Viewpoint of a lost sheep. Nothing new to those who are familiar with our politics. 

National Day of prayer on today

May 11, 2016 Source

Billy Ram Balgobin posted:

Viewpoint of a lost sheep. Nothing new to those who are familiar with our politics. 

     Baa, baa, black sheep, have you any wool? 

Congratulating the AFC/PNC clowns is quite a huge embarrassment.

They are a bunch of crooks, conmen and liars who filled their pockets and are sucking the blood of ordinary Guyanese with their mega salaries.

These AFC/PNC Clowns and crooks :

Are yet to prove claims of PPP corruption. They have proven ZERO. Yes, these clowns have prove zero and talk shyte all day long. To these AFC/PNC clowns: Talk is cheap. 

Harmon has proven to be corrupt yet the AFC is scared to bell the cat.

Moses and Ramjattan are like stray dos and lack any real power. They are like blow blow.

Crime is out of control. No amount of damage control can help that clown Ramjattan.

Granger threw Indo Guyanese rice farmers under the bus.

Indos are being discriminated against and replaced by Afro in an ethnic cleansing.

The rice and sugar industry are dead.

The economy is in the toilet.

Transparent Public procurement process has been thrown in the toilet by these clowns and liars.

Indo Guyanese are fleeing the country to escape blatant racism and a lack of job or employment opportunities.

There is no new foreign investments. These AFC/PNC clowns are sponging off what the PPP already left in place.

These clowns declared that the treasury was empty yet these clowns are sponging off what the Billions the PPP left int he treasury. That is the PNC way, eat, spend and destroy.

They have not even built a toilet.

The list goes on and on. Posters can add to the list of failures.

Wait, we are still awaiting on a recent of the rigged election.

Wait, the PPP trashed these AFC/PNC clowns at the Local Elections.

Finally, these clowns should stop talking and at least attempt to run the country, then again what are clowns capable of ?

Conclusion:

It would be foolish to even consider congratulating these AFC/PNC clowns. Then again, there are fools and sheep everywhere and AFC supporters were conned and thrown in the Atlantic Ocean by a bunch of conmen and liars.

Yuji

Lennox posted:

Billy Ram Balgobin posted:

Viewpoint of a lost sheep. Nothing new to those who are familiar with our politics. 

     Baa, baa, black sheep, have you any wool? 

Today has been declared a National Day of Reflection in Guyana

Should be a Anniversary Day of Deceit.

skeldon_man posted:

Lennox posted:

Billy Ram Balgobin posted:

Viewpoint of a lost sheep. Nothing new to those who are familiar with our politics. 

     Baa, baa, black sheep, have you any wool? 

Today has been declared a National Day of Reflection in Guyana

Should be a Anniversary Day of Deceit.

And the rape and murder of Indos in the Wasmar Incident. Burnhamism all over again.

yuji22 posted:

Congratulating the AFC/PNC clowns is quite a huge embarrassment.

They are a bunch of crooks, conmen and liars who filled their pockets and are sucking the blood of ordinary Guyanese with their mega salaries.

These AFC/PNC Clowns and crooks :

Are yes to prove claims of PPP corruption. They have proven ZERO. Yes, these clowns have prove zero and talk shyte all day long. To these AFC/PNC clowns: Talk is cheap. 

Harmon has proven to be corrupt yet the AFC is scared to bell the cat.

Moses and Ramjattan are like stray dos and lack any real power. They are like blow blow.

Crime is out of control. No amount of damage control can help that clown Ramjattan.

Granger threw Indo Guyanese rice farmers under the bus.

Indos are being discriminated against and replaced by Afro in an ethnic cleansing.

The rice and sugar industry are dead.

The economy is in the toilet.

Transparent Public procurement process has been thrown in the toilet by these clowns and liars.

Indo Guyanese are fleeing the country to escape blatant racism and a lack of job or employment opportunities.

There is no new foreign investments. These AFC/PNC clowns ae sponging off what the PPP already left in place.

These clowns declared that the treasury was empty yet these clowns are sponging off what the Billions the PPP left int he treasury. That is the PNC way, eat, spend and destroy.

They have not even built a toilet.

The list goes on and on. Posters can add to the list of failures.

Wait, we are still awaiting on a recent of the rigged election.

Wait, the PPP trashed these AFC/PNC clowns at the Local Elections.

Finally, these clowns should stop talking and at least attempt to run the country, then again what are clowns capable of ?

Conclusion:

It would be foolish to even consider congratulating these AFC/PNC clowns. Then again, there are fools and sheep everywhere and the AFC were conned and their supporters thrown in the Atlantic Ocean by a bunch of conmen and liars.

Yuji

 

NIS audit – Luncheon cries foul

May 10, 2016 Source

Keep y'all eyes on this Anscale fish, he is dangerous and evil to the bone. Karma is going to be a bitch though.  Let him continue celebrating the death of Indians.

