Latest update January 17th, 2025 6:30 AM
Two New GPC Directors at helm of Berbice Bridge Company
…Govt. through NICIL waives $104M in dividends annually
There has been a change of directorship at the Berbice Bridge Company Incorporated (BBCI) but to date this information has not been filed with the Registrar of Companies.
The Companies Act of Guyana stipulates that any change in the Directors of the company has to be filed within “one month.” The change at the Berbice Bridge Company was made last year but never filed or publicized.
New GPC, Director Avalon Jagnandan appointed to Board of BBCI
The information is that the New Guyana Pharmaceutical Company which is owned by Dr. Ranjisinghi ‘Bobby’ Ramroop, has installed on the Board of the Berbice Bridge Company, two directors. At the same time, Government as the largest investor in the bridge does not have any.
The two New GPC Directors who now serve on the board of Directors of the Berbice Bridge Company are Avalon Jagnandan and Ravi Ramcharitar. The New GPC has $80M in share stock in the Berbice Bridge.
The other principal investors in the bridge include the National Insurance Scheme with $80M shares, Secure International Finance Company with $80M shares, Demerara Contractors which holds $40M shares, Hand in Hand Motor & Life Insurance Company that holds $40M shares and the Colonial Life Insurance Company with $80M shares.
Oddly, the shares that were held by CLICO (Guyana) remain in the name despite the fact that it is in the process of liquidation.
Accounting practice stipulates that it be filed in the name of the Liquidator which in this case is the Bank of Guyana.
The remaining and overwhelming majority of shares held in the Berbice Bridge Company belong to Government through the National Industrial and Commercial Investment Limited (NICIL) and stands at $950M in preference shares.
NICIL is headed by Winston Brassington, who has agreed to a waiver of all the monies earned by Government each year in the Berbice Bridge as its single largest investor.
This Publication has been reliably informed that Government earns just about $104M annually in dividends from the Berbice Bridge.
Receipt of this money has been waived by Brassington to facilitate payments to the remaining investors.
In the company’s annual report for 2010 it was stated that at December 31, 2010 more than $600M was owed to NICIL in dividends but that shareholder is reported in the financial statements as waiving “dividends and interest on dividends due up to December 31, 2010”.
New GPC Director, Ravi Ramcharitar appointed to Board of BBCI
In filing its returns for 2010, the number of shares identified for dividend payments total 400M and payable to each of the investors except NICIL.
Brassington is identified as the Secretary for the Berbice Bridge Company and signed off on its financial statement.
In 2010 the company took in $1.1B in revenue.
Geeta Singh-Knight who had presided over the massive failure of CLICO (Guyana) Inc has since been relieved of her post as a Director in the Company.
The Board of Directors of the Berbice Bridge Company is now chaired by Keith Evelyn who also heads up Hand in Hand Insurance Company.
Hand in Hand Trust Corporation, NICIL and Brassington were under fire recently for a questionable transaction involving the sale of millions of dollars of shares.
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