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Recovering GTT shares money –top HKGT officials here for talks with NICIL.

March 14, 2017 Source

TOP officials of Hong Kong Golden Telecom Company (HKGT), the firm that owes Guyana some US$5M for the 20% Guyana Telephone and Telegraph Company (GTT) shares it bought, are here to negotiate with the government the payment of the debt.The Guyana Chronicle was told by usually reliable sources that it has now been confirmed that HKGT owes government’s holding company, the National Industrial and Commercial Investments Limited (NICIL) the US$5M.


The HKGT officials, including a lawyer, the Guyana Chronicle has learnt, have been having discussions with NICIL, with talks expected to continue today. Sources say that Guyana has been demanding that HKGT pays interests on the US$5M debt, which has now pushed the figure to some US$6.5M.Much mystery had surrounded the outstanding money, which at one time was described as missing. At a year-end news conference last year, NICIL had maintained that it was not in receipt of the outstanding US$5M from the sale of Government shares in GTT, and was expected to employ the method of arbitration to recover those funds.


“NICIL has not received the remaining US$5M from GTT shares which it sold… We are in the process of executing all the relief measures that are in the Sales Agreement in order for us to get it back. We have engaged our lawyers in the USA,” NICIL Chief Executive Officer, Horace James had said at the time.He went on to explain that NICIL will be utilising the services of the attorney who had assisted them in drafting the Sales Agreement, since the person at reference was directly involved in the agreement process. “They [the lawyers] recommended a company in the United Kingdom to help us in the arbitration whenever that time comes, and when we are going there,” he’d said, adding that it is important for NICIL to use a UK company, since the arbitration will be held in London.
James had, however, made it clear that the holding company will not only go after the US$5M owed by HKGT.


In fact, he revealed that NICIL will also be seeking to recover interest costs, legal fees, the signatory to the agreement, and even the person who guaranteed it. “So, that process has started, and our lawyers have presented all the issues concerning the shares, and said that it is a very good chance that we could get back the money,” James said.
He’d also dismissed claims by the company that the government had written off the US$5M.


James had told reporters back then that documents received by Minister of State,Joseph Harmon,from the purchaser early last year, suggested that the Hong Kong-based company was under the impression that it had been relieved of paying the outstanding amount.“The documents basically said that the purchasers of the shares indicated that they had a discussion with David Dabydeen, and were under the impression that they were relieved from paying it. But that is not so,” he’d said, adding:
“NICIL sold you something, and so you owe us; you made an initial payment and so the second payment has to be made. That is our major contention.”


In 2012, the former PPP/C Government made a decision to sell its shares in GTT for US$30M. A payment of US$25M was made, with the balance expected to be paid within two years.

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Django... read the article below and explain who is lieing . Somehow you suffer memory lapse and you have a headline to make star boy Joe looks like an angel... since you have  been his and congress place defender .... take all day if need to and explain who is the king of lies . 

Seems you have changed the meaning of lie ...

FROM all indications, the Government of Guyana (GoG) is finding it difficult to pinpoint who had collected the outstanding US$5M owed the National Industrial and Commercial Investments Limited (NICIL) by Chinese Company Datang Telecom Technology and Industry Group for the sale of the state’s 20% shares in the Guyana Telephone and Telegraph Company.

The Chinese company had purchased government’s 20 per cent shares in the Guyana Telephone and Telegraph Company Limited (GTT) in 2012.

The shares were sold at US$30M, but the company paid only US$25M.

A few weeks ago, Minister of State Joseph Harmon and NICIL’s in-house attorney, Natalia Seepersaud, visited China where they engaged in discussions pertaining to the outstanding US$5M owed for the purchase of the 20 per cent shares in GTT.

It was discovered by virtue of documentation that the outstanding US$5M was paid over to the NICIL, despite the fact that NICIL’s former head Winston Brassington had said that the money had not been paid.

