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Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

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Gil

 

The PPP gave out too much on the bridge.

 

The government must continue to pressure the Bridge ownership and implement Water Taxis and a Ferry if possible. This will impact the bottom line of the bridge and market forces will take care of prices.

 

Poor people cannot be squeezed any further. What I admire about Granger is that he is fighting for the reduction and it makes the PPP look very bad on this.

 

FM
Last edited by Former Member

 

Berbice River Bridge contract is not favourable to travelling public – Harmon

September 5, 2015 12:01 pm Category: latest news A+ / A-

By Fareeza Haniff

Minister of State, Joseph Harmon.

Minister of State, Joseph Harmon.

[www.inewsguyana.com] – Minister of State, Joseph Harmon is of the view that the contract of the Berbice River Bridge is more favourable and friendly to some of the investors than the country at large.

He told reporters on Friday, September 04, shortly after his post Cabinet media briefing that the contract was not done in a transparent process since it was never made public and was never subject to any public debate or involvement.

The Minister’s comments come at a time when there is an impasse between the APNU+AFC government and the officials of the Bridge Company, who have since refused to implement the government’s proposed reduction in the toll.

“So the terms of that contract itself, when you look at it, sometimes you find that the terms and conditions are not favourable to the country at large. It is very friendly, very favourable to some of the investors. I suppose at that time, different considerations were exercised in trying to find persons who could invest in the Bridge itself,” Harmon said.

He further explained that the contract does not take into account the travelling population.

“But certainly, the conditions as I see itâ€Ķare super favourable to the investors and it really does not take into account enough, the travelling public and the institutional investors such as the National Insurance Scheme.”Berbice Bridge

“Those investments I believe are not sufficiently protected under this arrangement and that the NIS stand to be the company or the entity most affected by any meltdown in this regard.”

The government has since decided to introduce a River Taxi Service for residents on the West and East Bank of Berbice. Government had announced a reduced toll structure which was slated to take effect on September 01, but the officials from the Company refused to implement it on the grounds that millions of dollars will be lost to investors and government did not consult with them.

The administration is providing a monthly subsidy to the Company to compensate for the loss, but this too was refused, resulting in a stalemate between the two sides.

Finance Minister, Winston Jordan had told the National Assembly that the toll for passenger cars and buses will be reduced from $2,200 to $1,900, a 13.6 percent decline.

At the same time, the toll for all other types of vehicles will be reduced by 10 percent. The Finance Minister revealed that over 150,000 Guyanese live within Regions 5 and 6 and traverse the Berbice Bridge to access education and health services, conduct business and travel on a daily basis and that thousands more traverse the bridge annually.

But the Bridge Company on August 29 had stated that it runs the risk of going bankrupt if the reduction takes effect, pointing out that no consultation was held with the Company officials prior to the reduction being announced.

Tola
Originally Posted by skeldon_man:
Originally Posted by Zed:

There are many problems associated with BOOT projects. This is indicative of one of those problem areas. 

Maybe the govt is looking for some side door deal where they can skim some money off for themselves. Just like de ole PNC days.

Haul yuh slanderous coolie rass, Skelly.

FM
Originally Posted by Gilbakka:
Originally Posted by skeldon_man:
Originally Posted by Zed:

There are many problems associated with BOOT projects. This is indicative of one of those problem areas. 

Maybe the govt is looking for some side door deal where they can skim some money off for themselves. Just like de ole PNC days.

Haul yuh slanderous coolie rass, Skelly.

How come you tellin de man, haul he coolie rass and den smiling at him?

Tola
Last edited by Tola

Let us cooperate for Guyana?

 

IT is unfortunate that we are at this position vis-à-vis the Berbice River Bridge. As one of the authors of the original proposal sent to the AFC’s Leadership in 2011, recommending a motion in Parliament to reduce the Berbice Bridge Toll, I fully endorse the Motion piloted by Minister of State Joe Harmon, when he was an Opposition MP.For us to properly understand the philosophy behind what has to happen, we must contrast the difference between the provision of a public good vs. a private good. Public goods are priced not only in economic dollars, but also in social and political dollars.

