Outstanding money already paid for shares in GTT.

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Django

April 7, 2016

The balance of payment of a hefty US$5M owed by a Chinese company for the sale of shares at telecoms company Guyana Telephone and Telegraph Company (GTT) has already been paid off.

This is according to sources close to the recent trip to China by Minister of State Joseph Harmon to ascertain the position of that payment.

It is unsure when the Chinese company would have paid off the US$5m owed on the shares, but according to reports the sum was never accounted for. Then Head of the National Industrial and Commercial Investment Limited (NICIL), Winston Brassington had said that diplomatic and legal options had been explored to get the Chinese company, Datang Telecom Technology and Industry Group, to pay the outstanding sum.

An official release from the Ministry of the Presidency said that Harmon and in-house Legal Counsel at NICIL, Natalia Seepersaud, made the official trip to the People’s Republic of China for the purpose of engaging in discussions with Datang regarding the US$5 million balance owed for the purchase of 20 percent of the GTT shares.

The Chinese company had made the purchase from NICIL in 2012, entering into agreement with the then People’s Progressive Party Civic (PPPC) administration. The total cost of the GTT 20 percent shares was said to be US$30million but only US$25million had been paid.

Catherine Hughes, Minister of Public Telecommunications, could not immediately provide information on the matter since she said she was out of the country and was not privy to the information. When asked, the minister suspected that the matter would be discussed at Cabinet given its importance.

“I was out of the country and not privy to any information involving the shares,” Hughes informed. “I guess given its importance, it could be up for discussion,” the Minister agreed.

An audit report recently concluded on NICIL suggested that the former administration had sold out certain state assets that financed the construction of the controversial Marriot Hotel. The forensic audit conducted by former Auditor General (AG) Anand Goolsarran into the construction and operationalisation of the Marriott Hotel revealed that for the period of 2010-2013, NICIL’s financing of the Marriott Hotel totaled $5.371 billion, which included among other state property, the US$25million earned from the sale of the GTT shares.

Harmon’s team to China is expected to submit their report to the Board of Directors of NICIL for deliberations. A full public statement is expected later.

Replies sorted oldest to newest

seignetSenior Member

The cost of that trip just to see a paid document. In this age of rapid telecommunications, was the trip necessary.

NICIL will have an inconclusive decision. Where is the 5 million?

4/7/168:24 AM

Mr.TI pity the fool

Like the PPP cream off U$5million.

4/7/168:25 AM

Former Member

All of these smoking embers everywhere and yet the PPP knee benders say they are sure there was never a fire any place! Self deception is a bitch. Thomas Khun noted in his seminal book on the "The Structure of Scientific Revolutions" that the old guard in science or society never recapitulates. They simply resist against odds. Those who believe the PPP are saints will always maintain that self deluded state even in the presence of overwhelming evidence. It will take a new and emerging group to accept the evil that they were.

4/7/168:26 AM

DjangoAdmin

seignet posted:
The cost of that trip just to see a paid document. In this age of rapid telecommunications, was the trip necessary.
NICIL will have an inconclusive decision. Where is the 5 million?

Maybe in someone's bank account,the big question is who.

4/7/168:47 AM

Former Member

Django posted:
seignet posted:
The cost of that trip just to see a paid document. In this age of rapid telecommunications, was the trip necessary.
NICIL will have an inconclusive decision. Where is the 5 million?
Maybe in someone's bank account,the big question is who.

Maybe the PNC stole it when they found monies in separate bank accounts. Now they are crying that it's missing. Yeah right, check in Harmon's pocket.

4/7/169:12 AM

DjangoAdmin

skeldon_man posted:
Django posted:
seignet posted:
The cost of that trip just to see a paid document. In this age of rapid telecommunications, was the trip necessary.
NICIL will have an inconclusive decision. Where is the 5 million?
Maybe in someone's bank account,the big question is who.
Maybe the PNC stole it when they found monies in separate bank accounts. Now they are crying that it's missing. Yeah right, check inHarmon's pocket.

Maybe you on to something,that chap lost my trust.