Bibi Haniffa posted:

Keep y'all eyes on this Anscale fish, he is dangerous and evil to the bone. Karma is going to be a bitch though.  Let him continue celebrating the death of Indians.

The ancestors are rolling in their graves.  

Bibi Haniffa posted:

Keep y'all eyes on this Anscale fish, he is dangerous and evil to the bone. Karma is going to be a bitch though.  Let him continue celebrating the death of Indians.

You are lying skunk,the one in my backyard is more honorable point to the post from Gilly.

Django posted:

yuji22 posted:

Congratulating the AFC/PNC clowns is quite a huge embarrassment.

They are a bunch of crooks, conmen and liars who filled their pockets and are sucking the blood of ordinary Guyanese with their mega salaries.

These AFC/PNC Clowns and crooks :

Are yes to prove claims of PPP corruption. They have proven ZERO. Yes, these clowns have prove zero and talk shyte all day long. To these AFC/PNC clowns: Talk is cheap. 

Harmon has proven to be corrupt yet the AFC is scared to bell the cat.

Moses and Ramjattan are like stray dos and lack any real power. They are like blow blow.

Crime is out of control. No amount of damage control can help that clown Ramjattan.

Granger threw Indo Guyanese rice farmers under the bus.

Indos are being discriminated against and replaced by Afro in an ethnic cleansing.

The rice and sugar industry are dead.

The economy is in the toilet.

Transparent Public procurement process has been thrown in the toilet by these clowns and liars.

Indo Guyanese are fleeing the country to escape blatant racism and a lack of job or employment opportunities.

There is no new foreign investments. These AFC/PNC clowns ae sponging off what the PPP already left in place.

These clowns declared that the treasury was empty yet these clowns are sponging off what the Billions the PPP left int he treasury. That is the PNC way, eat, spend and destroy.

They have not even built a toilet.

The list goes on and on. Posters can add to the list of failures.

Wait, we are still awaiting on a recent of the rigged election.

Wait, the PPP trashed these AFC/PNC clowns at the Local Elections.

Finally, these clowns should stop talking and at least attempt to run the country, then again what are clowns capable of ?

Conclusion:

It would be foolish to even consider congratulating these AFC/PNC clowns. Then again, there are fools and sheep everywhere and the AFC were conned and their supporters thrown in the Atlantic Ocean by a bunch of conmen and liars.

Yuji

 

NIS audit – Luncheon cries foul

May 10, 2016 Source

 

…says damning NIS audit findings must be answered

FORMER Chairman of the National Insurance Scheme (NIS), Dr Roger Luncheon, has sought to defend the administration of the scheme under his watch against the damning findings of a forensic audit which implicated him and the PPP government for playing a heavy hand in its operations.Dr Luncheon also flayed Government for reportedly ignoring him and the previous board during the conduct of the audit, but assured that the report should and must be answered. In a letter to the editor of this newspaper, Dr Luncheon said Guyanese must have noticed the recent publication in the press of the findings of the audit.

He noted that as the chairman of the Board of NIS for the period 2011-2015, within which the audit was done, neither the auditor nor the Government had afforded the board the professional convention of first responding to the audit findings.

Former Head of the Presidential Secretariat, Luncheon said his board was “unceremoniously relieved of its appointment and responsibilities in May 2015, and (was) eventually replaced en bloc, with the exception of an APNU-nominated member.”

Noting that the General Manager of the NIS is by law a member and deputy chairman of the board, Dr Luncheon said the forensic auditor failed to address the issue of whether evidence was unveiled that established that the board had conducted its affairs and obtained financial benefits from irregular actions.

“The findings of the forensic audit that have been displayed in the press should and must be answered. Were the financial auditor or the Granger Government so inclined to solicit such an intervention, it should have been directed to the competent authority,” Dr Luncheon said.

The audit report, done by Ramesh Seebaran and released by the Ministry of Finance, highlighted that NIS office at Corriverton, built in 2011 for $69.9M, was later valued at $37.9M. The report said the Lot 8 Springlands, Corriverton, Berbice building was reconstructed in 2010/2011 and commissioned in 2011 at cost of $69,923,940.

Focusing on the scheme’s investment in the Berbice Bridge Company Incorporated (BBCI), the auditor said the company has several investments in the BBCI; namely corporate bonds — $1,060,000,000; subordinated loan $500,000,000 (which is a debt that ranks after other debts if a company falls into liquidation or bankruptcy); preference shares – $950,000,000; and common shares – $80,000,000.

The ability of BBCI to pay interest, dividends and capital repayment will depend on its ability to generate profits. To date, it has made accumulated losses of $1,507,062,759 based on its 2014 audited financial statements.

“As a result, the investment in BBCI’s common shares may now be impaired, as the current net worth of an ordinary share is $2.77 based on its 2014 audited financial statements.”