In an environment where the Granger/Nagamootoo Government has committed to meeting the full cost for the reduced tolls, one wonders why the directors are being this difficult in executing this parliamentary decision? In finance, such a proposition is deemed CASH NEUTRAL? Failure to understand how important the social and political profits are to the new Government will be extremely costly to the directors and their financial sponsors in the future. It is time the directors take this company out of this untenable situation.

There are two issues here and therefore they should be dealt with separately. Issue one is a political commitment from the new Government to reduce the out-of-pocket tolls for the general public (fully funded from the treasury to the tune of some G$140 million). The reality is that this issue has zero impact on the cash flows of the company.

Then there is issue number two, which seeks to increase the revenue streams of the company following some model outlined in the ‘Concession Agreement.’ I was advised this proposal was submitted to former Minister Robeson Benn by the directors. The public utterance from the directors of the company suggests that this issue remains unresolved and thus is a matter for bilateral discussions with the new Government. But what the directors cannot do is hold a gun to the Government’s head on issue number one under the pretext that they have to conclude dialogue on issue number two. In some countries such public acts are treated as “Sabotage of the State.”

There is hope, but the directors of this company have to back down since they do not have the moral high ground. They will be held responsible for the consequences of their actions. Coercive action is still an option, although it is not on the table as yet, but any responsible Government has a right to protect the vital interest of its people. The United States, the leader of the free world, does it all the time, so I do not understand why people think a Government taking action to regulate the conduct of a business corporation in the provision of a public good is so wrong. The people’s interest is paramount on all scores.

THE BROAD NUMBERS
The Berbice River Bridge is a national asset that was priced at US$38 million (G$7,900 million). Legally, 80 percent of its common shares are owned by the private sector, but more than 74 percent of the finance came from the pockets of taxpayers and the workers (pension funds). So hiding behind the Berbice Bridge Act and Regulations is not an option for the directors. Today, the new Government faces an acid test. It is time for us to convert a lemon into lemonade.

But before we go any further, let us put some hard numbers on the table since from all the information released, it appears that there are only three classes of investors in this deal. But no one is considering the Gy$4.1 billion the Government pumped into this project before one pile was driven for this bridge. The taxpayers invested some Gy$2.2 billion to complete the feasibility study and a further Gy$1.9 billion to complete the access roads at both ends of the river to facilitate the timely opening of the bridge at Christmas 2008. Therefore, the State has a stronger position than some tend to think.

Let us now focus on the three classes of investors:
1. The ordinary shareholders basically own the company and have the last call on dividends if available. From all appearance, dividends are not expected to flow before 2021. The holders of the ordinary shares are: New GPC/Queens Atlantic (related to the Ramroop family) – $160 million, Secure International Finance Company (related to the Beharry family) – $80 million, Hand-in-Hand and Demerara Contractors (related to the DDL family) each holding $40 million and the NIS (the taxpayers) – $80 million. I was advised that the 20% NIS interest is currently being represented on the board by Ms. Gillian Burton-Persaud, (current PPP parliamentarian) and Mr. Maurice Solomon.

2. The preferential shareholders have first rights to dividends but do not have voting rights. I have been advised that the NIS has invested some G$950 million in preferential shares, but they have agreed to defer some G$300 million in preferential dividends since 2010. I can understand this decision since the greater good was being served – lower tolls for the general population. But in an environment where the NIS is technically insolvent, this situation has to be remedied soon. Alternative State resources from the Forestry Commission, Frequency Management Unit or the GGMC to buy out some of these preference shares from the NIS should be seriously considered.

