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GuySuCo seeking in excess of $30B from sale of land – CEO

Dec 08, 2009 News

…as company makes $300M payout

By Gary Eleazar
The Guyana Sugar Corporation (GuySuCo) after failing to meet its stipulated pay date, did not renege on its subsequent commitment, and yesterday handed out some $300M to its workers and critical labour contractors.
This is according to the Corporation’s Chief Executive Officer, Errol Hanoman, who explained that the critical labour contractors include persons contracted to transport workers among others.
As it relates to the persons who have been describing the company as being on the brink of bankruptcy, Hanoman said that it is inappropriate, given the role of the company with respect to the national economy.
He stated that it is well known that the company has been having some financial setbacks, but he insisted that it had no problems receiving loans from any banks.
The Corporation’s CEO emphasised that there must be a balance between borrowing and resources.
As such, he stressed the importance of selling the Diamond lands which he said should rake in more than $30B and is of utmost importance to the company’s turnaround plan.
Pointing out that how exactly the land will be disposed of has not been finalised, Hanoman said that it is a decision that will have to be taken by the board in conjunction with the shareholders.
He said that the company would have to be proactive and not reactive, given that there is imminent urbanisation of the locale.
On Thursday last, President of the Guyana Agricultural & General Workers’ Union (GAWU), Komal Chand, related to this newspaper in an invited comment that he was informed by GuySuCo that the company was experiencing cash flow problems and as such could not pay its workers at that time.

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