PSC wants apology to Yesu

Jun 18, 2008 News

– seeking clarification on investors’ concessions

The Private Sector Commission (PSC) is calling for a public apology to Yesu Persaud, following what it described as a “hostile” attack on the businessman by President Bharrat Jagdeo.

The PSC made the call in a statement yesterday, in which the body said that it is pleased “to note that the Ministry of Finance has considered it necessary to publicly clarify the Government’s position on the privatization of the Sanata complex to Queens Atlantic Investments Inc. (QAII) and the announcement that certain tax concessions were to be granted to the investors.”
It appears from the ministry’s statement, PSC said, that the Government has now acknowledged that the decision to proceed with the privatization of the Sanata complex, including the granting of tax concessions as announced by the Privatization Unit and Go-Invest in April and May, does not conform with the requirements of Guyana’s existing tax laws.
“The Private Sector Commission considers it regrettable and unfortunate, therefore, that when Mr. Yesu Persaud, a highly respected and prominent member of the business community, on the occasion of the official launching of the Guyana Times on June 5, proposed that other businesses should similarly benefit, His Excellency the President saw fit to respond in a hostile manner.”
The PSC said that it believes that, in the circumstances, it would be appropriate for a public apology to be issued.
“The Private Sector Commission looks forward with considerable interest to the steps which would now be taken by Government to further amend the tax laws in order to give legal expression to the intentions declared by Government in the ministry’s statement with regard to the granting of tax concessions to investors.”

The Sanata complex, in Industrial Site, Ruimveldt, was privatised last year in a deal to QAII, the owner of the New Guyana Pharmaceutical Corporation. As a result of that deal, a yearly rent of $50 million is being charged for the sprawling complex.
However, the deal has not gone down well with sections of the public; scathing criticisms and questions have been raised over the concessions granted. QAII also has the option to buy the complex for $700 million.