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NICIL presses Robert Badal for dividends

Apr 02, 2009 News

…fears Guyana Stockfeeds is being fleeced

 

The National Industrial and Commercial Investments Limited (NICIL) is concerned that it is yet to acquire the dividends payable to the government as it relates to shares held in Guyana Stockfeeds Limited, a company in which Robert Badal holds the majority shares.

Shareholders and Government own some 34 per cent of the shares at the company and are yet to receive dividends since 2006. They moved to the courts when Badal announced that their share had reduced to seven per cent and won.

Badal has, however, appealed and the matter is now holed up in the courts. But even as this is happening, Guyana Stockfeeds has been buying out failed companies owned by Badal.

Two companies are the national Edible Oil Company (NEOCOL) and Popeye’s.

Badal has also created another company in Trinidad and Tobago named Guyana Stockfeeds Limited, raising fears that he may be siphoning money from the local company and shipping it to his offshore companies.

All this is happening even as Guyana Stockfeeds is failing to pay dividends to shareholders.

A man, who identified himself as George Osborne, said that Badal has also expressed an interest in the Pegasus Hotel, which is up for sale, but this move was blocked given the monies owed.

Government, through the National Insurance Scheme, holds four per cent in the Pegasus, and has expressed some dissatisfaction with the possible Badal ownership of the hotel.

As a result, the government is keen to lend its weight behind a consortium that includes some prominent businessmen.

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