hotel. Tens of millions have also been spent on related expenditure to set up another NICIL company to build that hotel.
“The company was formed with two persons in control, namely, Mr. Winston Brassington and Ms. Marcia Nadir. They have been looking for any partner which would give the project legitimacy.”
NICIL was also at the centre of the “shenanigans to get the financing to build the Berbice River Bridge. Financing that has caused the NIS to face the real prospect of the loss of $5B. It also waived some half a billion dollars in interest from the bridge company so that the private investors in the bridge company could be paid. It was also at the centre of the RUSAL sell-out and the disposal of government and GuySuCo properties.”