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Mr. Ramjattan is clutching at straws – says Brassington

May 19, 2012 News

 

From 2012, I have agreed to work with Government in a part time capacity as I transition from the position of CEO.  Please see my press release dated March, 2012 onwww.privatisation.gov.gy
Hand in Hand Trust.
GNCB Trust was privatized a decade ago via the sale of a 90 PER CENT interest to Hand In Hand Trust.  Today, NICIL owns THREE PER CENT and had no influence on the operations of the entity; it has no directors on the Board since privatisation.
In 2009, Hand in Hand Trust (renamed from GNCB Trust), a private company, sought private equity investment. As a result, Jonathan Brassington, my brother, a US citizen, a successful overseas based Guyanese, acquired 30 per cent of HIH Trust.   This was seven years after the privatisation. As is customary, any person acquiring more than 25per cent of a financial institution has to be approved by the Bank of Guyana, as a fit and proper person.  This was done.
There is no conflict, if a relative of mine, invests in a private entity many years after it is privatised.  Notwithstanding, prior to the acquisition by my brother of 30 per cent of Hand In Hand Trust in 2009,  I brought this transaction to the attention of the Minister of Finance and the Attorney General, first for information, and secondly to determine whether they saw any conflict.  There was no indication of any conflict.
There is no corruption if a private company enters into a contract with another private person. This is not corruption; this is not fraud.
Berbice Bridge Investors were sought from all institutional investors in 2005/2006.
Hand In Hand Trust is an investor in the bridge, like many other investors.  It predates my brother’s investment in Hand in Hand Trust.
Investment in the Berbice Bridge was offered to every single institutional investor.
Indeed, the investors in the bridge include almost every single deposit taking institution and most of the institutional investors in Guyana.
It is ludicrous to say that Hand in Hand invested NIS funds in the bridge.  This is simply not so.
As I recall, despite the critics against the investment in the bridge, we were able to persuade a number of investors to invest in the bridge.  I take credit for doing this in very difficult circumstances created by opposition persons and critics, claiming that the bridge would be a bad investment. As I recall, many of the critics were strongly opposed to NIS and NBS investing in this project, speculating it was a bad investment, making it more difficult to find investors.
I am glad we have proved these critics wrong. Today, based on the same information that was made available to investors in 2006, the opposition speaks of nationalizing the bridge, claiming these investors are making a lot of money.  How contradictory can one be?
For the record, it is a fact, that tolls on the bridge are no different in real terms from tolls on the ferry.
Atlantic Hotel Inc.
AHI was registered as a government entity owned by NICIL, with officers of NICIL as the director and secretary of AHI.  NICIL owns 100 per cent of AHI.    There is no conflict executing a lease from one entity to the other, with this transaction being approved by its principals.
It is quite common where there are related party transactions. This happens frequently between companies that are part of the same group, e.g. DDL, Banks DIH, etc
Issued by: Winston Brassington

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