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Mahaicony Rice Mills ‘no-show’ at millers’ meeting

Mar 07, 2009 News

Mahaicony Rice Mills Limited was a no-show on Thursday for the rice millers’ meeting with the Minister of Agriculture to discuss the issue related to prices being paid to farmers for the commodity.
During the meeting several rice millers met and discussed the pricing issues, while at the same time raising their concerns about the industry.
Addressing the issue of delinquency in the payments to farmers, Robert Persaud expressed his concern that the one of the largest players (Mahaicony Rice Mills) continues to owe farmers substantial sums of money.
This, he said, is done notwithstanding repeated demands, repeated calls, and even efforts to assist the company in securing financing so that it can meet its obligations to the farmers.
“We have also sought legal remedies in the matter. There may be other options that we may want to explore in ensuring that this party comes on board and meets its commitments to the rice-farming community.”
While he did not want to go into great detail about the measure being explored, Persaud explained that other means and mechanisms are being examined to deal with the defaulting company.
On Wednesday, General Secretary of the Rice Producers’ Association, Dharamkumar Seeraj, said that the rice company owes more than $600M to farmers, even as the current rice crop is being harvested.
Seeraj explained that the Association is not prepared to continue to entertain such behaviour from the company this crop, as measures are being explored to have legislation changed to deal with the company.
He noted that the company is dealing with farmers ‘in a way that is almost contentious’.
According to him, efforts were made to work with the company in order to pool resources and strength to address the outstanding payment issue.
Seeraj explained that under the Financial Institutional Act foreign companies have a limit by law as to how much they can borrow, pointing out that Mahaicony Rice Mills limit has been exhausted.
In the interest of farmers, he noted, the Ministry of Finance has agreed to expand the loan portfolio of Mahaicony Rice Mills if the loan is passed down as direct payments to farmers.
But the company is yet to submit the list of farmers owed.
A rice farmers’ conference will be convened on Saturday on the Essequibo Coast, Region Two.

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