Further, it was noted that the 2014 audited financial statements showed that the company signed a concession agreement with the Government of Guyana for the design, construction, development, operations and maintenance of the Berbice Bridge, pursuant to the terms and conditions established within this agreement.

The agreement is for a period of 21 years, unless terminated or extended by mutual agreement or in accordance with any other provisions within the agreement.

When the 2012 audit was finalised in May 2015, it became known to management that the company does not own a bridge, but instead a licence to operate a bridge, even though the scheme had two of its directors on the company’s board.

“This resulted in the auditors reclassifying the cost of the bridge and a building from Fixed Assets to ‘Concession Assets’ and restated the 2010 and 2011 audited financial statements. The effect of the reclassification resulted in those years which had declared taxable profits now showing significant losses.” These losses arose because the Concession Agreement is for a period of 21 years, therefore the bridge is now amortised over that period, whereas it was previously depreciated over a 70-year period.

A copy of the Concession Agreement was not available for review by the auditor. Based on the information available to the auditor, it was discovered that there is a “material uncertainty that cast significant doubt about the entity’s ability to continue as a going concern.”

“It means therefore, that the Scheme’s investment in the BBCI is almost certain to be negatively affected. Already, the ordinary shares have been impaired to a negative value, the subordinate loans preference shares may also have been impaired. The company’s CEO has already written the Scheme, indicating its inability to pay the dividend on preference shares,” the audit report disclosed.

Should BBCI become insolvent because of its current loss-making position, considering its issues with the Government regarding the lowering of the bridge toll, its inability to generate adequate money to meet its obligations, and the fact that the company does not own a bridge, the investors’ investments will be at severe risk of not being recovered.

---

 

Good thing the real cons got booted.

Karma is a bitch. What goes around comes around. Read the newspapers as to who are the majority of criminals in Guyana. Every rope has tow ends. PPP rope ended and  PNC rope started. PNC got a short rope.

Django posted:

Bibi Haniffa posted:

Keep y'all eyes on this Anscale fish, he is dangerous and evil to the bone. Karma is going to be a bitch though.  Let him continue celebrating the death of Indians.

You are lying skunk,the one in my backyard is more honorable point to the post from Gilly.

WHat are you talking about and who are you calling a lying skunk???????

Bibi Haniffa posted:

Django posted:

Bibi Haniffa posted:

Keep y'all eyes on this Anscale fish, he is dangerous and evil to the bone. Karma is going to be a bitch though.  Let him continue celebrating the death of Indians.

You are lying skunk,the one in my backyard is more honorable point to the post from Gilly.

WHat are you talking about and who are you calling a lying skunk???????

Bibi Haniffa posted:

Keep y'all eyes on this Anscale fish, he is dangerous and evil to the bone. Karma is going to be a bitch though.  Let him continue celebrating the death of Indians.

You folks need to chill...if you disagree, you disagree...no need to get personal with name calling and making outrageous claims

RiffRaff posted:

You folks need to chill...if you disagree, you disagree...no need to get personal with name calling and making outrageous claims

They do this all the time,twisting posters comments to get back at them when they are cornered.

I speak the truth at all times. 

Django posted:

RiffRaff posted:

You folks need to chill...if you disagree, you disagree...no need to get personal with name calling and making outrageous claims

They do this all the time,twisting posters comments to get back at them when they are cornered.

Django posted:

RiffRaff posted:

You folks need to chill...if you disagree, you disagree...no need to get personal with name calling and making outrageous claims

They do this all the time,twisting posters comments to get back at them when they are cornered.

Suddenly, you have become the PNC BULL DAG, She replied to Gill's comment and not your's. You have taken over the role of Jalil.

Bibi Haniffa posted:

I speak the truth at all times. 

The joke of the day.

kp posted:

Django posted:

RiffRaff posted:

You folks need to chill...if you disagree, you disagree...no need to get personal with name calling and making outrageous claims

They do this all the time,twisting posters comments to get back at them when they are cornered.

Django posted:

RiffRaff posted:

You folks need to chill...if you disagree, you disagree...no need to get personal with name calling and making outrageous claims

They do this all the time,twisting posters comments to get back at them when they are cornered.

Suddenly, you have become thePNC BULL DAG, She replied to Gill's comment and not your's. You have taken over the role of Jalil.

I aint no one what ever you call um,i am here rebutting the twisted logics.

APNU+AFC is a democratically elected government that got the votes of more than 50 percent of the electorate in free, fair and credible elections according to the reputable Carter Center and other international observers. 

Gilbakka posted:

Today marks one year since general elections in Guyana resulted in victory for the coalition. It has been a year of ups and downs. Coalition supporters are disappointed that some election promises remain unfulfilled to date but are glad the PPP is out of power. It is hoped that the coalition will make good on its promises during the next 4 years in office.

Today has been declared a National Day of Reflection in Guyana under the theme "Reflect, Celebrate, Inspire". This indicates that the government is willing to reflect on its performance during the past 12 months and to inspire confidence among the population. 

