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Financial arrangements, true owners of Berbice River Bridge will be exposed –APNU+AFC

March 8, 2015 | By | Filed Under News 

…future of the bridge will also be looked at A Partnership for National Unity and the Alliance For Change (APNU+AFC) has reiterated its disgust

Chartered Accountant and lawyer, Chris Ram

Chartered Accountant and lawyer, Chris Ram

with the “oppressive” financial arrangements for the Berbice River Bridge. As such, its economic advisors have said that once the new coalition is victorious at the May 11 polls, it will conduct a thorough investigation into the bridge and expose its “behind-the-scenes” investors and owners. APNU’s Shadow Minister of Finance, Carl Greenidge, in a recent interview with Kaieteur News on the matter stressed that APNU+AFC is in the process of devising a comprehensive plan for the bridge. The high toll is one issue in that programme that has been addressed. The politician said that the coalition is also concerned about the implications of the location of the bridge, taking into account the needs of the communities at either side of the river. After looking at the figures and projections of development, the financial point man said that one would want to “do something different.” He said that while the APNU+AFC wants an arrangement for lower tolls and to expose who the “real” beneficiaries are, in the long term the new alliance wants to look at the future of the bridge. APNU+AFC Prime Ministerial Candidate, Moses Nagamootoo, also weighed in on the controversial matter. The lawyer agreed with Greenidge’s position as he said that the nation deserves full disclosure on all the investors and partners in the Berbice River Bridge and the source or sources of all its funding. As it stands, Nagamootoo said that the Bridge represents a necessity as it serves a great purpose to commuters. But while this is the case, the politician said that returns from investments should be equitable. More significantly, the AFC Vice Chairman said that if Government invested a greater portion of the core

APNU’s Shadow Minister of Finance, Carl Greenidge

APNU’s Shadow Minister of Finance, Carl Greenidge

capital then there must be an explanation as to; why it does not have the majority of the voting rights, what are the returns if any are coming to the state and if no returns are made, why is it that the dividends are not used to subsidize reduced tolls for commuters. “The long and short of it,” Nagamootoo asserted, is that all users of the Bridge have to benefit from the investment into the bridge and not for the bridge to be what it currently is, “like an instrument to oppress the poor working class.” He added that the toll structure is simply unreasonable. He then recalled comments by Chartered Accountant Chris Ram who made strong revelations with regards to the shares and voting rights of the Berbice Bridge investors. Nagamootoo also sought to make clear that a new government will protect investment made with taxpayers’ monies and also ensure that the investments made comply with the country’s financial laws. Ram on his website (www.chrisram.net ) said that despite the fact that the Bridge is touted as a private sector project its chief spokesperson and key player has been Winston Brassington of NICIL. NICIL is the holding company of Government entities. The accountant said that the role of NICIL which should have come to an end after financing had been secured appears to have been extended. He explained that the government, inclusive of the NIS, owns 76 percent of the issued shares of the company. NICIL, Ram said, owns what is called a Special Share in the company and according to the Articles of Amendment of the company “no action can be taken by the Bridge Company, without the affirmative vote

