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FM
Former Member

Berbice Bridge Company cites possible bankruptcy if tolls reduced

August 29, 2015 3:30 pm Category: latest news A+ / A-
The Berbice River Bridge.

The Berbice River Bridge.

[www.inewsguyana.com] – The Berbice Bridge Company Incorporated (BBCI) has defended its stance in the implementation of reduced tolls at the Berbice River Bridge as announced by the government, contending if not done to their specifications, the company stands the risk of going bankrupt.

Government on Friday, August 28 stated that the BBCI was employing some amount of delay tactics in the implementation of the 10% and 13% reductions at the Berbice Bridge. But the Company, in a statement on Saturday, said that this was not the case. In fact, BBCI says that it is anxious to provide its service at an affordable price.

“Just as the government was forced to defer several of its campaign promises based on the need to comply with existing laws, so too are the Directors of the BCCI constrained by the Berbice Bridge Act and Regulations and in the legally binding agreement between GoG and BBCI called the Concession Agreement,” the release stated.

The company says it cannot understand why Finance Minister Winston Jordan would suggest that “delaying tactics” are being employed, noting that other discussions also took place concerning the timing of subsidy payments but BBCI team made it clear that nothing could be agreed until the matter be brought before its full Board and stakeholders.

“The government in other fora proceeded as if its proposal was a fait accompli, simply to fulfill a campaign promise on the BBCI tolls, which was made without any consultations with the BBCI. The fait accompli was that its proposed commuter subsidy would be based on the existing toll structure, and that the revised toll structure as adumbrated in the Concession Agreement, and brought to the attention of the government, would be ignored. The other win-win scenario of an extension of the concession period that would have allowed the present toll structure and the subsidy levels proposed by the government would presumably also be placed in doubt,” the company claims.

It was stated that the Directors convened an Emergency Meeting on Thursday August 27, 2015 to make a decision on going forwards. It was reiterated that based on the figures that had been submitted to the Government, because tolls had not been increased based on the Toll Formula under the Concession Agreement, revenues of $1,228,523,720 had already been lost.

Another item discussed was that in June 2014, based on its Financial Model and debt commitments, BBCI began to repay the principal on its bonds. According to the statement, this increase in demand for cash was supposed to have been met by increases in tolls.

“However, such an increase was deemed untenable particularly after the then Opposition passed a motion in the National Assembly on May 15, 2014 to reduce tolls by more than half. Directors of BBCI, have a fiduciary duty to act in the best interest of the company. Any agreement to a subsidy without honouring the toll adjustment formula set out in the Concession Agreement will result in the BBCI defaulting on its obligation to repay debt in 2015 and possible insolvency (bankruptcy).”

It was stated that in 2015 over $500M in debt repayment to investors is required and directors cannot change the agreements reached with the investors in the bridge as represented by the Trustee for the debt and the Shareholders for the equity.

“Such decision must involve an agreement with the Trustee and the Shareholders. Any change in the Concession Agreement and the Toll Order which is made by the Government (the last one was made in 2009 by the Minister of Public Works), requires the approval of the Trustee and the Shareholders. All investors relied on the toll making adjustment in the Financial Model that is referenced in Schedule 4 of the Concession Agreement and projected in the Financial Model referenced in the Concession Agreement. The BBCI would expect that Government is fully committed to honouring the legislation, concession agreement, and the rights enshrined in the various agreements related to the Berbice Bridge. A subsidy divorced from honoring the BBCI Concession agreement could very well result in bankruptcy for the BBCI,” the statement noted.

The Directors therefore concluded on Thursday that the revised toll schedule per the Concession Agreement must form the base line for computation of the Government subsidy for the Berbice Bridge commuters.

“Any variance from this withoutt the agreement of the shareholders, debt holders and trustees would have exposed the Directors to be sued in their personal and professional capacities for failing to perform their fiduciary responsibilities.”

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unbelievable!!

