Shocking, only $700 million is left with NICIL

May 15, 2012 Letters

DEAR EDITOR,
Winston Brassington’s attempt to clear the air on NICIL only makes the water murkier. Here are some questions the people of Guyana must ask of the PPP on NICIL and some issues to ponder.
How does a government corporation that has handled over $1 trillion dollars ($1,000,000,000,000) in transactions and revenues from itself and subsidiaries since 1992 and has made over $30 billion in profit from 1992 to 2003 have only $700 million in its accounts?
Regardless of whether this amount is only from the Privatisation Unit or not, it is absurd and shocking that all that is left in NICIL’s accounts is $700 million after 20 years of selling this country left, right and centre. Not only is it delinquent and fiscally dangerous to have $700 million leveraging over $1 trillion in assets held directly and through subsidiaries, it is reprehensible that NICIL is allowed to take this preposterous risk by its directors and others who are in the highest offices of the PPP.
This would lead to criminal charges against the directors and managers of any government corporation in any other country but the PPP’s Guyana. This is the height of financial impropriety to allow this kind of risk-taking and gambling with state assets. NICIL is not a Winston Brassington secret. Ashni Singh and Roger Luncheon are directors of NICIL. Ashni Singh knows or ought to know of every key transaction emanating from NICIL. The PPP inner circle knows of NICIL. They know of the fact that audits were not completed. The PPP cabal will not back down on NICIL because many careers and reputations will be wrecked if the truth comes out on NICIL.
What are these investments Brassington is referring to? Did we make any profits or losses on those investments? Is taxpayers’ money collected through NICIL being used to invest in projects and companies held by private individuals with connections to the bigwigs in the PPP government?
For example, NICIL wanted to invest millions of US dollars in the Marriott hotel project. Was that investment going directly into companies owned by the usual suspects?
Was NICIL money ever used since 1992 to fund the kind of scam typically run by dictatorships such as Mubarak and Gaddafi, where taxpayers’ money is used to primarily fund major and massive investment projects where the corrupt crooks in power and their friends put up insignificant sums through shell companies but get the highest preferred shares while the public’s money get ordinary shares.
The corrupt villains then collect most of the profits from the investment while the people get little to nothing. The thieving crooks also use their fat returns on their minuscule investment to buy the rest of the business thereby stealing taxpayers’ money under a cloak of pretentious legitimacy. While this looks legitimate on paper it is theft, as it uses public money to take all the risk and to generate a windfall for the scoundrels.
Brassington’s half-baked responses will not cut it. NICIL either opens its books or has its books opened for it by Parliament and the Judiciary. The Caribbean Court of Justice is salivating at the prospect of setting a precedent of regional governmental transparency using NICIL.
Was money taken from NICIL to fund the PPP’s election campaign or activities relating to the election or to help the PPP’s image during the election? How much are Brassington and his deputy paid? What are NICIL’s expenses? How does a small entity generate such massive expenses?
The dividends paid by NICIL to the Consolidated Fund are a gimmick. NICIL does not transfer all its profits. However, they do set a precedent of NICIL transfers to the Consolidated Fund. By law, NICIL is supposed to hand over all its profits. Its ability to invest profits from sale of public property should be curtailed given its dismal accountability.
The opposition should pass legislation that radically alters this corporate entity. It should pass a motion for a comprehensive audit of NICIL by a foreign accounting firm, paid for by an appropriation from the Consolidated Fund. Those companies that fall under NICIL should be removed from NICIL. Donald Ramotar’s indecision has cost him his integrity.
M. Maxwell

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Shocking, only $700 million is left with NICIL

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