The Rev will say that the beloved PPPC that was sent directly from heaven and  did nothing wrong in their past 20 years. 

How is NICIL a private company?

http://www.kaieteurnewsonline....ntinue-to-baffle-us/

The inner workings of NICIL continue to baffle us

DEAR EDITOR,
The inner workings of the state-established so-called private company NICIL continues to baffle readers, as revealed in KN’s news article, “NICIL controls revenue of several major government entities,” (May 11).
NICIL was reportedly established under the Hoyte administration in July 1990 primarily to handle divestment of government entities.  But did the constitutional article that established NICIL cater for this current arrangement of collecting revenues from functioning state entities?  And even if these state entities were placed on the government’s short list for divestment, hence NICIL collecting their revenues pending divestment, was this collecting arrangement known to Parliament?
I still can’t imagine the state placing Guyana Chronicle or Guyana Power and Light Company on a divestment short list.
A visit to NICIL’s website reveals the names of its 14-member staff, its street address, phone numbers, financials for 2002, 2003 and 2004, and under ‘Projects’, it says ‘coming soon’. Under ‘Home’, it has three press releases. For a company said to be sitting on GY$50B, there is hardly anything substantive to learn.
But like many Guyanese who are now getting hip to the NICIL scandal, I had some idea what NICIL was all about, thanks in large part to Mr. Christopher Ram, who long ago began exposing the jaw-dropping shenanigans of the company on his website.
So we went from being shocked to learn NICIL has between GY$30B and GY$50B in accounts that should have been in one account, the Consolidated Fund (CF); to being told NICIL is a private company conducting public business and does not have to place revenues collected into the CF; to being told it has not filed annual accounts since 2003; to being told it is being run by Finance Minister Dr. Ashni Singh and NICIL Head, Mr. Winston Brassington; to being told neither man knows exactly how much money the company has.
And now we are learning it is not just handling revenues from divestments, but from state companies currently in operation? This is one bizarre business bazaar that demands an independent forensic audit and court litigation to make it function as a transparent and accountable state entity with a specific objective, instead of confusing roles. I am reminded of Ms. Janette Bulkan’s letter, “NICIL may have to be reformed legally,” (May 8), which makes the world of sense.
Someone writing under the pseudonym of ‘Peeping Tom’ wrote, “Despite this, there still remained calls for the proceeds held by NICIL to pass through the Consolidated Fund. Even before the debate on the 2012 Budget, there were such calls. However, no legal authority has yet been produced to justify these funds being paid into the Consolidated Fund.” (“Funds held by NICIL not required to be placed into Consolidated Fund. This is the AFC’s ploy to deflect from its Budget cuts,” KN, May 7).
Say what? The writer, like the rest of the PPP ruling political cartel, says there is no legal authority justifying NICIL deposits its revenues into the Consolidated Fund, because there is no specific law identifying NICIL, by name, to do so. But Article 216, which covers all state entities generating revenues, is the legal authority, because NICIL is a state-owned entity that generates revenue disposing of state assets while collecting from other state entities. I want to see the judge who is so dumb as to agree with the asininities of the PPP here!
The PPP regime waxes in self-praise over its restoration of democracy in 1992, but continues to fail to understand that democracy is not an act with casting of ballots, but a process that extends to include the management of the people’s business in a transparent, responsible and accountable manner. In any other law-abiding democracy, what NICIL has been doing would have been met with resignations or firings and serious criminal charges, resulting in huge fines and long prison sentences.
I mean, how can a sitting cabinet minister whose portfolio includes managing the public purse cause a major state entity to not file annual accounts for nine years or not know how many billions are sitting in a major state entity like NICIL? This alone is reason for his resignation, but the fact that President Donald Ramotar, who spoke tepidly about ending the scourge of corruption if he got elected, is yet to fire Mr. Singh and has merely asked Mr. Brassington to become a consultant with responsibility for NICIL, shows either he is a farce or that the magnitude of corruption is so great, it will take something akin to divine intervention to tackle and resolve.
But since wisdom is a divine gift, then wisdom is saying that the parliamentary opposition, backed by concerned civil society stakeholders, should demand the government move immediately to have NICIL place its revenues into the CF or be forced to do so via a court order. And judging from the PPP regime’s scorecard, it is on the losing side of court cases, so it needs to do right by the law and people of Guyana to avoid extending its record of defeats.
Emile Mervin