APNU+AFC Prime Ministerial Candidate, Moses Nagamootoo

APNU+AFC Prime Ministerial Candidate, Moses Nagamootoo

of the holder of the Special Share.” Ram also called on NICIL and the NIS to provide the public with full particulars of the preference shares sale transaction, including the persons engaged in the negotiations; the date the transaction took place; the price at which the shares changed hands; the basis of the valuation; and whether the shares were sold ex-div or cum-div, that is, with or without the dividends payable at the date of the transaction. The Chartered Accountant also drew attention to the late presentation of the audited financial statements of the Berbice Bridge Company Company Inc. and its annual returns which have been pointed out before. Compounding this, he said, were breaches in respect of the due date for the holding of the company’s Annual General Meeting, the filing of the annual return and the inclusion of a directors’ report therewith. “It is unfortunate that a Board which includes a former Chancellor of the Judiciary could be so unmindful of or derelict in its statutory obligations and yet be arrogant about it,” he added. The current directors of the company are said to be Keith Evelyn, Ravi Ramcharitar, Avalon Jagnandan, Gillian Burton, Egbert Carter, Paul Cheong, Cecil Kennard, and Maurice Solomon. Ram pointed out that Gita Singh-Knight, Chairperson of the company from its inception, is no longer on the Board. He said that it is not clear whether she opted not to be reappointed or was removed and whether for her single place the Ramroop companies New GPC and Queen’s Atlantic Inc. (QAII) were able to have two of their managers – Ravi Ramcharitar and Avalon Jagnandan – placed on the Board. The lawyer said, too, that he is more than ever convinced that the legal structure, nature of ownership and the financing model are the cause of the high tolls. He agreed that the company needs to be investigated and the truth, exposed

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Originally Posted by Mars:

Jay Bharrat seh we should name de bridge after the man who set up this tiefin scheme. 

From its planning states I warned here it was a leech scheme.

FM
Originally Posted by Stormborn:
Originally Posted by Mars:

Jay Bharrat seh we should name de bridge after the man who set up this tiefin scheme. 

From its planning states I warned here it was a leech scheme.

Choke and rob men involved in petty crime are seen as the worse thing to happen to Guyana. However, when PPP tiefmen are looting the treasury under their eyes, PPP supporters turn a blind eye and call it progress.

Mars

What the people say about the Berbice River Bridge toll

May 26, 2014 · By STABROEK NEWS

 

20140526roopnarineRoopnarine Somwaru, fish vendor:

‘From my experience the toll is really too high. It is 95% more than the toll for the Demerara Harbour Bridge and the government should do something to reduce it. I don’t have to cross much because I would use our fishing boat. I can understand what the people who have to use the bridge to get to work on either side are facing though. It is not easy for them, especially single parents who have to find so much money for their children to cross on a daily basis. I agree that the bridge is very useful and it is a faster means. The price would suit the businesspeople but the small fishes would feel the pressure. Many people still use the pontoon that works in the mornings and afternoon to facilitate the schoolchildren, just to economize. With that toll we can cross the Demerara Bridge 22 times with our vehicles.’

20140526deodatDeodat Girdharri, Supervisor, security,

‘It seems as though the bridge is mostly for the rich people who have to transact business on either side. But the people who are working are finding it difficult. I have many friends who came from New Amsterdam end to work at Fort Wellington and other parts of the region but they … leaving their jobs because of the high fare to get there. They cannot afford to travel. I think they should reduce the toll so the bus fare can be lowered and more people would be able to travel. The buses would even get more work, more vehicles would cross and the bridge would still make a lot of money. I go to New Amsterdam once per week but if the toll was lower I would have travelled twice a week.’

20140526shazidaShazida Abdulla, businesswoman,

‘I feel the toll should really be reduced because many small businesspersons would like to cross their vehicles but it wouldn’t compensate them at all, especially if they just have to spend about an hour. I agree that waiting on the buses to full to take you across is time consuming. It is a shame that although some people have their vehicles for convenience they still cannot afford to use them. To me, this is affecting the development of the country and if we should move forward and promote tourism those responsible should reduce the cost. All of us can come forward and express our views and help to make changes. I know that the Bridge Company and the investors fixed the toll to match what the ferry used to charge. But how many ordinary Berbicians use to cross their vehicles? They were just foot passengers so they never paid those ridiculous charges. If there is an emergency you have to pay a lot of money to get across.’

20140526sanitaSanita, food vendor,

‘I have seven children and it is very expensive for me to take them across the bridge to visit my relatives on the Corentyne. I live at Blairmont and I have to pay $300 for each one to cross and I am a poor woman. Persons who have money would say they can afford it but it is the poor persons they have to cater for. With all that money they are charging I believe that they made enough money by now and can reduce the toll. I am glad that Rosignol Secondary became a List ‘A’ because the children who do well no longer have to worry about the high cost to crossing. They can come right here.’