 

these jagdeoite perpetrators of financial rape actually want to INCREASE the bridge toll on Berbicians

 

look, open the damn books and let's get a FULL public accounting via COI into this crime midwived by Jagdeo . . . this shit must be brought to an end

 

imagine, this is the BOOT apocalypse (x)100 these dogs were going to strap onto the backs of Guyanese with the Amaila Falls no-vaseline penetration

FM
Last edited by Former Member

It is public record that this was sold in an election promise by Jagdeo at maximum cost of 3 dollars. The bridge was suppose to come in at 45 million. It came in at above 65 million. The BOOT was supposed to be for 20 years. It was extended to 30. Now the fees are pushing 11 dollars, they do not pay dividend to the tune of 110 million owed NIS, go tax exemptions for decades and yet these bitches claim insolvency. As one fellow suggested....lets pay them off their investment plus a modicum of interest compounded over the time we they invested and let them go their merry way.

FM
Originally Posted by Danyael:

It is public record that this was sold in an election promise by Jagdeo at maximum cost of 3 dollars. The bridge was suppose to come in at 45 million. It came in at above 65 million. The BOOT was supposed to be for 20 years. It was extended to 30. Now the fees are pushing 11 dollars, they do not pay evident to the tune of 110 million owed NIS, go tax exemptions for decades and yet these bitches claim insolvency. As one fellow suggested....lets pay them off their investment plus a modicum of interest compounded over the time we they invested and let them go their merry way.

i am coming around to this line of thinking . . . bring on the COI; gotta see the books

 

then we need a public authority to float bonds, build and run these things

 

a broke burnham build a similar bridge across the Demerara river without all this cockery

 

we cannot do worse

FM
Originally Posted by Mr.T:

Let's recall that  some of the money destined as a loan for that bridge was banked by Jagdeo in T&T if memory serves me right. Whatever happened to that account?

 There is nothing wrong with the current toll on the bridge.  People who crossed the bridge, usually pay the toll and never complained.  Why is the Press bytching about this.  The Alliance promised to reduced the Toll, so what. 

R
Originally Posted by Ramakant-P:
There is nothing wrong with the current toll on the bridge.  People who crossed the bridge, usually pay the toll and never complained.  Why is the Press bytching about this.  The Alliance promised to reduced the Toll, so what. 

you are incoherent . . . probably drunk

 

if you don't understand what the thread is about, ask somebody to explain, OK?

FM
Originally Posted by Mr.T:

Let's recall that  some of the money destined as a loan for that bridge was banked by Jagdeo in T&T if memory serves me right. Whatever happened to that account?

Please expand on this. I have not heard this before.

Z
Originally Posted by Ramakant-P:
Originally Posted by Mr.T:

Let's recall that  some of the money destined as a loan for that bridge was banked by Jagdeo in T&T if memory serves me right. Whatever happened to that account?

 There is nothing wrong with the current toll on the bridge.  People who crossed the bridge, usually pay the toll and never complained.  Why is the Press bytching about this.  The Alliance promised to reduced the Toll, so what. 

The promised  toll was 3 dollars. The state spent 16 US million preparing the access road and millions more moving people to different locations on the Rosignal side. Additionally, the NIS was fleeced of its cash in a three card monty scheme with flipping lost CLICO assets. In all the state dumped almost 80% of the up front cost of this bridge and just to hand it over to Bobby the Boob, Beharry, Geeta Singh and other of the chosen parasites of the PPP. There is nothing fair about the cost here. Note these people own 25 hectares of land on the crab island side where they plan to build harbor facilities and gouge us more. I hopr Granger squash that deal completely so we do not have to live with these parasites for another generation.

FM
Originally Posted by Mr.T:

Let's recall that  some of the money destined as a loan for that bridge was banked by Jagdeo in T&T if memory serves me right. Whatever happened to that account?

Maybe you getting lil dementia or senile, so why don't you go ask Jagdeo.

FM
Originally Posted by Danyael:
Originally Posted by Ramakant-P:
Originally Posted by Mr.T:

Let's recall that  some of the money destined as a loan for that bridge was banked by Jagdeo in T&T if memory serves me right. Whatever happened to that account?

 There is nothing wrong with the current toll on the bridge.  People who crossed the bridge, usually pay the toll and never complained.  Why is the Press bytching about this.  The Alliance promised to reduced the Toll, so what. 

