Latest update March 28th, 2025 1:00 AM
Latest News
- “It will be a very bad day for Venezuelan if they attack Guyana or ExxonMobil”—Rubio declares
- Guyana gets info on U.S. tax evasion allegations against Mohameds, Mae Thomas
- US$35 injected into banking system to address foreign currency shortage—VP Jagdeo
- Citizens to stage protest today against lack of access to information in Guyana
- Guyana vows to stand with U.S.
GT&T workers must be given option to buy its shares
…as Jagdeo administration prone to give concessions to its friends – PNCR
The workers at Guyana Telephone and Telegraph Company should be afforded the first option to buy the shares, according to People’s National Congress Reform member, Basil Williams.
Williams yesterday told the media that the party would insist on this position and would oppose any attempt to deny the workers of the company the right to own those shares.
Members of the PNCR that was at the press conference yesterday
At a press conference yesterday, Williams told the media that the PNCR believes that if it is at all necessary to sell these shares, the workers of the company should be afforded the first option.
“It is the workers of GT&T who have made that company into an effective and efficient organisation. They should be given some preference over the political hangers-on’s and favoured supporters of the PPP.”
He noted that Leader of the Opposition, Robert Corbin, has already warned that the party would investigate the reasons why the Government wants to sell its 20 percent shares in the company.
Corbin had expressed his suspicion that this course of action is intended to ‘benefit the friends and supporters of the PPP’, Williams told the media.
When contacted, a senior official at the telephone company informed this newspaper that the Atlantic Tele-Network (ATN) board is yet to meet and to formally discuss the issue.
In late May, ATN had issued a release stating that the possible buyout of the government’s 20 percent shares would be discussed at its next board meeting.
The statement that was posted on the company’s website stated that Government of Guyana is offering Atlantic Tele-Network (ATN) ‘first refusal’ on the buyout.
On May 7 last, the government offered to sell its 20 percent shares.
Chairman of the Privatisation Union, Winston Brassington, made the announcement following the company’s Annual General Meeting.
“We have offered to sell it to ATN and if ATN does not want to buy it or if we cannot agree on a price, then we reserve the right to sell it to whoever we want,” Brassington had said.
According to the Head of the Privatisation Unit, the telephone company’s financial status is excellent, making it a prime time to sell its shares.
GT&T’s profit after tax was $4B in 2008.
Also yesterday, the PNCR stated that the cronyism of the Jagdeo Administration defies belief.
The Administration, the PNCR Vice Chairman said, had to pass retroactive legislation to cover the “sweetheart” deals it gave to Queens Atlantic Investment Inc. (QAII).
In the judgment of the PNCR, he said, no company has been awarded such substantial concessions ever since this nation became independent.
To this day, Williams pointed out, the Jagdeo Administration has not seen it fit to tell the Guyanese people what are the facts about the concessions given to this business entity.
According to Williams, long before Queens Atlantic ‘turned up on our shores’, PPP Administration was prone to give ‘concessions to its friends and supporters’ and to be lenient with them, in terms of the money owed to the Government of Guyana.
“Guyana Stores Ltd. was sold in October 2000 for US$6M. US$4M was deposited by the person purchasing the store.
The remaining sum should have been paid by September 2002.
This sum is still outstanding in 2009. A similar situation obtains in respect of the privatisation of the National Paint Company. US$900,000 remains outstanding on the purchase price,” Williams said.
However, this newspaper confirmed that the issue of Guyana Stores payment is engaging the attention of the court.
The PNCR, the Vice Chairman said, has not noted any effort or attempt by the Jagdeo Administration to recover these substantial sums of money.
“Maybe the persons who effected the purchases of these two entities are being repaid for favours done for the PPP and the Jagdeo Administration.,” Williams said.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The PPP has started the intimidation
Peeping Tom… Kaieteur News- In politics, as in life, what goes around comes around. The People’s Progressive Party/Civic... more
The Caribbean: Destined to Grin and Bear the Consequences of Its Self-Created Vulnerabilities?
By Sir Ronald Sanders For decades, many Caribbean nations have grappled with dependence on a small number of powerful countries... more
Weekend Cartoon
