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NICIL revenue in 2005 was $33.3 billion

Jul 31, 2012 News

–    Audit report says NCN had no register of its assets

NICIL, the entity that manages Government investments and is responsible for selling state assets, recorded revenues worth $33.3 billion in 2005, an audit report tabled in the National Assembly yesterday shows.
According to the 2005 Consolidated Report, profit after taxation totaled $1.5 billion and the government received $1 billion in dividends.
The state-owned National Communication’s Network (NCN), a subsidiary of NICIL, was cited for not maintaining a fixed asset register during the year. Auditor General Deodat Sharma said that NCN did not implement and maintain a master and sectional inventory during the year of audit.
Further, Sharma stated that the assets owned were not marked so that they could easily be identified as the asset of NCN, and as a result, the completeness, accuracy and the validity of the amount of $614 million representing fixed assets could not be determined.
The opposition, this year, voted to cut the annual subvention NCN was getting, and a subsequent investigation revealed financial irregularities at the entity.
The other subsidiary companies that fell under NICIL at the time were the Linden Electricity Company, Guyana National Cooperative Bank, National Edible Oil Company, Guyana National Shipping Corporation, Guyana Oil Company, Guyana National Printers, Guyana National Newspapers, Properties Holding,  Aroaima Mining Company, Lethem Power Company, and Kwakwani Utilities.
NICIL’s associate companies were listed as Guyana Telephone and Telegraph Company and Omai Bauxite. Investments listed in the report were Hand in Hand Trust, New Guyana Pharmaceutical Corporation, Guyana Stockfeeds, Omai Gold Mines and Guyana Stores.
The audit report shows that NICIL had total assets of $23 billion in 2005 – almost half a billion more than it had the year before.

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