3. The bondholders are technically the bankers who own the corporate bonds of some Gy$5,575 million. I was advised that the company paid some Gy$600 million in 2014 to the bondholders and is expected to pay the same amounts in 2015, 2016, 2017 and 2018. From 2019, the payment to the bondholders will shift to Gy$640 million annual; concluding in 2021. Who are the bond holders? NIS (shareholders). Who else? There are some related parties to shareholders – Demerara Bank (part of the DDL family), GBTI (part of the Beharry family), Hand in Hand (also shareholders), Trust Company (part of the DDL family), North American Life Insurance (part of the Beharry family), North American Fire Insurance (part of the Beharry family) and New GPC (part of the Ramroop family). Who else? All the other banks – New Building Society, Scotia Bank, Citizens Bank and Republic Bank. Then the pension funds -GGMC Pension Fund (state employees), GPL Pension Fund (state employees), GuySuCo Pension Fund (sugar workers), Hand In Hand Trust Pension Fund, GAWU Pension Fund (sugar workers), DDL Pension Fund, Neal & Massy Pension Fund and Geddes Grant.

THE OPPORTUNITY
I was advised that in 2014, this Bridge generated revenue of G$1,494 million (close to G$1.5 billion). Before 2014, the company was able to put away some cash resources to meet the future bond payments. However, with the bonds becoming payable since 2014, the company’s cash outflow has escalated at a significant rate to honour the financial commitment to the bondholders. The company is now claiming that they have to raise rates to remain solvent. Utter codswallop.

One factor is certain: this bridge has a monopoly on a growing revenue stream as a result of the increased traffic across the bridge year after year. Revenue there will always be once they have motor vehicles on the roads.
There is only one solution – the Government has to step in to reduce the weighted average cost of capital over the next five years by asking some of the bondholders for partial deferment and the NIS for full deferment.
The NIS should be allowed to sell its bonds to NICIL or GGMC. This will immediately reduce the immediate cash outflow and will put the company on firmer financial foundations with no need to raise tolls.
For those making the national sacrifice in choosing deferment in bonds, they should be offered a sweetener for choosing this option – a higher rate of return that they are currently eligible.
Solutions are there, but we must also understand that behind this whole situation are some invisible hands that are trying their utmost to embarrass this new Government. In this Guyana house, there is only one Government; not two. It is time. Can we do it; yes we can!
(Readers wishing to contact the author can do so via email at: sasesin1@yahoo.com)

 

 

source  - http://guyanachronicle.com/let...ooperate-for-guyana/

FM

One factor is certain: this bridge has a monopoly on a growing revenue stream as a result of the increased traffic across the bridge year after year. Revenue there will always be once they have motor vehicles on the roads.
There is only one solution – the Government has to step in to reduce the weighted average cost of capital over the next five years by asking some of the bondholders for partial deferment and the NIS for full deferment.

 

source - the article from Sase Singh

FM

Solutions are there, but we must also understand that behind this whole situation are some invisible hands that are trying their utmost to embarrass this new Government. In this Guyana house, there is only one Government; not two. It is time. Can we do it; yes we can!

 

sources from the article from Sase Singh

 

 

THIS is a harsh statement.

 

Who is the dark pair of hands behind this dastardly act of holding Guyana ransom?

FM
Originally Posted by Tola:
Originally Posted by Gilbakka:
Originally Posted by skeldon_man:
Originally Posted by Zed:

There are many problems associated with BOOT projects. This is indicative of one of those problem areas. 

Maybe the govt is looking for some side door deal where they can skim some money off for themselves. Just like de ole PNC days.

Haul yuh slanderous coolie rass, Skelly.

How come you tellin de man, haul he coolie rass and den smiling at him?

Skelly is me frenno.But Warria is me best friend.

FM
Originally Posted by Gilbakka:
Originally Posted by Tola:
Originally Posted by Gilbakka:
Originally Posted by skeldon_man:
Originally Posted by Zed:

There are many problems associated with BOOT projects. This is indicative of one of those problem areas. 

Maybe the govt is looking for some side door deal where they can skim some money off for themselves. Just like de ole PNC days.

Haul yuh slanderous coolie rass, Skelly.

How come you tellin de man, haul he coolie rass and den smiling at him?

Skelly is me frenno.But Warria is me best friend.

Warria is me frenno and Skelly is me bes  fren, because we swim in the same Berbice ****-trench, so eloquently described  by Warria.

Tola
Originally Posted by Georgie:

Let us cooperate for Guyana?