I have not been blogging to much these day.  Too busy with the Boat. Buying a second one, so business good.

But Uncle Gilly, you snapped me out of that lul.

What blasted congratulations?

One year and they have not kept half the 100 days promises and they all living the new cabal living the high life while the people suffering more than they were when Jagdeo was there.

That means the people gone backwards thanks the Granger.  

FAILURE! ABSOLUTE FAILURE THAT GRANGER AND HE ARMY FRIENDS.

Gilbakka posted:

APNU+AFC is a democratically elected government that got the votes of more than 50 percent of the electorate in free, fair and credible elections according to the reputable Carter Center and other international observers. 

Well you are right, they got 50.3% of the votes and they want to operate like they own 100% of the voters. What a Joke Uncle Gil.

Brian Teekah posted:

Gilbakka posted:

APNU+AFC is a democratically elected government that got the votes of more than 50 percent of the electorate in free, fair and credible elections according to the reputable Carter Center and other international observers. 

Well you are right, they got 50.3% of the votes and they want to operate like they own 100% of the voters. What a Joke Uncle Gil.

Thank you for your comments, Brian. Welcome back. Glad to know your "business good." Keep it up!

Gilbakka posted:

APNU+AFC is a democratically elected government that got the votes of more than 50 percent of the electorate in free, fair and credible elections according to the reputable Carter Center and other international observers. 

The ABC countries organized a regime change, why gecom did not do a recount as requested, that election was not fair and credible. Why did Carter left before the ballots counted, he claimed he was sick, yet the next day he addressed a meeting in Atlanta. Carter works for the CIA.

Can't believe a year went by since I went for the inauguration.

Congratulations on their first year in office and hopefully they can do better in the second year.

Dem boys struggling to keep the economy going. Don't expect much from this gov't. 

The Coalition government has been singularly comatose, be it going after criminals, including malfeasance of public figures in the previous Administration, Bai Shan Lin, revving the economy, etc.

I find it lacking in assertiveness. It's one thing to be rid of the malaise of the previous Administration, but by God, make some noise and be transformative. I'm disappointed I tell ya. Staying Trumpian, they are a yuuuge disappointment, and no amount of Jalil's piktcha-like-a-piktcha can change that. The good thing is that it's only been a year, but by bejeezus, wake up Coalition!!

Quote put bluntly:

"The Coalition government has been singularly comatose"

This sums it up.

Django posted:

yuji22 posted:

Congratulating the AFC/PNC clowns is quite a huge embarrassment.

They are a bunch of crooks, conmen and liars who filled their pockets and are sucking the blood of ordinary Guyanese with their mega salaries.

These AFC/PNC Clowns and crooks :

Are yes to prove claims of PPP corruption. They have proven ZERO. Yes, these clowns have prove zero and talk shyte all day long. To these AFC/PNC clowns: Talk is cheap. 

Harmon has proven to be corrupt yet the AFC is scared to bell the cat.

Moses and Ramjattan are like stray dos and lack any real power. They are like blow blow.

Crime is out of control. No amount of damage control can help that clown Ramjattan.

Granger threw Indo Guyanese rice farmers under the bus.

Indos are being discriminated against and replaced by Afro in an ethnic cleansing.

The rice and sugar industry are dead.

The economy is in the toilet.

Transparent Public procurement process has been thrown in the toilet by these clowns and liars.

Indo Guyanese are fleeing the country to escape blatant racism and a lack of job or employment opportunities.

There is no new foreign investments. These AFC/PNC clowns ae sponging off what the PPP already left in place.

These clowns declared that the treasury was empty yet these clowns are sponging off what the Billions the PPP left int he treasury. That is the PNC way, eat, spend and destroy.

They have not even built a toilet.

The list goes on and on. Posters can add to the list of failures.

Wait, we are still awaiting on a recent of the rigged election.

Wait, the PPP trashed these AFC/PNC clowns at the Local Elections.

Finally, these clowns should stop talking and at least attempt to run the country, then again what are clowns capable of ?

Conclusion:

It would be foolish to even consider congratulating these AFC/PNC clowns. Then again, there are fools and sheep everywhere and the AFC were conned and their supporters thrown in the Atlantic Ocean by a bunch of conmen and liars.

Yuji

 

NIS audit – Luncheon cries foul

May 10, 2016 Source

 

…says damning NIS audit findings must be answered

FORMER Chairman of the National Insurance Scheme (NIS), Dr Roger Luncheon, has sought to defend the administration of the scheme under his watch against the damning findings of a forensic audit which implicated him and the PPP government for playing a heavy hand in its operations.Dr Luncheon also flayed Government for reportedly ignoring him and the previous board during the conduct of the audit, but assured that the report should and must be answered. In a letter to the editor of this newspaper, Dr Luncheon said Guyanese must have noticed the recent publication in the press of the findings of the audit.

