November 15, 2013
The recently concluded arbitrational proceedings between NICIL and GNIC for unpaid rent have resulted in an award of $148,860,870 in favor of NICIL for the period 2006 to 2009.
The Tribunal Ruling (consisting of Messers Robin MS Stoby S.C. (Chairman), Stephen Fraser and Moses Nagamottoo, Attorneys-at-Law) was based on extensive reviews of exhibits tendered, pleadings, written submissions, and notes of cross- examination of NICIL’s Executive Director, Winston Brassington and GNIC’s Chief Executive Office, Mr. Clinton Williams.
NICIL has accepted the arbitration’s ruling.
NICIL remains steadfast in its commitment to ensuring that the livelihood of the employees of GNIC is not affected by the acts of NICIL.
GNIC, a company owned by Laparkan and the National Engineering Company (employees), purchased the assets of the former Guyana National Engineering Corporation (GNEC) and leased Lots 1-12 Lombard Street as part of the privatization of GNEC. NICIL (GoG) reduced the rent due from GNIC by 50% in 2000 and the sale price of equipment in 1995 by 30%. Despite these concessions, GNIC failed to honor its obligations to pay under the lease and the matter was forwarded to arbitration in July 2009.
GoG as NICIL's shareholder pledges to implement the Tribunal's ruling with careful attention to the interest of the workers of GNIC.