 

IT is unfortunate that we are at this position vis-à-vis the Berbice River Bridge. As one of the authors of the original proposal sent to the AFC’s Leadership in 2011, recommending a motion in Parliament to reduce the Berbice Bridge Toll, I fully endorse the Motion piloted by Minister of State Joe Harmon, when he was an Opposition MP.For us to properly understand the philosophy behind what has to happen, we must contrast the difference between the provision of a public good vs. a private good. Public goods are priced not only in economic dollars, but also in social and political dollars.

In an environment where the Granger/Nagamootoo Government has committed to meeting the full cost for the reduced tolls, one wonders why the directors are being this difficult in executing this parliamentary decision? In finance, such a proposition is deemed CASH NEUTRAL? Failure to understand how important the social and political profits are to the new Government will be extremely costly to the directors and their financial sponsors in the future. It is time the directors take this company out of this untenable situation.

There are two issues here and therefore they should be dealt with separately. Issue one is a political commitment from the new Government to reduce the out-of-pocket tolls for the general public (fully funded from the treasury to the tune of some G$140 million). The reality is that this issue has zero impact on the cash flows of the company.

Then there is issue number two, which seeks to increase the revenue streams of the company following some model outlined in the ‘Concession Agreement.’ I was advised this proposal was submitted to former Minister Robeson Benn by the directors. The public utterance from the directors of the company suggests that this issue remains unresolved and thus is a matter for bilateral discussions with the new Government. But what the directors cannot do is hold a gun to the Government’s head on issue number one under the pretext that they have to conclude dialogue on issue number two. In some countries such public acts are treated as “Sabotage of the State.”

There is hope, but the directors of this company have to back down since they do not have the moral high ground. They will be held responsible for the consequences of their actions. Coercive action is still an option, although it is not on the table as yet, but any responsible Government has a right to protect the vital interest of its people. The United States, the leader of the free world, does it all the time, so I do not understand why people think a Government taking action to regulate the conduct of a business corporation in the provision of a public good is so wrong. The people’s interest is paramount on all scores.

THE BROAD NUMBERS
The Berbice River Bridge is a national asset that was priced at US$38 million (G$7,900 million). Legally, 80 percent of its common shares are owned by the private sector, but more than 74 percent of the finance came from the pockets of taxpayers and the workers (pension funds). So hiding behind the Berbice Bridge Act and Regulations is not an option for the directors. Today, the new Government faces an acid test. It is time for us to convert a lemon into lemonade.

But before we go any further, let us put some hard numbers on the table since from all the information released, it appears that there are only three classes of investors in this deal. But no one is considering the Gy$4.1 billion the Government pumped into this project before one pile was driven for this bridge. The taxpayers invested some Gy$2.2 billion to complete the feasibility study and a further Gy$1.9 billion to complete the access roads at both ends of the river to facilitate the timely opening of the bridge at Christmas 2008. Therefore, the State has a stronger position than some tend to think.

Let us now focus on the three classes of investors:
1. The ordinary shareholders basically own the company and have the last call on dividends if available. From all appearance, dividends are not expected to flow before 2021. The holders of the ordinary shares are: New GPC/Queens Atlantic (related to the Ramroop family) – $160 million, Secure International Finance Company (related to the Beharry family) – $80 million, Hand-in-Hand and Demerara Contractors (related to the DDL family) each holding $40 million and the NIS (the taxpayers) – $80 million. I was advised that the 20% NIS interest is currently being represented on the board by Ms. Gillian Burton-Persaud, (current PPP parliamentarian) and Mr. Maurice Solomon.

2. The preferential shareholders have first rights to dividends but do not have voting rights. I have been advised that the NIS has invested some G$950 million in preferential shares, but they have agreed to defer some G$300 million in preferential dividends since 2010. I can understand this decision since the greater good was being served – lower tolls for the general population. But in an environment where the NIS is technically insolvent, this situation has to be remedied soon. Alternative State resources from the Forestry Commission, Frequency Management Unit or the GGMC to buy out some of these preference shares from the NIS should be seriously considered.