NICIL balance stands at $700M – Brassington

– more than $20B in dividends paid into Consolidated Fund  in past 20 years

 

In a shocking twist in the controversy about the financial status of the National Industrial and Commercial Investments Limited (NICIL), its executive director Winston Brassington on Friday disclosed that as of March month-end, the entity had G$700 million in its coffers, pouring cold water on the Alliance For Change’s guesstimate of $50 billion.
This figure represents all of the government holding company’s monies, including those being held in an escrow account, but not funds from its subsidiaries. Brassington told Guyana Times in an interview that he continues to be befuddled by the AFC’s claims and derision of the work of NICIL,  which were inimical to the country’s development, as  they could potentially derail investments.

Winston Brassington

 

At a recent news conference, Ramjattan had argued that President Donald Ramotar’s and ministers’ explanations on why they are not handing over the money from NICIL’s account to the Consolidated Fund are quite ridiculous. He said the highest law of the country, the Constitution, makes it quite clear that all money, all revenue, raised or received by Guyana shall be paid into, and form, one Consolidated Fund. Failure to hand over the money from NICIL is a blatant breach of the Constitution, Ramjattan said. Asked about his $50 billion claims, Ramjattan said that the AFC is not prepared to argue the semantics of whether there is $50 billion, or more, or less in the NICIL account. “The fact of the matter is that the money, whatever there is, must be handed over to the Consolidated Fund. So says the Constitution. An audit will prove how much should have been in the account,” Ramjattan declared.  He said the AFC was prepared to work with the government and the A Partnership for National Unity (APNU) to have the NICIL monies, the Lotto funds and other accounts transferred to the Consolidated Fund.
But labelling the AFC chairman’s figures as “jumbie arithmetic”, Brassington said the accounts of NICIL could stand up to scrutiny. He said the AFC had presented estimates of what it thinks might be held by NICIL, but it has not shown how the money was derived.
“We have paid into the treasury in the past 20 years some $20 billion,” Brassington disclosed, urging the opposition to spend time reading the budget estimates where this information could be found. “If Ramjattan would spend time reading the budget estimates then he would see what our contribution to the treasury has been over the years.”
Asked what would be his reaction if the opposition does not believe that the sum of $700 million is the company’s balance, Brassington said: “If they reject it, we are accountable, so they can check with the Auditor General. They should put up their calculations because we are ready to sit down and explain our figures.”
Ramjattan had told reporters that reputable sources have estimated that more than $50 billion is supposed to be in the NICIL account. “We understand there were many sales of lands… to GBTI, I think that was half a billion dollars, and over the years there were a number of transactions that accrued billions of dollars. And the last report was in 2003 and there it is recorded that revenues in NICIL amounted to some $33 billion,” Ramjattan underscored. He had also factored in the proposed sale of government’s 20 per cent share in GT&T for US$30 million, as monies being held by NICIL. However, Brassington explained that while government has agreed to sell the shares, the deal has not been completed. Earlier this week, NICIL chairman, Finance Minister Dr Ashni Singh had assured the public that there is nothing sinister occurring as it relates to the money acquired by the company over the years. At a media briefing held on Wednesday, Dr Singh reiterated that NICIL’s operations are governed by the Companies Act and has been managed, according to the stipulations therein. The company’s accounts, he added, have been audited by the Auditor General, and it has made public details of every private sector transaction. He dismissed the arguments being put forward by the combined opposition that there must be a reason government is not disclosing the exact sum sitting in NICIL’s accounts.
“Their arguments cannot withstand the first round of scrutiny,” Dr Singh told reporters at the National Communications Network (NCN) studios. He said the $50 billion that is being peddled in the public domain by some who perceive themselves to be commentators, as being in NICIL’s accounts is incredible and there is no evidence to support the claim.
Head of the Presidential Secretariat, Dr Roger Luncheon defended the government holding company and those that manage it.
“The numbers speak to different matters and I have absolutely no difficulty in identifying that $50 billion in liquid cash in the coffers of NICIL is a figment of Ramjattan’s imagination or whoever said that… Much of these concerns will soon be fully properly and adequately addressed by Mr Brassington…”
Dr Luncheon added that the notion that there “is a pot of gold with $50 billion inside sitting somewhere in the bank account of NICIL is just a figment of an imagination”. Dr Luncheon said one must examine the articles of association of NICIL, as “much of what is happening is just the hijacking of reason and the pursuit of political endgames”. He said too that there are 25 to 30 different articles that say what NICIL can do, what it cannot do, when it should do it, and how it should be done. “I want to believe that the sum total of those articles is being hidden in this discourse. Those who are trying to foist on the public all of this hype about NICIL and a slush fund patently are refusing to bring to the public’s attention those articles. I think when we are more comfortable on what is provided for in the articles of association, I then believe we can really sit down across the table and talk about NICIL and its future.” Dr Luncheon added that ignoring the articles of association proves a waste of time and illustrates the “pandering to the gimmickry of Ramjattan and his acolytes”.

