July 3, 2013

Re: Response to Stabroek News Article:

  1. Saturday June 29 titled “Desmond Trotman Moves to Block Transfer of Marriott Hotel Land-Lease Envisages Fee of $300,000 Per Annum for 99 Years.”
  2. Tuesday July 2 “Calls Made For Marriott Lease To Be Investigated.”

July 3, 2013

Desmond Trotman’s move to block the leasing of Block Alpha to Atlantic Hotel Inc. follows a pattern of action by special interest groups to stymie the development of the Marriott Hotel Project.

June 13, 2013

Minister of Finance, Dr. Ashni Singh, today tabled a motion in the Parliament to increase the limit on total guarantees that can be issued under The Guarantee of Loans (Public Corporations and Companies) Act.  The new proposed limit is G$150 Billion or app. US$730 M.

Transcript of Inside the Government with Olive Gopaul
Guest: Winston Brassington
Sunday, May 13, 2012

Olive Gopaul: Welcome to this special series on Inside the Government. This series will focus on Government development to aid national development and some of the challenges the Government as well as the stakeholders are faced with when executing these initiatives to aid in national development. In today’s programme we will have an exclusive feature on the National Industrial and Commercial Investment Limited (NICIL) and joining us is Mr. Winston Brassington the Chief Executive Director as we discuss some of the issues, the hot topic now NICIL, welcome Mr. Brassington. Let us get straight to business, can you say when was NICIL formed and what was its mandate.

Winston Brassington: NICIL was formed in July of 1990 by the PNC Government of the day. It is a company under the Companies Act. Its mandate is pretty much to subscribe for, invest hold shares, hold investments, buy property, sell property, lease property, to do pretty much anything that one can imagine a company could do. So it was formed a long time ago, not by this Government, under the Companies Act, registered as a private company with a mandate to basically be in essence a holding company, an investment company.

Jan 11, 2013

The Government, via Office of the President, today released a detailed report entitled “Privatisation in Tables: Phase 11 (1993 to 2012), recently approved by Cabinet. This report, updates and details, an earlier report issued in July 2008, over 4 years ago, entitled “Guyana’s Privatisation Program: The Institutional Framework and Results for Phase II (1993 to 2009).”

This report details every transaction handled by the Privatisation Unit & NICIL under the Phase II privatisation program, started in July 1993, with the issuance of the PPP-C White paper on privatisation.  Transactions are broken into 3 broad categories: privatisation, properties (sale or lease), and restructuring transactions.  The report contains information that addresses the following:

Dear Editor
Re: AFC/Kaieteur News attacks on Winston Brassington

In recent weeks, Kaiteur News and opposition parties in Parliament have made a number of attacks and insinuations regarding my conduct as Head of the Privatisation Unit and NICIL. Given the recurring nature of these attacks, I feel in defense of my personal integrity, that I should respond.

NICIL was created under the stewardship of Mr. Carl Greenidge, then Minister of Finance in July 1990. 

Below is a copy of the registration certificate in keeping with the 1989 Companies Act in July 1990.

LIES & MISINFORMATIONFACTS & TRUTH
NICIL does not transfer any money to the Consolidated Fund. Between 1991-2011 NICIL transferred in excess of $20B to the Consolidated Fund in dividends and privatisation proceeds in a consistent manner.
Ramjattan can't count! Claims NICIL has $50B in revenue not accounted for. Ramjattan cites figures from total consolidated 2003 accounts (which includes all subsidiary revenue). In reality, at 2010 NICIL earned $1.3B (by itself) and transferred $928M to the consolidated fund. Once again flawed logic from wanna be leader!
NICIL has not produced audited accounts. NICIL is audited by the Audit Office of Guyana like any other Ministry or State owned entity. NICIL, by itself has audited accounts up to 2010. 2011 is being audited currently. Delivery of reports to National Assembly is delayed not by NICIL's negligence or failure to do the reports, but because of the incomplete status of consolidated audits.
NICIL actions contrary to Constitution of Guyana Article 216 of Constitution DOES NOT apply to NICIL, Guysuco, GPL or any other State owned private company. This provision in Constitution relates to foreign aid, gifts to the Government, grants, moneys earned by entities created by Statute/Parliament
NICIL is in breach of Financial Management and Audit Act 2003. NICIL' s dividends are called "Government Receipts" under the Act and is reported in the annual financial estimates of the country EVERY YEAR under DIVIDENDS and TRANSFERS!
NICIL is a slush fund and acts contrary to what it was set up to do. NICIL is a company created by the PNC Government to facilitate the "financial clean-up" of bad management under the watch of Carl Greenidge, PNC Minister of Finance. It is a private state owned company that is charged with investment, issuing guarantees, acquiring and selling movable and immovable property. It is now being operated in accordance with law where accountability is
paramount.

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