3. The bondholders are technically the bankers who own the corporate bonds of some Gy$5,575 million. I was advised that the company paid some Gy$600 million in 2014 to the bondholders and is expected to pay the same amounts in 2015, 2016, 2017 and 2018. From 2019, the payment to the bondholders will shift to Gy$640 million annual; concluding in 2021. Who are the bond holders? NIS (shareholders). Who else? There are some related parties to shareholders – Demerara Bank (part of the DDL family), GBTI (part of the Beharry family), Hand in Hand (also shareholders), Trust Company (part of the DDL family), North American Life Insurance (part of the Beharry family), North American Fire Insurance (part of the Beharry family) and New GPC (part of the Ramroop family). Who else? All the other banks – New Building Society, Scotia Bank, Citizens Bank and Republic Bank. Then the pension funds -GGMC Pension Fund (state employees), GPL Pension Fund (state employees), GuySuCo Pension Fund (sugar workers), Hand In Hand Trust Pension Fund, GAWU Pension Fund (sugar workers), DDL Pension Fund, Neal & Massy Pension Fund and Geddes Grant.

THE OPPORTUNITY
I was advised that in 2014, this Bridge generated revenue of G$1,494 million (close to G$1.5 billion). Before 2014, the company was able to put away some cash resources to meet the future bond payments. However, with the bonds becoming payable since 2014, the company’s cash outflow has escalated at a significant rate to honour the financial commitment to the bondholders. The company is now claiming that they have to raise rates to remain solvent. Utter codswallop.

One factor is certain: this bridge has a monopoly on a growing revenue stream as a result of the increased traffic across the bridge year after year. Revenue there will always be once they have motor vehicles on the roads.
There is only one solution – the Government has to step in to reduce the weighted average cost of capital over the next five years by asking some of the bondholders for partial deferment and the NIS for full deferment.
The NIS should be allowed to sell its bonds to NICIL or GGMC. This will immediately reduce the immediate cash outflow and will put the company on firmer financial foundations with no need to raise tolls.
For those making the national sacrifice in choosing deferment in bonds, they should be offered a sweetener for choosing this option – a higher rate of return that they are currently eligible.
Solutions are there, but we must also understand that behind this whole situation are some invisible hands that are trying their utmost to embarrass this new Government. In this Guyana house, there is only one Government; not two. It is time. Can we do it; yes we can!
(Readers wishing to contact the author can do so via email at: sasesin1@yahoo.com)

 

 

source  - http://guyanachronicle.com/let...ooperate-for-guyana/

Very interesting.  So them robbing the people in front of their face.  Poor Guyana and the Shreiff Bobby and hos man Bharat robbing them.

FM
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

FM
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

FM
Originally Posted by Georgie:

One factor is certain: this bridge has a monopoly on a growing revenue stream as a result of the increased traffic across the bridge year after year. Revenue there will always be once they have motor vehicles on the roads.
There is only one solution – the Government has to step in to reduce the weighted average cost of capital over the next five years by asking some of the bondholders for partial deferment and the NIS for full deferment.

 

source - the article from Sase Singh

Talk is cheap.  Go offer Granger the advise deh bai Sase, I'm sure they need it real bad!!

FM
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

FM

The bondholders are technically the bankers who own the corporate bonds of some Gy$5,575 million. I was advised that the company paid some Gy$600 million in 2014 to the bondholders and is expected to pay the same amounts in 2015, 2016, 2017 and 2018. From 2019, the payment to the bondholders will shift to Gy$640 million annual; concluding in 2021.

 

source from article - Sase Singh.

 

 

DID NOT know this until today.

 

 

THIS IS FINANCIAL MURDER.

FM
Last edited by Former Member
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

FM
Originally Posted by KishanB:

The bondholders are technically the bankers who own the corporate bonds of some Gy$5,575 million. I was advised that the company paid some Gy$600 million in 2014 to the bondholders and is expected to pay the same amounts in 2015, 2016, 2017 and 2018. From 2019, the payment to the bondholders will shift to Gy$640 million annual; concluding in 2021.

 

source from article - Sase Singh.

 

 

DID NOT know this until today.

 

 

THIS IS FINANCIAL MURDER.

Wow, no shyte!

