Brassington’s resignation no ‘get out of jail free’ card

“We would like him to be subpoenaed before Parliamentary Committee” – Ramjattan

“We feel that (Winston) Brassington knows everything…A to Z about all the transactions,” said

Chairman of the Alliance for Change (AFC), Khemraj Ramjattan, as he sounded a warning that the controversial figure could be subpoenaed to appear before the Parliamentary Economic Sector Committee. Ramjattan said that the AFC will pursue this course of action even as reports surface that Brassington intends to resign as Executive Director of the National Industrial and Commercial Investments Ltd. (NICIL) and take up a top position with a private consultancy. According to Ramjattan, even with the likely resignation, the AFC is determined to see an investigation at the level of the Economic Sector Committee into everything that NICIL has done over a five-year period. “We would like him to be subpoenaed before the Parliamentary Economic Sector Committee … we have very big concerns, because we now realize what NICIL has done is in breach of a lot of the laws and financial regulations and here the big man himself (Brassington) is resigning.” Brassington, Ramjatta

AFC Chairman, Khemraj Ramjattan

n speculated, was the “Chief Architect of them (breaches)” and he must be there to answer relevant questions. Ramjattan told media operatives that “I rather suspect that desertion from NICIL now, does not mean that he can’t be held accountable or at least provide information for an investigation.” The AFC Chairman highlighted his suspicion that the move by Brassington to resign at this juncture could perhaps be a move which means that he cannot be subpoenaed, but “I am interpreting the regulation somewhat differently, that he can be! So if you all feel that he is going to get away from scrutiny, we feel that we can drag him in before that Committee, or at least we can have whoever his successor will be or those other officials, so that NICIL can at least be in a position to be scrutinised very thoroughly.” Only recently the operations of NICIL under the Bharrat Jagdeo-led administration were blasted by former Finance Minister and Executive Member of A Partnership for National Unity (APNU), Carl Greenidge, who categorically asserted that NICIL was never meant to be a ‘slush fund’ for the Government. Greenidge, in a recent interview, questioned operations of NICIL, particularly the fact that the money it has under its control is not being transferred to the nation’s coffers in the form of the Consolidated Fund. As such, Greenidge revealed that APNU will be looking to ensure that agencies such as NICIL, which is semi-autonomous, come under parliamentary scrutiny and further, have the monies turned over to the Consolidated Fund at regular intervals. Greenidge further stated that one individual whom the partnership will be paying particular attention to, as it relates to his involvement in numerous transactions is Brassington, someone who is closely linked to Jagdeo. Greenidge explained that when NICIL was established, it was during a time in Guyana’s history when the country had completed a number of privatisation arrangements, and the entity was supposed to have managed the assets that remained, such as the 20 per cent shares owned in the Guyana Telephone and Telegraph Company. NICIL is tasked with receiving the dividends payable to the Guyana Government. According to the entity’s website, “NICIL was incorporated as a company under the Companies Act Chapter 89:01 on the 18th July, 1990, but did not begin to function as a Company until the appointment and assumption of duty of the Executive Director on the 15th July, 1991. The primary objectives of the company were that of subscribing for, taking or otherwise acquiring and holding the Government shares, stocks, debentures or other securities of any company, co-operatives societies or body corporate.

Controversial NICIL boss, Winston Brassington

This meant that all Government shareholdings in public corporations and companies, including those falling under the Public Corporations Secretariat and the Co-operative Finance Administration Institutions, were to be transferred to NICIL. Effective January 1, 2002, a Management Co-operation Agreement was signed, appointing the Privatisation Unit (PU) as exclusive manager of NICIL. It was agreed that the collecting and accounting of privatisation proceeds, rents, dividends and other income of the combined entity will be done in the name of NICIL. It was also agreed that all costs/expenses of the combined entity (PU/NICIL) will be regarded as costs of NICIL.