Georgetown, GINA, June 28, 2014
President Donald Ramotar today stated that there are distortions against the National Industrial and Commercial Investments Limited (NICIL). During his press conference held at State House he declared that “NICIL’s audit has been laid in the National Assembly up to 2012,” adding that there has not been a single comment on this. “Suddenly they are making a hue and cry,” he said.
The President pointed out that Head of the Presidential Secretariat Dr. Roger Luncheon dealt with the issue at his last press conference. “I think they are creating all kind of anomalies and issues where issues actually don’t exist,” the Head of Stated explained referring to comments made by the Political Opposition. Observing that it was a matter of clear distortion by the Opposition, he slammed the media corps for not pointing this out.
Dr. Luncheon earlier this week disabused the notion being peddled that Head of NICIL Winston Brassington, was acting independently with regards to decisions pertaining to the government’s investment holding company’s operations. Brassington has been accused by some sections of the media of negotiating questionable deals as the Head, of the Board of Directors of NICIL.
Dr. Luncheon however, pointed out that attacking Brassington is pointless since Cabinet’s endorsement of NICIL’s board decision plays an important part in its governance mechanism. “Whilst we might be encouraged to pander to this notion that this NICIL and that NICIL and the other NICIL seem to be engaging in activities that are unrelated to these governance principles, I hasten to correct that impression,...the pilgrimage up this governance chain of recommendations and decision of the NICIL board to ultimately consideration by Cabinet and its endorsement by Cabinet is virtually laid down in stone...those decisions, the paper trail is there that will take you back to definite consideration and endorsement by Cabinet and subsequent actions by the NICIL board,” Dr. Luncheon said.
“...behind all of those decisions attributed to NICIL and that have been the subject of an endless range of criticism in sections of the media, let them address those concerns where they actually should be, at Cabinet,” he advised.
Brassington in January of this year had reported that all finances of NICIL remain up to date, since the entity merged with the Privatisation Unity in 2002. He pointed out too, that the entity had published all of its financial statements on its website, with 2013 being an exceptional year as it included revenue from the sale of the Guyana Telephone and Telegraph Company (GT&T).
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