FM

THE BOND HOLDERS WHO GETTING ALL THE MONEY

 

 

1. Demerara Bank (part of the DDL family),

 

2. GBTI (part of the Beharry family),

 

3. Hand in Hand (also shareholders AND BRASSINGTON BROTHER OWNS ONE-THIRD OF THIS COMPANY),

 

 

4. Trust Company (part of the DDL family),

 

5. North American Life Insurance (part of the Beharry family AGAIN BEHARRY),

 

6. North American Fire Insurance (part of the Beharry family AGAIN BEHARRY ) and

 

7. New GPC (part of the Ramroop family - PAY DAY AND HAPPY DAYS ARE HERE FOR BHARAT).

 

8.New Building Society (CONTROLLED BY NK GOPAUL AND BHARAT),

 

9. Scotia Bank, Citizens Bank and Republic Bank.

 

POOR GOVERNMENT EMPLOYEES DO NOT HAVE A SAY IS HOW THEIR MONEY WAS SPENT BY BRASSINGTON  - pension funds -GGMC Pension Fund (state employees), GPL Pension Fund (state employees), GuySuCo Pension Fund (sugar workers), Hand In Hand Trust Pension Fund, GAWU Pension Fund (sugar workers), DDL Pension Fund, Neal & Massy Pension Fund and

 

 

10 . Geddes Grant( THE MANAGING DIRECTOR ROY PRASHAD IS THE COUSIN OF ANANAD PERSAUD WHO IS BHARAT BEST BUDDY - MORE PAY DAY).

FM
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

How about we pay off the pension funds and protect the workers money and leave them Bharat with the iron ball in his hands?  

FM
Last edited by Former Member
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

How about we pay off the pension funds and protect the workers money and leave them Bharat with the iron ball in his hands?  

Go propose!

FM
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

How about we pay off the pension funds and protect the workers money and leave them Bharat with the iron ball in his hands?  

Go propose!

VERY BERY VERY INTELLIGENT RESPONSE.  

FM
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

How about we pay off the pension funds and protect the workers money and leave them Bharat with the iron ball in his hands?  

Go propose!

VERY BERY VERY INTELLIGENT RESPONSE.  

Fitting!

FM
Originally Posted by KishanB:

THE BOND HOLDERS WHO GETTING ALL THE MONEY

 

 

1. Demerara Bank (part of the DDL family),

 

2. GBTI (part of the Beharry family),

 

3. Hand in Hand (also shareholders AND BRASSINGTON BROTHER OWNS ONE-THIRD OF THIS COMPANY),

 

 

4. Trust Company (part of the DDL family),

 

5. North American Life Insurance (part of the Beharry family AGAIN BEHARRY),

 

6. North American Fire Insurance (part of the Beharry family AGAIN BEHARRY ) and

 

7. New GPC (part of the Ramroop family - PAY DAY AND HAPPY DAYS ARE HERE FOR BHARAT).

 

8.New Building Society (CONTROLLED BY NK GOPAUL AND BHARAT),

 

9. Scotia Bank, Citizens Bank and Republic Bank.

 

POOR GOVERNMENT EMPLOYEES DO NOT HAVE A SAY IS HOW THEIR MONEY WAS SPENT BY BRASSINGTON  - pension funds -GGMC Pension Fund (state employees), GPL Pension Fund (state employees), GuySuCo Pension Fund (sugar workers), Hand In Hand Trust Pension Fund, GAWU Pension Fund (sugar workers), DDL Pension Fund, Neal & Massy Pension Fund and

 

 

10 . Geddes Grant( THE MANAGING DIRECTOR ROY PRASHAD IS THE COUSIN OF ANANAD PERSAUD WHO IS BHARAT BEST BUDDY - MORE PAY DAY).

heh heh heh

FM
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

How about we pay off the pension funds and protect the workers money and leave them Bharat with the iron ball in his hands?  

Go propose!

VERY BERY VERY INTELLIGENT RESPONSE.  

Fitting!

Let us give this egomanic an big applause.  HIP HIP HORAAH.

 

Nothing to add to the debate, but want to belch all his acid on GNI.

