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NICIL acquires more state property
Minister of Finance, Dr Ashni Singh, using the powers conferred to him under the Public Corporations Act, has transferred a Water Street, Georgetown property to the Government-owned Holdings Company, the National Industrial and Commercial Investments Limited (NICIL).
Finance Minster
Dr Ashni Singh
The move came by way of an order by Dr Singh, made on January 30, last and published in the Official Gazette published on February 15, 2014.
Under the order made by Dr Singh, the lot 14 (A) Water Street, property owned by the Guyana National Trading Corporation (GNTC), has been transferred to NICIL.
NICIL is the controversial private company, owned solely by Government, and has as its Executive Director, Winston Brassington.
The now defunct GNTC has had a number of its properties privatized.
GNTC was a state enterprise falling under the administration of Guyana State Corporation (GUYSTAC). When Sandbach Parker and Company was nationalised in 1975, it came under a new state entity – GNTC, with Noel Gonsalves as the Executive Chairman. During that time, other companies were also nationalised.
These included Guyana Gajraj Limited, which became the Automotive Division of GNTC; Guyana Wreford’s Limited – re-designated Berbice Division of GNTC. The External Trade Bureau was also placed under GNTC and was renamed Outlet Division of GNTC.
At the same time, as the expansion of GNTC continued, other divisions were established, including the Engineering and Agricultural Division; the Hardware Division; and a Shipping and Wharf Division, including Airline Travel.
GNTC at one time had become a very large state entity with its wide range of responsibilities for the provision of goods and services at a time when foreign exchange was difficult to obtain.
NICIL’s Executive Director, Winston Brassington
When Desmond Hoyte became President following the death of Forbes Burnham, there was a wind of change with the structural adjustment programme.The process of divestment was started, and GNTC was divested in 1991.
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