4/7/169:16 AM

Former Member

Django posted:
skeldon_man posted:
Django posted:
seignet posted:
The cost of that trip just to see a paid document. In this age of rapid telecommunications, was the trip necessary.
NICIL will have an inconclusive decision. Where is the 5 million?
Maybe in someone's bank account,the big question is who.
Maybe the PNC stole it when they found monies in separate bank accounts. Now they are crying that it's missing. Yeah right, check inHarmon's pocket.
Maybe you on to something,that chap lost my trust.

Django bhai, good morning. You can clearly see that there is a power struggle in the government. Ramjattan and Naga have been sidelined and put in the back room. Harmon is pushing his bully actions with Granger standing and watching and doing nothing. Wonder what Trotty bai doing and sayin'?
When a company sidelines one of it's employee, people say he/she has been moved to "corporate development". Nothing for him/her to do. When he/she gets bored and cannot stand the boredom, the employee will quit. We are seeing this with Kanwa boy and Moses.

4/7/169:36 AM

Mr.TI pity the fool

skeldon_man posted:
Django bhai, good morning. You can clearly see that there is a power struggle in the government.

The topic is about the U$5million that has apparently been stolen by the PPP, and all you have to say that there is a power struggle in government. Typical PPP politics. Just tell us where the U$5million is.

4/7/1610:12 AM

seignetSenior Member

Those who hang on to the PPP see no better prospects. They have experienced the bruises of the PNC 28 years. That is a long time remembrance.

The new day that dawned on May 11, 2015 quickly darkened by the black cloud or crowd imposed upon the President of Inclusiveness.

Out of the woodwork emerged the old haters. And hatred is the norm.

So, the PPP enablers see no other option. They hold their noses and defend.

Many have said on here, the PNC is in support of the PPP crookedness. And vice versa.

After 66 years, citizens are STILL forced to take ethnic sides.

4/7/1610:56 AM

seignetSenior Member

Mr.T posted:
skeldon_man posted:
Django bhai, good morning. You can clearly see that there is a power struggle in the government.
The topic is about the U$5million that has apparently been stolen by the PPP, and all you have to say that there is a power struggle in government. Typical PPP politics. Just tell us where the U$5million is.

May be the chinee man din pay it. And knowing the PPP nah goan cooperative wid the PNC to find it. The chinee thinking he goan get off scotch free.

Maybe the lawyer from NICIl might know. Try calling her.

4/7/1611:00 AM

Billy Ram BalgobinBilly

Stormborn posted:
All of these smoking embers everywhere and yet the PPP knee benders say they are sure there was never a fire any place! Self deception is a bitch. Thomas Khun noted in his seminal book on the "The Structure of Scientific Revolutions" that the old guard in science or society never recapitulates. They simply resist against odds. Those who believe the PPP are saints will always maintain that self deluded state even in the presence of overwhelming evidence. It will take a new and emerging group to accept the evil that they were.

Some of the PPP crooks are welcomed guests in the new gov't that you see as ethical and corruption free. What an idiot!!!

4/7/1611:24 AM

Former Member

Billy Ram Balgobin posted:
Stormborn posted:
All of these smoking embers everywhere and yet the PPP knee benders say they are sure there was never a fire any place! Self deception is a bitch. Thomas Khun noted in his seminal book on the "The Structure of Scientific Revolutions" that the old guard in science or society never recapitulates. They simply resist against odds. Those who believe the PPP are saints will always maintain that self deluded state even in the presence of overwhelming evidence. It will take a new and emerging group to accept the evil that they were.
Some of the PPP crooks are welcomed guests in the new gov't that you see as ethical and corruption free. What an idiot!!!

Please highlight these crooks so we may comment that their inclusion in the new administration as untoward. Harmon appointed BK a crony capitalist beneficiary of the PPP and the people shouted him down. I agreed with that.

4/7/1612:37 PM

Former Member

Mr.T posted:
skeldon_man posted:
Django bhai, good morning. You can clearly see that there is a power struggle in the government.
The topic is about the U$5million that has apparently been stolen by the PPP, and all you have to say that there is a power struggle in government. Typical PPP politics. Just tell us where the U$5million is.

I got it here. Come and get it.

4/7/1612:55 PM

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