 

LOOK gwan from the place you .....  

 

BOY is sunday, puja fuss before cuss.  

FM
Last edited by Former Member
Originally Posted by Georgie:

Let us cooperate for Guyana?

 

IT is unfortunate that we are at this position vis-à-vis the Berbice River Bridge. As one of the authors of the original proposal sent to the AFC’s Leadership in 2011, recommending a motion in Parliament to reduce the Berbice Bridge Toll, I fully endorse the Motion piloted by Minister of State Joe Harmon, when he was an Opposition MP.For us to properly understand the philosophy behind what has to happen, we must contrast the difference between the provision of a public good vs. a private good. Public goods are priced not only in economic dollars, but also in social and political dollars.

In an environment where the Granger/Nagamootoo Government has committed to meeting the full cost for the reduced tolls, one wonders why the directors are being this difficult in executing this parliamentary decision? In finance, such a proposition is deemed CASH NEUTRAL? Failure to understand how important the social and political profits are to the new Government will be extremely costly to the directors and their financial sponsors in the future. It is time the directors take this company out of this untenable situation.

There are two issues here and therefore they should be dealt with separately. Issue one is a political commitment from the new Government to reduce the out-of-pocket tolls for the general public (fully funded from the treasury to the tune of some G$140 million). The reality is that this issue has zero impact on the cash flows of the company.

Then there is issue number two, which seeks to increase the revenue streams of the company following some model outlined in the ‘Concession Agreement.’ I was advised this proposal was submitted to former Minister Robeson Benn by the directors. The public utterance from the directors of the company suggests that this issue remains unresolved and thus is a matter for bilateral discussions with the new Government. But what the directors cannot do is hold a gun to the Government’s head on issue number one under the pretext that they have to conclude dialogue on issue number two. In some countries such public acts are treated as “Sabotage of the State.”

There is hope, but the directors of this company have to back down since they do not have the moral high ground. They will be held responsible for the consequences of their actions. Coercive action is still an option, although it is not on the table as yet, but any responsible Government has a right to protect the vital interest of its people. The United States, the leader of the free world, does it all the time, so I do not understand why people think a Government taking action to regulate the conduct of a business corporation in the provision of a public good is so wrong. The people’s interest is paramount on all scores.

THE BROAD NUMBERS
The Berbice River Bridge is a national asset that was priced at US$38 million (G$7,900 million). Legally, 80 percent of its common shares are owned by the private sector, but more than 74 percent of the finance came from the pockets of taxpayers and the workers (pension funds). So hiding behind the Berbice Bridge Act and Regulations is not an option for the directors. Today, the new Government faces an acid test. It is time for us to convert a lemon into lemonade.

But before we go any further, let us put some hard numbers on the table since from all the information released, it appears that there are only three classes of investors in this deal. But no one is considering the Gy$4.1 billion the Government pumped into this project before one pile was driven for this bridge. The taxpayers invested some Gy$2.2 billion to complete the feasibility study and a further Gy$1.9 billion to complete the access roads at both ends of the river to facilitate the timely opening of the bridge at Christmas 2008. Therefore, the State has a stronger position than some tend to think.

Let us now focus on the three classes of investors:
1. The ordinary shareholders basically own the company and have the last call on dividends if available. From all appearance, dividends are not expected to flow before 2021. The holders of the ordinary shares are: New GPC/Queens Atlantic (related to the Ramroop family) – $160 million, Secure International Finance Company (related to the Beharry family) – $80 million, Hand-in-Hand and Demerara Contractors (related to the DDL family) each holding $40 million and the NIS (the taxpayers) – $80 million. I was advised that the 20% NIS interest is currently being represented on the board by Ms. Gillian Burton-Persaud, (current PPP parliamentarian) and Mr. Maurice Solomon.

2. The preferential shareholders have first rights to dividends but do not have voting rights. I have been advised that the NIS has invested some G$950 million in preferential shares, but they have agreed to defer some G$300 million in preferential dividends since 2010. I can understand this decision since the greater good was being served – lower tolls for the general population. But in an environment where the NIS is technically insolvent, this situation has to be remedied soon. Alternative State resources from the Forestry Commission, Frequency Management Unit or the GGMC to buy out some of these preference shares from the NIS should be seriously considered.

