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‘Hunting’ school uniforms at Guyana Stores [File photo)

‘Hunting’ school uniforms at Guyana Stores (File photo)

July 22 2019

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Guyana Stores Limited (GSL) has “done what [it] had to do” as it relates to repayment of a $3.8 billion debt that was owed to the Guyana Revenue Authority (GRA), co-owner of the company Tony Yassin has said.

Speaking to Stabroek News at his office at GSL last week, Yassin was not open to giving details of the settlement between the company and the GRA but related that they have “done what we had to do” and have paid some amount of money.

However, he refused to state how much and according to him, he would hope that the matter is now settled between the company and the tax agency. He said that the move was no simple task but they paid their monies before the amnesty period ended.

Tony Yassin

In July last year, Commissioner-General of the GRA, Godfrey Statia, had told Stabroek News that GSL had paid the GRA “a few hundreds of millions” and discussions were ongoing on how the remainder of its $3.8 billion tax debt will be paid. The debt is the result of the Caribbean Court of Justice (CCJ) ruling against GSL’s constitutional challenge to the 2% minimum corporation tax applied by the GRA under the Fiscal Enactments (Amendment) Act. GSL was given two extensions to make its payments to the GRA since the March 2018 ruling.

The court told GSL that it should have utilised the specialised procedure provided under the Income Tax Act to challenge the GRA, rather than bring claims for constitutional relief in matters where not only was an alternative remedy available but that remedy was the natural and statutorily provided recourse. To do otherwise, it argued, was “an abuse of process.”

GSL received a demand, dated May 2012 from the then GRA Commissioner-General Khurshid Sattaur for the sum of $3,811,346,397 in unpaid taxes and chose to institute proceedings in the courts of Guyana.

Having lost at both the High Court and Appellate Court, GSL appealed the matter at the level of the CCJ, which subsequently dismissed GSL’s appeal and ordered the company to pay costs to the three respondents: the Attorney General, the Revenue Authority and the Commissioner-General.

Stabroek News also tried to contract Statia last week to no avail.

Replies sorted oldest to newest

What's the difference between debt and taxes?  

Why is this government making settlement with tax evaders and keeping it confidential?  Don't the public has a right to know what's this government is doing with its tax dollars?

Billy Ram Balgobin

The total picture should be looked at. If this business goes bankrupt then several people will be unemployed. The majority will be black Guyanese thereby hurting the economy and families. The business should have been given a subsidy break from these ediots. Who knows where this business got the money from to pay these taxes. Thereby putting it's future at risk.

Prashad

Glen Lall is one of the owners of GSL. I believe this is a political move where Kaieteur News will be given more political advertising for the government. 

BTW Jagdeo needs to be more inclusive and surround himself with Afros  and Amerindian in his press conference and meetings with government officials and these individuals MUST be given an opportunity to represent / speak on behalf of PPP, or Jagdeo will forever be in the opposition seat. 

Its time to announce Mark Philip as the PM and let his presence be there with meetings with Granger. 

Irfan has to go. 

 

FM
Last edited by Former Member

 

https://guyana.crowdstack.io/topic/g...l#551734392278836013

$400M+ still owed to NICIL by Guyana Stores
March 2, 2017247
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… workers, shareholders never received a penny in dividends

… as interest mounts to over US$200M

The Government-owned National Industrial and Commercial Investments Limited (NICIL) is still owed hundreds of millions of dollars by Guyana Stores Limited; owned primarily by Tony Yassin and Glenn Lall, publisher of the Kaieteur News.