The promised  toll was 3 dollars. The state spent 16 US million preparing the access road and millions more moving people to different locations on the Rosignal side. Additionally, the NIS was fleeced of its cash in a three card monty scheme with flipping lost CLICO assets. In all the state dumped almost 80% of the up front cost of this bridge and just to hand it over to Bobby the Boob, Beharry, Geeta Singh and other of the chosen parasites of the PPP. There is nothing fair about the cost here. Note these people own 25 hectares of land on the crab island side where they plan to build harbor facilities and gouge us more. I hopr Granger squash that deal completely so we do not have to live with these parasites for another generation.

For a geyser hibernating in DC, you know nuff yet you afraid to go back and do something.  With your "inside" knowledge and far-flung imagination, man you can do well at the Theatre Gild!

FM
Originally Posted by baseman:
Originally Posted by Danyael:
Originally Posted by Ramakant-P:
Originally Posted by Mr.T:

Let's recall that  some of the money destined as a loan for that bridge was banked by Jagdeo in T&T if memory serves me right. Whatever happened to that account?

 There is nothing wrong with the current toll on the bridge.  People who crossed the bridge, usually pay the toll and never complained.  Why is the Press bytching about this.  The Alliance promised to reduced the Toll, so what. 

The promised  toll was 3 dollars. The state spent 16 US million preparing the access road and millions more moving people to different locations on the Rosignal side. Additionally, the NIS was fleeced of its cash in a three card monty scheme with flipping lost CLICO assets. In all the state dumped almost 80% of the up front cost of this bridge and just to hand it over to Bobby the Boob, Beharry, Geeta Singh and other of the chosen parasites of the PPP. There is nothing fair about the cost here. Note these people own 25 hectares of land on the crab island side where they plan to build harbor facilities and gouge us more. I hopr Granger squash that deal completely so we do not have to live with these parasites for another generation.

For a geyser hibernating in DC, you know nuff yet you afraid to go back and do something.  With your "inside" knowledge and far-flung imagination, man you can do well at the Theatre Gild!

HAHAHA  Dat better than my Strarbuck Kafee.

Nehru
Originally Posted by baseman:
Originally Posted by Danyael:
Originally Posted by Ramakant-P:
Originally Posted by Mr.T:

Let's recall that  some of the money destined as a loan for that bridge was banked by Jagdeo in T&T if memory serves me right. Whatever happened to that account?

 There is nothing wrong with the current toll on the bridge.  People who crossed the bridge, usually pay the toll and never complained.  Why is the Press bytching about this.  The Alliance promised to reduced the Toll, so what. 

The promised  toll was 3 dollars. The state spent 16 US million preparing the access road and millions more moving people to different locations on the Rosignal side. Additionally, the NIS was fleeced of its cash in a three card monty scheme with flipping lost CLICO assets. In all the state dumped almost 80% of the up front cost of this bridge and just to hand it over to Bobby the Boob, Beharry, Geeta Singh and other of the chosen parasites of the PPP. There is nothing fair about the cost here. Note these people own 25 hectares of land on the crab island side where they plan to build harbor facilities and gouge us more. I hopr Granger squash that deal completely so we do not have to live with these parasites for another generation.

For a geyser hibernating in DC, you know nuff yet you afraid to go back and do something.  With your "inside" knowledge and far-flung imagination, man you can do well at the Theatre Gild!

I do not see you doing anything there. I own a whole estate with my sister and cousin have five people employed. Additionally, there is over 800 acres of rice in cultivation all because I exist. So go screw your racist self.

 

Nothing I said there is "inside" information. If you used your Google fu you can discover exactly what I know. The only different between you and me is you are a moron and willfully neglect the salient information necessary to make informed opinion even if extemporaneously on a BBS. Your response is the usual hapless an informational spurious personal attacks like if that matters to me. As I said, go chew you cud somewhere else.

FM
Originally Posted by Nehru:
Originally Posted by baseman:
For a geyser hibernating in DC, you know nuff yet you afraid to go back and do something.  With your "inside" knowledge and far-flung imagination, man you can do well at the Theatre Gild!

HAHAHA  Dat better than my Strarbuck Kafee.

yeah, sure neroo, i actually understand why a drunk like u would find baseman's illiteracy inspiring

 

uh huh

FM

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