He noted that as the chairman of the Board of NIS for the period 2011-2015, within which the audit was done, neither the auditor nor the Government had afforded the board the professional convention of first responding to the audit findings.

Former Head of the Presidential Secretariat, Luncheon said his board was “unceremoniously relieved of its appointment and responsibilities in May 2015, and (was) eventually replaced en bloc, with the exception of an APNU-nominated member.”

Noting that the General Manager of the NIS is by law a member and deputy chairman of the board, Dr Luncheon said the forensic auditor failed to address the issue of whether evidence was unveiled that established that the board had conducted its affairs and obtained financial benefits from irregular actions.

“The findings of the forensic audit that have been displayed in the press should and must be answered. Were the financial auditor or the Granger Government so inclined to solicit such an intervention, it should have been directed to the competent authority,” Dr Luncheon said.

The audit report, done by Ramesh Seebaran and released by the Ministry of Finance, highlighted that NIS office at Corriverton, built in 2011 for $69.9M, was later valued at $37.9M. The report said the Lot 8 Springlands, Corriverton, Berbice building was reconstructed in 2010/2011 and commissioned in 2011 at cost of $69,923,940.

Focusing on the scheme’s investment in the Berbice Bridge Company Incorporated (BBCI), the auditor said the company has several investments in the BBCI; namely corporate bonds — $1,060,000,000; subordinated loan $500,000,000 (which is a debt that ranks after other debts if a company falls into liquidation or bankruptcy); preference shares – $950,000,000; and common shares – $80,000,000.

The ability of BBCI to pay interest, dividends and capital repayment will depend on its ability to generate profits. To date, it has made accumulated losses of $1,507,062,759 based on its 2014 audited financial statements.

“As a result, the investment in BBCI’s common shares may now be impaired, as the current net worth of an ordinary share is $2.77 based on its 2014 audited financial statements.”

Further, it was noted that the 2014 audited financial statements showed that the company signed a concession agreement with the Government of Guyana for the design, construction, development, operations and maintenance of the Berbice Bridge, pursuant to the terms and conditions established within this agreement.

The agreement is for a period of 21 years, unless terminated or extended by mutual agreement or in accordance with any other provisions within the agreement.

When the 2012 audit was finalised in May 2015, it became known to management that the company does not own a bridge, but instead a licence to operate a bridge, even though the scheme had two of its directors on the company’s board.

“This resulted in the auditors reclassifying the cost of the bridge and a building from Fixed Assets to ‘Concession Assets’ and restated the 2010 and 2011 audited financial statements. The effect of the reclassification resulted in those years which had declared taxable profits now showing significant losses.” These losses arose because the Concession Agreement is for a period of 21 years, therefore the bridge is now amortised over that period, whereas it was previously depreciated over a 70-year period.

A copy of the Concession Agreement was not available for review by the auditor. Based on the information available to the auditor, it was discovered that there is a “material uncertainty that cast significant doubt about the entity’s ability to continue as a going concern.”

“It means therefore, that the Scheme’s investment in the BBCI is almost certain to be negatively affected. Already, the ordinary shares have been impaired to a negative value, the subordinate loans preference shares may also have been impaired. The company’s CEO has already written the Scheme, indicating its inability to pay the dividend on preference shares,” the audit report disclosed.

Should BBCI become insolvent because of its current loss-making position, considering its issues with the Government regarding the lowering of the bridge toll, its inability to generate adequate money to meet its obligations, and the fact that the company does not own a bridge, the investors’ investments will be at severe risk of not being recovered.

---

 

Good thing the real cons got booted.

AFC sheep can talk shyte all day long. Unless they can prove any of these claims, they are talking crap.

And talk is cheap.

Bibi Haniffa posted:

Keep y'all eyes on this Anscale fish, he is dangerous and evil to the bone. Karma is going to be a bitch though. 

Let him continue celebrating the death of Indians.

Now we crying for .....

Lamumba, Hamilton & Kwame..

Scratch De Poke until yuh understand....

we are celebrating an end to

Black House Of Israel Thugs, Killers & Racist plus

De Ballot Box Riggers & Thieves

getting thrown out of Office of the President.

yuji22 posted:

Django posted:

yuji22 posted:

Congratulating the AFC/PNC clowns is quite a huge embarrassment.

They are a bunch of crooks, conmen and liars who filled their pockets and are sucking the blood of ordinary Guyanese with their mega salaries.

These AFC/PNC Clowns and crooks :

Are yes to prove claims of PPP corruption. They have proven ZERO. Yes, these clowns have prove zero and talk shyte all day long. To these AFC/PNC clowns: Talk is cheap. 

Harmon has proven to be corrupt yet the AFC is scared to bell the cat.

Moses and Ramjattan are like stray dos and lack any real power. They are like blow blow.

