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