Minister of Natural Resources and the Environment, Raphael Trotman, disclosed on Wednesday at a post-Cabinet press briefing held at the Ministry of the Presidency, that the Government of Guyana (GoG) is currently trying to locate the US$5M that was outstanding to the government.

FROM all indications, the Government of Guyana (GoG) is finding it difficult to pinpoint who had collected the outstanding US$5M owed the National Industrial and Commercial Investments Limited (NICIL) by Chinese Company Datang Telecom Technology and Industry Group for the sale of the state’s 20% shares in the Guyana Telephone and Telegraph Company.

The Chinese company had purchased government’s 20 per cent shares in the Guyana Telephone and Telegraph Company Limited (GTT) in 2012.

The shares were sold at US$30M, but the company paid only US$25M.

A few weeks ago, Minister of State Joseph Harmon and NICIL’s in-house attorney, Natalia Seepersaud, visited China where they engaged in discussions pertaining to the outstanding US$5M owed for the purchase of the 20 per cent shares in GTT.

It was discovered by virtue of documentation that the outstanding US$5M was paid over to the NICIL, despite the fact that NICIL’s former head Winston Brassington had said that the money had not been paid.

Minister of Natural Resources and the Environment, Raphael Trotman, disclosed on Wednesday at a post-Cabinet press briefing held at the Ministry of the Presidency, that the Government of Guyana (GoG) is currently trying to locate the US$5M that was outstanding to the government.

However, Trotman told the media that it was discovered by Minister of State Harmon that the money was paid to NICIL before May 16 last year.

It is unclear whom specifically the money was paid to under the former People’s Progressive Party/Civic administration.

“What I can say is that Mr. Harmon has been able to retrieve some documents which tell a different story and that story is that the $5 million was paid and we are trying to track down to whom, when and where and that was before May 16, 2015,” said Minister Trotman.

He said too that the Minister of State has provided a “full report” on the issue to Cabinet, while noting that NICIL’s board is currently examining the findings.

That report is to be made public soon, Trotman told the media. Money from the sale of Government’s shares in GTT was used by NICIL, headed at that time by Brassington, to offset expenses at the controversial Marriott Hotel, Kingston. Brassington had made this disclosure at his last media briefing before being sent on leave by the APNU+AFC administration.

Minister Harmon was quoted in one section of the media as saying that Government had explored the option of taking Datang to court for the outstanding US$5M. “We have only two options, one of which is to take Datang to court,” Harmon was quoted as saying.

In the very article, the Minister of State said the other course of action would be to seek the intervention of the Chinese Ambassador to Guyana Zhang Limin.

(Guyana Chronicle)

some documents which tell a different story and that story is that the $5 million was paid and we are trying to track down to whom, when and where and that was before May 16, 2015,” said Minister Trotman.

He said too that the Minister of State has provided a “full report” on the issue to Cabinet, while noting that NICIL’s board is currently examining the findings.

That report is to be made public soon, Trotman told the media. Money from the sale of Government’s shares in GTT was used by NICIL, headed at that time by Brassington, to offset expenses at the controversial Marriott Hotel, Kingston. Brassington had made this disclosure at his last media briefing before being sent on leave by the APNU+AFC administration.

Minister Harmon was quoted in one section of the media as saying that Government had explored the option of taking Datang to court for the outstanding US$5M. “We have only two options, one of which is to take Datang to court,” Harmon was quoted as saying.

In the very article, the Minister of State said the other course of action would be to seek the intervention of the Chinese Ambassador to Guyana Zhang Limin.

(Guyana Chronicle)

FM

Should I slap this on your forehead .

However, Trotman told the media that it was discovered by Minister of State Harmon that the money was paid to NICIL before May 16 last year.

It is unclear whom specifically the money was paid to under the former People’s Progressive Party/Civic administration.

“What I can say is that Mr. Harmon has been able to retrieve some documents which tell a different story and that story is that the $5 million was paid and we are trying to track down to whom, when and where and that was before May 16, 2015,” said Minister Trotman.