3. The bondholders are technically the bankers who own the corporate bonds of some Gy$5,575 million. I was advised that the company paid some Gy$600 million in 2014 to the bondholders and is expected to pay the same amounts in 2015, 2016, 2017 and 2018. From 2019, the payment to the bondholders will shift to Gy$640 million annual; concluding in 2021. Who are the bond holders? NIS (shareholders). Who else? There are some related parties to shareholders – Demerara Bank (part of the DDL family), GBTI (part of the Beharry family), Hand in Hand (also shareholders), Trust Company (part of the DDL family), North American Life Insurance (part of the Beharry family), North American Fire Insurance (part of the Beharry family) and New GPC (part of the Ramroop family). Who else? All the other banks – New Building Society, Scotia Bank, Citizens Bank and Republic Bank. Then the pension funds -GGMC Pension Fund (state employees), GPL Pension Fund (state employees), GuySuCo Pension Fund (sugar workers), Hand In Hand Trust Pension Fund, GAWU Pension Fund (sugar workers), DDL Pension Fund, Neal & Massy Pension Fund and Geddes Grant.

THE OPPORTUNITY
I was advised that in 2014, this Bridge generated revenue of G$1,494 million (close to G$1.5 billion). Before 2014, the company was able to put away some cash resources to meet the future bond payments. However, with the bonds becoming payable since 2014, the company’s cash outflow has escalated at a significant rate to honour the financial commitment to the bondholders. The company is now claiming that they have to raise rates to remain solvent. Utter codswallop.

One factor is certain: this bridge has a monopoly on a growing revenue stream as a result of the increased traffic across the bridge year after year. Revenue there will always be once they have motor vehicles on the roads.
There is only one solution – the Government has to step in to reduce the weighted average cost of capital over the next five years by asking some of the bondholders for partial deferment and the NIS for full deferment.
The NIS should be allowed to sell its bonds to NICIL or GGMC. This will immediately reduce the immediate cash outflow and will put the company on firmer financial foundations with no need to raise tolls.
For those making the national sacrifice in choosing deferment in bonds, they should be offered a sweetener for choosing this option – a higher rate of return that they are currently eligible.
Solutions are there, but we must also understand that behind this whole situation are some invisible hands that are trying their utmost to embarrass this new Government. In this Guyana house, there is only one Government; not two. It is time. Can we do it; yes we can!
(Readers wishing to contact the author can do so via email at: sasesin1@yahoo.com)

 

 

source  - http://guyanachronicle.com/let...ooperate-for-guyana/

Back to the Burnham days or what - Let us Cooperate.  

FM
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by KishanB:
Originally Posted by baseman:
Originally Posted by Tola:

 

Harmon also disclosed that there was a loophole in the agreement between the Government and the bridge company, which while blocking vessels from transporting vehicles across the Berbice River, does not say anything about passengers.

.............................................................................

 

These people make sure they cover their ass good to make a profit, on the backs of the poor. 

The PPP government was warped to sign such an agreement, then again they had the KING warp, Jagdeo.   

Why don't you go, put your money and pay off investors and hand it over to the poor.  I'm sure the investors will have no issue!

Bobby and Bharat will not loose this Bridge.  It is a milking cow for them.  What demand beef, when you can get milk every day.

Hay, call their bluff, offer up the funding to pay off the investors.

How about we pay off the pension funds and protect the workers money and leave them Bharat with the iron ball in his hands?  

Go propose!

VERY BERY VERY INTELLIGENT RESPONSE.  

Fitting!

Let us give this egomanic an big applause.  HIP HIP HORAAH.

 

Nothing to add to the debate, but want to belch all his acid on GNI.

 

LOOK gwan from the place you .....  

 

BOY is sunday, puja fuss before cuss.  

It's funny seeing people seeking attention.  Alyuh debate with your selves and have fun with it.  The PNC needs real help, not idle talk!!

FM

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