Crime is out of control. No amount of damage control can help that clown Ramjattan.

Granger threw Indo Guyanese rice farmers under the bus.

Indos are being discriminated against and replaced by Afro in an ethnic cleansing.

The rice and sugar industry are dead.

The economy is in the toilet.

Transparent Public procurement process has been thrown in the toilet by these clowns and liars.

Indo Guyanese are fleeing the country to escape blatant racism and a lack of job or employment opportunities.

There is no new foreign investments. These AFC/PNC clowns ae sponging off what the PPP already left in place.

These clowns declared that the treasury was empty yet these clowns are sponging off what the Billions the PPP left int he treasury. That is the PNC way, eat, spend and destroy.

They have not even built a toilet.

The list goes on and on. Posters can add to the list of failures.

Wait, we are still awaiting on a recent of the rigged election.

Wait, the PPP trashed these AFC/PNC clowns at the Local Elections.

Finally, these clowns should stop talking and at least attempt to run the country, then again what are clowns capable of ?

Conclusion:

It would be foolish to even consider congratulating these AFC/PNC clowns. Then again, there are fools and sheep everywhere and the AFC were conned and their supporters thrown in the Atlantic Ocean by a bunch of conmen and liars.

Yuji

 

NIS audit – Luncheon cries foul

May 10, 2016 Source

 

…says damning NIS audit findings must be answered

FORMER Chairman of the National Insurance Scheme (NIS), Dr Roger Luncheon, has sought to defend the administration of the scheme under his watch against the damning findings of a forensic audit which implicated him and the PPP government for playing a heavy hand in its operations.Dr Luncheon also flayed Government for reportedly ignoring him and the previous board during the conduct of the audit, but assured that the report should and must be answered. In a letter to the editor of this newspaper, Dr Luncheon said Guyanese must have noticed the recent publication in the press of the findings of the audit.

He noted that as the chairman of the Board of NIS for the period 2011-2015, within which the audit was done, neither the auditor nor the Government had afforded the board the professional convention of first responding to the audit findings.

Former Head of the Presidential Secretariat, Luncheon said his board was “unceremoniously relieved of its appointment and responsibilities in May 2015, and (was) eventually replaced en bloc, with the exception of an APNU-nominated member.”

Noting that the General Manager of the NIS is by law a member and deputy chairman of the board, Dr Luncheon said the forensic auditor failed to address the issue of whether evidence was unveiled that established that the board had conducted its affairs and obtained financial benefits from irregular actions.

“The findings of the forensic audit that have been displayed in the press should and must be answered. Were the financial auditor or the Granger Government so inclined to solicit such an intervention, it should have been directed to the competent authority,” Dr Luncheon said.

The audit report, done by Ramesh Seebaran and released by the Ministry of Finance, highlighted that NIS office at Corriverton, built in 2011 for $69.9M, was later valued at $37.9M. The report said the Lot 8 Springlands, Corriverton, Berbice building was reconstructed in 2010/2011 and commissioned in 2011 at cost of $69,923,940.

Focusing on the scheme’s investment in the Berbice Bridge Company Incorporated (BBCI), the auditor said the company has several investments in the BBCI; namely corporate bonds — $1,060,000,000; subordinated loan $500,000,000 (which is a debt that ranks after other debts if a company falls into liquidation or bankruptcy); preference shares – $950,000,000; and common shares – $80,000,000.

The ability of BBCI to pay interest, dividends and capital repayment will depend on its ability to generate profits. To date, it has made accumulated losses of $1,507,062,759 based on its 2014 audited financial statements.

“As a result, the investment in BBCI’s common shares may now be impaired, as the current net worth of an ordinary share is $2.77 based on its 2014 audited financial statements.”

Further, it was noted that the 2014 audited financial statements showed that the company signed a concession agreement with the Government of Guyana for the design, construction, development, operations and maintenance of the Berbice Bridge, pursuant to the terms and conditions established within this agreement.

The agreement is for a period of 21 years, unless terminated or extended by mutual agreement or in accordance with any other provisions within the agreement.

When the 2012 audit was finalised in May 2015, it became known to management that the company does not own a bridge, but instead a licence to operate a bridge, even though the scheme had two of its directors on the company’s board.

“This resulted in the auditors reclassifying the cost of the bridge and a building from Fixed Assets to ‘Concession Assets’ and restated the 2010 and 2011 audited financial statements. The effect of the reclassification resulted in those years which had declared taxable profits now showing significant losses.” These losses arose because the Concession Agreement is for a period of 21 years, therefore the bridge is now amortised over that period, whereas it was previously depreciated over a 70-year period.

A copy of the Concession Agreement was not available for review by the auditor. Based on the information available to the auditor, it was discovered that there is a “material uncertainty that cast significant doubt about the entity’s ability to continue as a going concern.”

