Fate of "insolvent" Guysuco
to be known later this month
- Friday, 02 October 2015 10:30
Chairman of the Guysuco Commission of Inquiry, Vibert Parvattan.
The Chairman of the Commission of Inquiry
into the state and future of
the bankrupt of Guyana Sugar Corporation (Guysuco)
says the probe team is trying to find the best option for the industry.
Mr. Vibert Parvattan says the final report will be presented
Mr. Vibert Parvattan says the final report will be presented
to the Minister of Agriculture on October 17, 2015.
He declined to divulge whether or not
all of the estates will be retained.
Mr. Vibert Parvattan says the Sub-committees' reports
were submitted this week
and each is being placed before the commission
for presentations and discussions.
He said next week the final report would be finalised.
"We are trying to find a path that will be
in the interest of the industry and Guyanese," he said.
Parvattan said several proposals
could not be recommended
because they are impracticable.
The Commission of Inquiry
lamented the state of the industry
whose production had peaked to about 300,000 tons
in the 1970s to the early 2000s.
"It is no secret that
Guysuco is in a very very critical situation," he said.
Parvattan said Guysuco was currently finding it hard
to produce 220,000 tons annually.
Guysuco currently
produces sugar at 45 US cents per pound
compared 13 US cents per pound.
He said every estate is operating at a loss.
Last year the corporation's loss climbed to GUY$17 billion.
