Guyana Times, other Sanata companies breach Company Act

Oct 01, 2010 News

…Registrar strikes them from register

Guyana Times, Health Life Sciences Inc, Health Care International, Global Textile (Guyana) Inc, Global Printing and Graphics and Global Hardware Inc., are all companies that currently do not legally exist. They are among 161 companies that have defaulted.
The Official Gazette of Guyana stated that they have all been struck off of the list of companies and as such are all currently operating in breach of the Companies Act of Guyana.
Guyana Times was struck off the register. This information was published in the Official Gazette of September 18, last. The names of the remaining companies were published as struck off in the September 25 version.
Companies are struck of the register of companies for a variety of reasons, among them failing to file their annual returns, providing necessary information as it relates to changes within the company.
The companies can be allowed back onto the register but will have to file the necessary annual returns and pay an $800 fee.
Chartered Account and Attorney-at-Law Christopher Ram said that while the Companies Act is silent on penalties when companies are found to be in breach of the law, the directors can be held personally accountable.
All of the named companies that were struck off of the register of companies fall under the Queens Atlantic Investments Incorporated (QAII) which acquired the Sanata Textiles Complex in 2008.
The issue of these new companies attracted the involvement of the National Assembly. To justify the tax concessions granted to them, the government moved to the National Assembly with a Bill. The Memorandum of Understanding that allowed for the acquisition of the Sanata Complex was signed between Dr Ranjisinghi “Bobby” Ramroop, the Chairman of QAII, and Geoffrey Da Silva, Chief Executive Officer for the Guyana Office for Investment in March 2008.
The company was allowed several hundred millions in tax breaks and concessions which were all found to be illegal and the laws were subsequently amended to correct the situation.
A special tax seminar was held after President Bharrat Jagdeo had berated Chairman of the Board of Directors of DDL, Dr Yesu Persaud. At that forum, Da Silva had stated that, “we made a mistake.”
He was referring to the legality of the concessions granted to QAII and said that they thought it was covered in law.
Alliance For Change Member of Parliament Khemraj Ramjattan had told the National Assembly when the law was amended that the, “QAII deal stinks to high heavens.”

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