“It means therefore, that the Scheme’s investment in the BBCI is almost certain to be negatively affected. Already, the ordinary shares have been impaired to a negative value, the subordinate loans preference shares may also have been impaired. The company’s CEO has already written the Scheme, indicating its inability to pay the dividend on preference shares,” the audit report disclosed.

Should BBCI become insolvent because of its current loss-making position, considering its issues with the Government regarding the lowering of the bridge toll, its inability to generate adequate money to meet its obligations, and the fact that the company does not own a bridge, the investors’ investments will be at severe risk of not being recovered.

---

 

Good thing the real cons got booted.

AFC sheep can talk shyte all day long. Unless they can prove any of these claims, they are talking crap.

And talk is cheap.

"The audit report, done by Ramesh Seebaran"

Suh these fellas are not credible, allyuh can see wrong and just tun your back, the coalition supporters speak out while alyuh just condone.

smh

Django posted:

yuji22 posted:

Django posted:

yuji22 posted:

Congratulating the AFC/PNC clowns is quite a huge embarrassment.

They are a bunch of crooks, conmen and liars who filled their pockets and are sucking the blood of ordinary Guyanese with their mega salaries.

These AFC/PNC Clowns and crooks :

Are yes to prove claims of PPP corruption. They have proven ZERO. Yes, these clowns have prove zero and talk shyte all day long. To these AFC/PNC clowns: Talk is cheap. 

Harmon has proven to be corrupt yet the AFC is scared to bell the cat.

Moses and Ramjattan are like stray dos and lack any real power. They are like blow blow.

Crime is out of control. No amount of damage control can help that clown Ramjattan.

Granger threw Indo Guyanese rice farmers under the bus.

Indos are being discriminated against and replaced by Afro in an ethnic cleansing.

The rice and sugar industry are dead.

The economy is in the toilet.

Transparent Public procurement process has been thrown in the toilet by these clowns and liars.

Indo Guyanese are fleeing the country to escape blatant racism and a lack of job or employment opportunities.

There is no new foreign investments. These AFC/PNC clowns ae sponging off what the PPP already left in place.

These clowns declared that the treasury was empty yet these clowns are sponging off what the Billions the PPP left int he treasury. That is the PNC way, eat, spend and destroy.

They have not even built a toilet.

The list goes on and on. Posters can add to the list of failures.

Wait, we are still awaiting on a recent of the rigged election.

Wait, the PPP trashed these AFC/PNC clowns at the Local Elections.

Finally, these clowns should stop talking and at least attempt to run the country, then again what are clowns capable of ?

Conclusion:

It would be foolish to even consider congratulating these AFC/PNC clowns. Then again, there are fools and sheep everywhere and the AFC were conned and their supporters thrown in the Atlantic Ocean by a bunch of conmen and liars.

Yuji

 

NIS audit – Luncheon cries foul

May 10, 2016 Source

 

…says damning NIS audit findings must be answered

FORMER Chairman of the National Insurance Scheme (NIS), Dr Roger Luncheon, has sought to defend the administration of the scheme under his watch against the damning findings of a forensic audit which implicated him and the PPP government for playing a heavy hand in its operations.Dr Luncheon also flayed Government for reportedly ignoring him and the previous board during the conduct of the audit, but assured that the report should and must be answered. In a letter to the editor of this newspaper, Dr Luncheon said Guyanese must have noticed the recent publication in the press of the findings of the audit.

He noted that as the chairman of the Board of NIS for the period 2011-2015, within which the audit was done, neither the auditor nor the Government had afforded the board the professional convention of first responding to the audit findings.

Former Head of the Presidential Secretariat, Luncheon said his board was “unceremoniously relieved of its appointment and responsibilities in May 2015, and (was) eventually replaced en bloc, with the exception of an APNU-nominated member.”

Noting that the General Manager of the NIS is by law a member and deputy chairman of the board, Dr Luncheon said the forensic auditor failed to address the issue of whether evidence was unveiled that established that the board had conducted its affairs and obtained financial benefits from irregular actions.

“The findings of the forensic audit that have been displayed in the press should and must be answered. Were the financial auditor or the Granger Government so inclined to solicit such an intervention, it should have been directed to the competent authority,” Dr Luncheon said.

The audit report, done by Ramesh Seebaran and released by the Ministry of Finance, highlighted that NIS office at Corriverton, built in 2011 for $69.9M, was later valued at $37.9M. The report said the Lot 8 Springlands, Corriverton, Berbice building was reconstructed in 2010/2011 and commissioned in 2011 at cost of $69,923,940.

Focusing on the scheme’s investment in the Berbice Bridge Company Incorporated (BBCI), the auditor said the company has several investments in the BBCI; namely corporate bonds — $1,060,000,000; subordinated loan $500,000,000 (which is a debt that ranks after other debts if a company falls into liquidation or bankruptcy); preference shares – $950,000,000; and common shares – $80,000,000.

