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GuySuCo credit options at many business places frozen

Mar 26, 2009 News

Guyana Sugar Corporation may be treading on very thin ice as it is apparently losing the support of the business community as a result of bad credit.
Yesterday, accounts established at many local business operations have been frozen, disallowing the sugar company from gaining credit from these institutions.
This newspaper was told that this move was a collaborative measure by some local businessmen following a large accumulation of money owed by the corporation.
At present the company is undergoing major changes as it seeks to dispose of some of its assets to save money.
Since January, the company has been attempting to cut not only production cost but under the new management, also attempting to curtail spending.
One of its most recent moves to save the company money was a proposal to close the communication department within the company.
Last year was a very tough year for GuySuCo as the company ended the year with a deficit of more than $3B.
Over the years, GuySuCo has consistently been reviewing its production targets, including last year’s, and among the many excuses proffered were far reaching strikes, weather and loss of opportunity.
GuySuCo has come in for heavy criticisms over the past year, with its problems being compounded when the arbitration tribunal set up to deal with the wages dispute between the corporation and its workers ruled that the company should pay $1.3B to its workers.
This accounts for a six percent across the board payment along with a further 2.1 percent one-off payment as cost of living adjustment for 2008.
However, given GuySuCo’s financial constraints, the company has been given until this month to pay the living adjustment to workers.

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