OHRASS DEM SNAKEOIL UNGRATEFUL BASTARDS DONT HAVE SHAME!!!!

Bai what I can say...nuff nuff snake oil all over de place...barrels pun barrels bai. Yuh bai tell us about de US$580 mill/per year LCDS snakeoil. De man spent over G$1.5 bill in airfare/hotels/parties promoting this massive barrel of snakeoil. Den de man gave us Fip's snakeoil road...that is US$15 mill down de drain. Den dem give us de bogus US$200 mill snakeoil sugah factory...bai snake aile pun snake aile...rass…black tanks pun black tanks of snake aile bai.

I GUESS YOU USED THE SAME ARITHMETIC TO COME UP WITH THE $50B NICIL FIGURE

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Prem I did not use any artthmetic...this number was reported in the press by an OP whistleblower. Furthermore, I am not an advisor to the AFC. I support the dream of a third party and I don't need to use the name of black women to say what I want.

It's simple Lizardabeth rikmatic.

The opposition must press on harder for the transparency and accountabilty. 

Bai, alyuh gafa be carefol wid dem PPP whissleblower numbaz, yuh see, PPP cud trik alyuh fuh runn hay and deh and den sho alyuh gatt wrang infamation, denn alyuh out laka sout.   Yuh nah muss jump pon everyting witout cheking it mek sense.  Mi nah knoo if it rite or wrang, bu wah evva, yuh gafa chek am out before yuh run wid am.

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Not PPP whistleblower per se...I believe they spent around G$1.5 in promoting and traveling for LCDS. We told them it will amount to nothing. They called us neemakaram and all names...

I noticed your tone is very different since you learnt of Balwant Persaud's recording. 

Just so you know as well Yusuf and Mathoo's interview will be plastered all over the worldwide web so that your supporters can see the 'CHANGE' you preach about. Balwant had some very nice things to say about the AFC's 12 seat target at the 2011 elections and them concentrating their efforts on breaking the back of the PPP so that the PNC's APNU could win. 

I wonder how much sympathy Yusuf and the others will attract when persons are pointed to the centrally directed character assassination campaign unleashed after his expose'.

 Dont you think we will know? You can cook the books but we will know. I would like to see how much was paid for Lenora. That is Quid pro quo for PPP party funding and corrupt. There are lots of those and you may know a bit of social statistics but we will be on your ass on every area of non disclosure when that crooked corporation present their sure to be cooked report.