The ability of BBCI to pay interest, dividends and capital repayment will depend on its ability to generate profits. To date, it has made accumulated losses of $1,507,062,759 based on its 2014 audited financial statements.

“As a result, the investment in BBCI’s common shares may now be impaired, as the current net worth of an ordinary share is $2.77 based on its 2014 audited financial statements.”

Further, it was noted that the 2014 audited financial statements showed that the company signed a concession agreement with the Government of Guyana for the design, construction, development, operations and maintenance of the Berbice Bridge, pursuant to the terms and conditions established within this agreement.

The agreement is for a period of 21 years, unless terminated or extended by mutual agreement or in accordance with any other provisions within the agreement.

When the 2012 audit was finalised in May 2015, it became known to management that the company does not own a bridge, but instead a licence to operate a bridge, even though the scheme had two of its directors on the company’s board.

“This resulted in the auditors reclassifying the cost of the bridge and a building from Fixed Assets to ‘Concession Assets’ and restated the 2010 and 2011 audited financial statements. The effect of the reclassification resulted in those years which had declared taxable profits now showing significant losses.” These losses arose because the Concession Agreement is for a period of 21 years, therefore the bridge is now amortised over that period, whereas it was previously depreciated over a 70-year period.

A copy of the Concession Agreement was not available for review by the auditor. Based on the information available to the auditor, it was discovered that there is a “material uncertainty that cast significant doubt about the entity’s ability to continue as a going concern.”

“It means therefore, that the Scheme’s investment in the BBCI is almost certain to be negatively affected. Already, the ordinary shares have been impaired to a negative value, the subordinate loans preference shares may also have been impaired. The company’s CEO has already written the Scheme, indicating its inability to pay the dividend on preference shares,” the audit report disclosed.

Should BBCI become insolvent because of its current loss-making position, considering its issues with the Government regarding the lowering of the bridge toll, its inability to generate adequate money to meet its obligations, and the fact that the company does not own a bridge, the investors’ investments will be at severe risk of not being recovered.

---

 

Good thing the real cons got booted.

AFC sheep can talk shyte all day long. Unless they can prove any of these claims, they are talking crap.

And talk is cheap.

"The audit report, done by Ramesh Seebaran"

Suh these fellas are not credible, allyuh can see wrong and just tun your back, the coalition supporters speak out while alyuh just condone.

smh

The PPP did a fender bender. Guyana  is heading for a massive train wreck...just like the old good days until the treasury is empty AGAIN.

The audit is an act of corruption by itself. There is a conflict of interest since the Auditors are political supporters for the ruling party. Excessive fees are being paid to the auditors and very little finding, if any of Corruption being provided. Nothing concrete has come out to implicate anyone of misapproriating assets of the state. The Audit is just a cover up for draining money out of public funds.

Congratulations to PNC/AFC

yuji22 posted:

skeldon_man posted:

Lennox posted:

Billy Ram Balgobin posted:

Viewpoint of a lost sheep. Nothing new to those who are familiar with our politics. 

     Baa, baa, black sheep, have you any wool? 

Today has been declared a National Day of Reflection in Guyana

Should be a Anniversary Day of Deceit.

And the rape and murder of Indos in the Wasmar Incident. Burnhamism all over again.

Oh god! run quick! put Jagdeo back in power so he can build three more mansions! quick everybody!

kp posted:

The ABC countries organized a regime change, why gecom did not do a recount as requested, that election was not fair and credible. Why did Carter left before the ballots counted, he claimed he was sick, yet the next day he addressed a meeting in Atlanta. Carter works for the CIA.

Thanks for your comment, kp.

Kari posted:

The Coalition government has been singularly comatose, be it going after criminals, including malfeasance of public figures in the previous Administration, Bai Shan Lin, revving the economy, etc.

I find it lacking in assertiveness. It's one thing to be rid of the malaise of the previous Administration, but by God, make some noise and be transformative. I'm disappointed I tell ya. Staying Trumpian, they are a yuuuge disappointment, and no amount of Jalil's piktcha-like-a-piktcha can change that. The good thing is that it's only been a year, but by bejeezus, wake up Coalition!!

Kari, your comments are appreciated.

kp posted:

Gilbakka posted:

APNU+AFC is a democratically elected government that got the votes of more than 50 percent of the electorate in free, fair and credible elections according to the reputable Carter Center and other international observers. 

The ABC countries organized a regime change, why gecom did not do a recount as requested, that election was not fair and credible. Why did Carter left before the ballots counted, he claimed he was sick, yet the next day he addressed a meeting in Atlanta. Carter works for the CIA.

The election was rigged:

The election was rigged. The Guyanese voters were disenfranchised. The ABC countries are good for installing dictators in country's that they want to influenced and maintain their third world status. They knew that Granger would suck up to them and run the country down. Granger was trying to get advance money for the oil under the ocean, but he failed because they don't trust him.

The day Democracy and Progress died.