AFC calls for $150 million subsidy for Govt-run Berbice River Bridge

 

The fact that the Government, through the National Insurance Scheme (NIS) and the National Investment and Commercial Industrial Limited (NICIL), owns $1,030 million or 76.3 per cent of the total share capital of the Berbice River Bridge Company it clearly suggests that the entity is not a private one.
This is the view of the Alliance for Change (AFC), which through its Vice Chairman, Moses Nagamootoo, stated it is imperative that Government reduce or subsidize the toll.

According to him Section 344 of the Companies Act defines a “Government company” as “any company in which not less than 51 per cent of the paid up share capital is held by the Government and includes a company which is a subsidiary of a Government company”.
And since NICIL is a wholly-owned Government company which, together with NIS, owns over three-quarters of the Berbice bridge company capital, Nagamootoo noted that there is evidence to back condemnations leveled at Government for claiming that the company is privately operated.
His disclosures were forthcoming yesterday at the AFC weekly press briefing at the Middle Street, Georgetown, Side Walk Cafe.
Nagamootoo questioned, “Why is this company being deemed a private company?”
He explained that a look at the company’s records shows that it is made up of $400 million in ordinary shares and $950 million in preference shares.  This, according to Nagamootoo, translates to Government owning $80 million in ordinary shares and $950 million in Preference shares.
And given the fact that the Berbice River Bridge Company is not one that can be regarded a private operation, the AFC Vice Chairman yesterday reiterated the party’s demand for a reduction of tolls to permit passage.
He referred to the fact that ordinary vehicles crossing the Government-owned and controlled Demerara Harbour Bridge pay a nominal toll of $100 per crossing, while crossing of the Berbice River Bridge attracts a whopping $2,200 toll.
“Tax payers have been given a state subsidy to the Demerara Bridge which amounts to between $300 million and $500 million annually,” disclosed Nagamootoo.
Moreover, he said that the AFC is fully committed to supporting a subsidy whether from Central Government’s funds or by way of dividends accrued to the state own business arm, NICIL.
NICIL, he noted, is dominated by Government players with its Chairman being the Finance Minister, Dr Ashni Singh, with Cabinet Secretary, Dr Roger Luncheon, and Minister of Natural Resources and the Environment, Robert Persaud, being Directors.
The Chief Executive Officer is Winston Brassington, who according to Nagamootoo, “is at the centre of every controversial financial transaction involving use of the people’s money.”
The AFC Vice Chair disclosed that it is the view of the party that Brassington has stripped the Government of voting rights in the Berbice bridge company, and has waived dividends to which the government is entitled on those Preference shares.”
Dividends are waived on an annual basis. According to Nagamootoo in 2010 those dividends were worth $104,5 million, as it was in 2008 and 2009. He said that during the life of the Bridge Concession, the waiver would be worth more than $2 Billion.
“Now, of course, Brassington could not do this on his own. He must have had the blessings of NICIL’s powerful Cabinet directors, the Cabinet itself and/or the President. Knowing now that the Government has its hands fully in the Berbice Bridge pie, AFC says: Reduce or subsidize the Toll NOW!” exclaimed Nagamootoo.
But although the AFC has before vocalised this proposal, President Donald Ramotar had, on at least two public occasions, rejected it, Nagamootoo said. He alluded to an initial rejection during the 2011 elections campaign and later in a Berbice declaration in February of this year.
He said that during the debate of the 2013 Budget, he had sought to amplify that the Demerara Harbour Bridge is another state-run business. He said, too, that between 2011 and2013, the Government diverted $1.1 billion to maintain the bridge, of which $300 million will be spent this year.
And in the interest of justice, he had recommended that Government at least allocate $150 million in subsidy for the Berbice Bridge tolls.
According to Nagamootoo, “President Ramotar has refused to budge and, instead, has sheltered behind an excuse that the Berbice Bridge is privately owned.”
The questions that we ask are, whether the President has mis-spoken, badly informed or advised, or is simply ducking from the demand to ease the burden of commuters on the Berbice crossing?”
The AFC is currently of the view that the high toll is a penalty especially for school children and small cash-crop farmers who use the facility daily

PPP Mantra - steal from the working class to fatten the oligarchs.

I do support a reduction of the Berbice bridge toll. This can happen in the form of a subsidy. The PPP needs to tread carefully on this issue.

 

The PNC got their subsidy for Linden electricity users. Let the AFC now support the PPP for a toll subsidy for Berbicians.