Glenn-Lall-Lexus-pose

Kaieteur News publisher Glenn Lall
Kaieteur News publisher Glenn Lall
NICIL currently has several court actions against Guyana Stores Ltd for millions in outstanding monies owed to the Government. Lall and Yassin, now Directors of Guyana Stores, owe US$2 million of the US$6 million the property was sold for back in 2000 by the Government via NICIL. In the meantime, the property has been allowed to deteriorate into an eyesore in downtown Georgetown.guyana Stores - Tony Yasin - James
Past due interest on the outstanding balance would amount almost to another US$2 million or even more.The matter is sub judice, as the Government owned corporation moved to the courts to recover its monies. In the meantime, the profits of the company are collected by the two owners and shareholders have complained of never receiving any dividends since the company was privatised back in 2000.
When contacted, Chairman of the Board of Directors of NICIL, Dr Maurice Odle, declined to comment on the matter and advised Guyana Times to contact the entity’s Officer in Charge, Horace James.
All efforts to contact NICIL’s Officer in Charge proved futile as all calls to his number went unanswered.
Several years ago, one shareholder had expressed concerns regarding whether GSL was being used as a source of funding for the various business interests of some shareholders. The shareholder added that the lack of disclosure of the true state of affairs of GSL raises considerable concerns about what will be left to the minority shareholders and the chances of dividends. The shareholder also raised questions on whether the company’s affairs are being managed in the interest of all shareholders or for the benefit of a few directors.guyana Stores Ltd
“Governance is totally out of the window and no one seems to care about it,” a minority shareholder who asked to remain anonymous had stated. Another concern was whether GSL had paid its taxes.Interestingly, with the change in Government in 2015, NICIL had paid over some $40 million in taxes to the Georgetown Mayor and City Council (M&CC) on behalf of the Glenn Lall-owned entity.
Meanwhile, the legal proceeding which is before Justice Roxanne George at the High Court in Georgetown is as a result of a lawsuit filed by NICIL.
NICIL is suing Royal Investments, the entity which owns and operates Guyana Stores Limited, for failing to pay the balance of US$2 million for the 70 million shares in the company which was acquired for US$6 million.
GSL is a public company with over 1000 shareholders. Shareholders have lamented the fact that GSL has failed to have a shareholders meeting since privatisation. Shareholders have also not seen the audited accounts for the company since 1999.

http://guyanatimesgy.com/400m-...il-by-guyana-stores/

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Original Post

This chap is a real scumbag. Talking about monies owed and corruption. This is the taxpayers money. Will he pony up ?

He is probably scared to be a real man and publish about AFC/PNC corruption and incompetence otherwise the PNC can slam the hammer on him ?

What a bunch of scumbags !!!!

 

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The govt should go to court and seize that property from Glen Lall and Tony Yassin.  They are two fraudsters.

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Bibi Haniffa posted:

The govt should go to court and seize that property from Glen Lall and Tony Yassin.  They are two fraudsters.

Let us see how effective SOCU and SARU is now.

()
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yuji22 posted:
Bibi Haniffa posted:

The govt should go to court and seize that property from Glen Lall and Tony Yassin.  They are two fraudsters.

Let us see how effective SOCU and SARU is now.

Lemme ask you wan questun,who cut the deal with Glen and Tony to buy Guyana Stores.

()
Take Action
Django posted:
yuji22 posted:
Bibi Haniffa posted:

The govt should go to court and seize that property from Glen Lall and Tony Yassin.  They are two fraudsters.

Let us see how effective SOCU and SARU is now.

Lemme ask you wan questun,who cut the deal with Glen and Tony to buy Guyana Stores.

Bai Django look, tek time and enjoy your weekend. Are you condoning robbery? Are you telling these two blood sucking leeches that it's ok to leech off of poor people? You sound more like Granger. Tax poor and feed these rich bastards. Worse than Donald Trump. get a grip brother.

 
FM
Dave posted: 

BTW Jagdeo needs to be more inclusive and surround himself with Afros  and Amerindian in his press conference and meetings with government officials and these individuals MUST be given an opportunity to represent / speak on behalf of PPP, or Jagdeo will forever be in the opposition seat. 

 

 

He can pick these people off the street, but if they lack credibility it means nothing.  The days of sticking any old black person in front of black people to pretend that the PPP is inclusive is over.

The PPP selects blacks as the PM candidate, who have no clout within the PPP, and who therefore lack an ability to ensure that blacks are treated fairly.  So again if this is to gain attention from blacks think again.  They would prefer a NON RACIST Indian who will ensure fairness and who has clout within the PPP than a black stooge from Civic who lacks any.

I know that you can only see life through your Indian lens but ask yourself what clout or credibility does Amna Ally have as far as Indians are concerned.  APNU could make her the presidential candidate and it will still not over come the skepticism that Indians have towards APNU.

FM
caribny posted:
Dave posted: 

BTW Jagdeo needs to be more inclusive and surround himself with Afros  and Amerindian in his press conference and meetings with government officials and these individuals MUST be given an opportunity to represent / speak on behalf of PPP, or Jagdeo will forever be in the opposition seat. 

 

 

....  They would prefer a NON RACIST Indian who will ensure fairness and who has clout within the PPP than a black stooge from Civic who lacks any.

So you mean like a Baseman type Indian!!🤗

Baseman
Last edited by Baseman

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