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NIS pays $180M for $70M property, alarms GTUC

Mar 27, 2009 News

The National Insurance Scheme (NIS) has purchased a plot of land from the Guyana Water Incorporated (GWI) for $180M, much to the alarm of the Guyana Trades Union Congress.
Yesterday, General Secretary, Norris Witter, said that the very plot of land which is located in Kingston was recently valued at $70M.
A decision to purchase the land was taken less than 48 hours after a meeting of the Board of Directors of NIS.
“This impudent purchase by NIS is further testimony to the sloppy manner in which the Chairman, Dr. Roger Luncheon, and members of the NIS Board have been managing the financial affairs of the NIS.”
The time has come for the contributors and beneficiaries of the NIS, he said, to exercise greater vigilance over the management of the scheme.
Last evening Kaieteur News was told that employees of NIS will be moving into the building from which GWI has already departed.
Renovation of the scheme’s Camp and Bent Streets office to facilitate the required services will cost $20M, he added.
On Wednesday, Alliance For Change leader Raphael Trotman called on Dr. Luncheon to ‘do less talking and to get about retrieving the billions he allowed’ to leave Guyana in a failed investment.
He said that it was amazing that Dr Luncheon is still insisting, after overseeing this catastrophe, that it was a good and lucrative investment.
“How much more preposterous and outrageous can he get…Dr. Luncheon should heed his own advice and do the decent and honourable thing by resigning as the Chairman of the NIS Board.”

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