LOL! I thought you blocked me.

 

Comrade, read again.

AFC calls for $150 million subsidy for Govt-run Berbice River Bridge

Mitwah excuse de bai too much PPP piss gat him bazady

This is a reason to vote the PPP out.

 

A look at the company's records shows that the company is made up of $400 million in ordinary shares and $950 million in preference share, making a total of $1,350 million (one billion three hundred and fifty million dollars).

The Government through NIS and NICIL, two state-owned entities, owns $1,030 million or 76.3% of the total share capital of the Berbice bridge company. This is made up of $80 million in ordinary shares and $950 million in Preference shares.

Section 344 of the Companies Act defines a "Government company" as "any company in which not less that fifty-one per cent of the paid up share capital is held by the Government and includes a company which is a subsidiary of a Government company".

NICIL is a wholly-owned Government company which, together with NIS, owns over three-quarters of the Berbice bridge company capital. So, why is this company being deemed a private company?

...

NICIL, he noted, is dominated by Government players with its Chairman being the Finance Minister, Dr Ashni Singh, with Cabinet Secretary, Dr Roger Luncheon, and Minister of Natural Resources and the Environment, Robert Persaud, being Directors.

The Chief Executive Officer is Winston Brassington, who according to Nagamootoo, “is at the centre of every controversial financial transaction involving use of the people’s money.”

Always

Fighting to better the

Country of Guyana

AFC = Another Footstool of the PNC and Corruption within.

The opposition need to demand to have a member of parliament from their side  on everyone of these boards since they seem to be in the hands of PPP members of parliaments.

 

The Berbice river Company needs to be looked at if the people owns close to 75% of its shares. Why is Beharry ( NIS director also) and Geeta Sing knight ( Failed  CLICO and failed GUYSUCO Board) running this bridge company?

Another damage control post by GOD. God did you not meet your quota yet for today ? Seems like the AFC has a very strict quota for you. That IP seems to be helping you a lot.

Do you see how clueless he is? He does not know the article discloses the audacious act of handing over a 75 % government owned company hence People owned to select cronies of the PPP who leeches off a Shylock's fee from the very people who owns it. I wonder who is missing the point of what damage to control!

 

Also, I do not know what he means by speaking of IP but such are the ways of a dunce.

You language is in violation of a post by admin. It has been reported accordingly.

 

As for earnings, I am in the six digits tier. 

Dont let your vile imagination run away with perverse imagery. Do you know if he means, brown nosing in the Guyanese idiom? It is not a stretch. The admin would be a PPP butt boy he suspends the gentleman for making use of our rich Guyanese vernacular.

Yugi, stop being a little sissy by reporting every little thing to the Admin. What is wrong with my language? Apparently, you're not well versed in popular political terms. Based on the low IQ that you display in writing here, the only six figures you could be earning is in Guyana dollars.

You are in violation of forum rules. You cannot make your own rules.

 

If you tone down your language, you may be invited for Canada Day's celebration at my Mansion North of Toronto. I do not work for nor am I associated with any political party in Guyana but do support the PPP.  It is my right.

 

The problem with posters like yourself is that you fail to realize that people will have opposing political views and yours will be challenged. It is your lack of basic human decency to engage in a civilized debate minus the vile personal attacks.

How am I in violation of the forum rules? Just by you saying so does not make it so especially when you are a known sensationalist and crybaby. Again I am using well known political terms which can be found in well known publications such as the Washington Times. Not my problem if your vocab is limited or your mind is warped.

Go ahead living in your dream world where you have a castle and you're the Ballahoo Brahmin behind the gates. Sorry, don't hang around your type. I don't have strange men inviting me to their homes. Try that with someone else if that is your preferred way of having fun on the holidays.

See what you gone an done God? Yo rass not gettin any barbecue from yujsta.

I haven't called the man too many bad names I wonder if he would invite Iman for lil chips an sof drink at the very least.

Oi Yuj, I like Kettle cooked chips, aright freno.

This is a good move by the AFC.  They should now agree to release blocked funds specifically and dedicated for this and they will gain (re) credibility.  It will indicate the blocking of the budget is one of priority of spending vs political.  I've  always supported this move.

I would not be suprised if he is charging his parents rent for his basement to help pay for his mortgage. Why do you think he is on a biscuit and water diet?
His invitation reads somewhat like this: "Come after lunch. Leave before supper. Walk with(bring) what you eat and drink."