FM

"FROM all indications, the Government of Guyana (GoG) is finding it difficult to pinpoint who had collected the outstanding US$5M owed the National Industrial and Commercial Investments Limited (NICIL) by Chinese Company Datang Telecom Technology and Industry Group for the sale of the state’s 20% shares in the Guyana Telephone and Telegraph Company.

The Chinese company had purchased government’s 20 per cent shares in the Guyana Telephone and Telegraph Company Limited (GTT) in 2012.

The shares were sold at US$30M, but the company paid only US$25M.

A few weeks ago, Minister of State Joseph Harmon and NICIL’s in-house attorney, Natalia Seepersaud, visited China where they engaged in discussions pertaining to the outstanding US$5M owed for the purchase of the 20 per cent shares in GTT.

It was discovered by virtue of documentation that the outstanding US$5M was paid over to the NICIL, despite the fact that NICIL’s former head Winston Brassington had said that the money had not been paid."

 

"Some documents which tell a different story and that story is that the $5 million was paid and we are trying to track down to whom, when and where and that was before May 16, 2015,” said Minister Trotman.

He said too that the Minister of State has provided a “full report” on the issue to Cabinet, while noting that NICIL’s board is currently examining the findings.

That report is to be made public soon, Trotman told the media. Money from the sale of Government’s shares in GTT was used by NICIL, headed at that time by Brassington, to offset expenses at the controversial Marriott Hotel, Kingston. Brassington had made this disclosure at his last media briefing before being sent on leave by the APNU+AFC administration.

Minister Harmon was quoted in one section of the media as saying that Government had explored the option of taking Datang to court for the outstanding US$5M. “We have only two options, one of which is to take Datang to court,” Harmon was quoted as saying.

In the very article, the Minister of State said the other course of action would be to seek the intervention of the Chinese Ambassador to Guyana Zhang Limin.


Imran,

What the above quoted from post says,

dissect it bro,

I am not defending any one,just seeking the truth.

Django
Imran posted:

WHAT DID YOUR HEADLINE SAY 

Is that defending ??

when this Gov't thief i don't condone it.

Politics is a strange game,posters blasted him said he stole the money.

Django
Last edited by Django
Django posted:

Where is my "Frenno" Skeldonman,

come...in.

Nah tek worries. Had to run an errand. I see me frenno Imran taught you how to subtract 25 from 30 and come up with 5.  Whey de munny deh?

FM
Last edited by Former Member

Back when Harmon returned from China he said that he showed evidence to the current cabinet ministers that China paid the $5M and he was trying to find out what the PPP government did with it. Since he did not publish that evidence to the public, we reasonably suggested that he stole the money. Looks like he didn't steal the money but just lied about having evidence about it. I am not going to alter my opinion just yet. I will wait until after that meeting for clarification. After all, the meeting that Harmon had with those cabinet ministers when he said he showed them the evidence now looks like fake news.

Maybe this is fake news also.

FM
Last edited by Former Member

Pnc news boy forget to mention that Harmon said that the PPP got paid the 5million already after his "free" trip to China. Then the jackass couldn't prove it as he drank Chinese koolaid. The chinese took one look at Harman and pegged him for a jackass as they fed him lies about how they paid the PPP the 5 million already and he took the bait. 

FM

Joe failed to provide evidence of the documents but Django bai jump over the moon on the new development. 

Django ... nothing is wrong sharing the news but you get so sexcited that  your hormones running up your brains calling out  on Skelly and not making a reference to the pass news. 

This is where your credibility is question when you claim not to belong to or having affiliations with any political parties. 

FM

That is some funny shyte going on. After the meering Harmon should be questioned on all that he said

Most politicians from both governments seem to be placed in positions they are not qualified to be in.

Dam Trumpism spreading like wildfire tarass.

cain

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