20140526romeo

Romeo, fisherman

‘The bridge toll is definitely too expensive. To me when they fixed the toll they were only thinking about the rich. I think if they reduce the toll it would be easier for poor people. Some children use the pontoon to go to school and that is a great help but not many of them feel safe using it. What’s the use of having a bridge in Berbice and not having easy access because of cost? Many people would like to use bicycles and they should have allowed that.’

20140526nafeezaNafeeza Majeed, domestic worker,

‘We love the bridge and we are very happy that we can use it to get across the river so quickly. It is much better than when we used to depend on the boat. But how many of us as Berbicians, are benefiting from it as we would like? People are barely surviving on small earnings and can only afford to use the bridge once in a while. Although New Amsterdam and the Corentyne are so close, they are still far. Parents who send more than one child to schools across the river are finding it hard. The government should have a special bus to take the children over. Also if we have a close relative admitted at the New Amsterdam Hospital we can’t go every day to see them. We have to pay over $1,000 in transportation and then maybe we would have to buy something to eat. I used to visit my relatives in New Amsterdam a lot but now it is too expensive. They should do something about the toll.’

20140526narine

Narine Persaud, fishing boat captain,

‘I think it is about time the bridge toll is reduced because the small man’s pocket is feeling it. We are very happy that we got a bridge but we are not enjoying it as much as we anticipated because many people cannot afford to use it too often. The APNU is right to ask for the toll to drop. But I believe that if the government cannot do it because they did not invest in it then the bridge company should drop it. Also, I would like the APNU and the AFC to make representation for the high charges at the GPL [Guyana Power & Light) and GWI (Guyana Water Inc.) to be dropped.’

20140526fizal

Fizal Satar, fish

‘I agree that the bridge is very useful but it is very expensive for school children and government workers who have to cross on a daily basis. Single parents are also finding it difficult to pay that much money to cross. Those in authority need to do something because the poor people cannot afford it especially those who have a lot of children. Where are they going to find bus fare for all of them? The boat assists the schoolchildren a lot but it is not always on schedule. My concern is that the toll should be dropped and more people would cross. I know of many persons who have their vehicles and cannot use it cross because of the toll. There are some other people who never crossed the bridge and others who just cross one time per year.’

20140526juliet

Juliet Dukhi, Humanitarian/Social Activist/Volunteer

‘The Berbice Bridge toll: a typical case of the rich getting richer and already poor sinking deeper into poverty. For the record I would like to state that I am not affiliated with any political parties past or present in Guyana. This on-going battle between the Opposition and the ruling party to reduce the current exorbitant toll seems like pouring water down a duck’s back; as the Minister of Transport and the ruling PPP are not budging a mere inch to the combined pleas of the opposition and the working class people to alleviate this financial burden placed on the grass root commuters using this lucrative investment. I firmly believe the fare is overly inflated and Guyana’s government is uncaring and insensitive to the needs of its grass-root citizens. Back in the good old days of the ferry the students travelled all month inclusive of weekends and public holidays on a mere $200 and adults $1000 contract. Pensioners travelled free, they simply had to show their national ID card to the ticket collector. Can the PPP; who claim they are a peoples’ government; tell the citizens of this country what system they have in place to alleviate the daily hardship faced by commuters of the Berbice Bridge? These commuters are forced to pay the exorbitant fare to cross; because if they fail to be on-board the ferry/pontoon during the two trips in the mornings and two in the afternoons only Monday thru Friday they have to use the route 56 buses, also on weekends. Some homes have three children who traverse the bridge to attend schools on the eastern side. The facts are in plain view for anyone with a conscience to see the amount of financial strain this puts on those poor low income and single parent families. Do the math – it’s quite simple: a commuter pays $300 one-way fare, so round-trip costs $600, that is just to cross the bridge, you still have to add the cost of transportation to and from school, to and from home; so let us say an average of $1000 per child per day and there are three children from one home who attend school five days per week as stipulated, some also attend extra lessons on weekends; need I say more?

Mitwah

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