Latest update January 9th, 2025 4:10 AM
Latest News
- Gov’t fearful of what investigation of lopsided oil contract would reveal- Chris Ram
- Hess hopes govt. 7th oil project will be approved by April
- ‘Ceasefire, captives deal in Gaza ‘very close’—Blinken
- Guyana protests as Venezuela plans to elect governor for Essequibo
- Woman dies while relaxing in car with boyfriend
Appalling concessions given to private investors in Berbice Bridge
…Opposition intends to up the ante to have tolls reduced – Harmon
A Partnership for National Unity (APNU) is gearing to up the ante to bring Government into compliance with a resolution it approved in the House recently to reduce the tolls charged to cross the Berbice River bridge.
Ranjisinghi ‘Bobby’ Ramroop
Government throughout the debate maintained that it would not comply with the motion and the Attorney General.
Anil Nandlall has in the past argued that such resolutions in the House are not binding on Government.
APNU’s Joseph Harmon, in a brief interview with this publication said that the coalition has a number of options available, including hauling the company before the Parliamentary Economic Services Committee.
The APNU Member who brought the motion to the House said that they will also be seeking to engage the public to have public opinion brought to bear on the company to force the reduction in the tolls.
He said that there must be a public expression of support on the part of the Guyanese people
Harmon in insisting that the company can afford to reduce the tolls, pointed out that there are numerous appalling concessions that were handed to the company such as tax free dividends and guaranteed rate of returns, among others.
He lamented that many of the concessions are not public knowledge given the infamous ‘Brassington Clause’ which limits the sharing of information.
The National Industrial and Commercial Investments Limited (NICIL) which had held 950 million shares, the single largest bloc, prior to the sale to the National Insurance Scheme (NIS), had waived collecting several hundred millions in dividends to allow the other private investors to reap the benefits.
Behind NIS, the single largest private shareholding belongs to Dr. Ranjisinghi ‘Bobby’ Ramroop through the New Guyana Pharmaceutical Corporation (GPC) and Queens Atlantic Investment Inc (QAII).
When the motion was debated in the House, Public Works Minister, Robeson Benn had said bluntly, “I will not reduce the toll for any person in Guyana until we have determined economically that it will be a benefit.”
That debate was punctuated with perceived threats of murder, incessant heckling and even a bout of blackout, when the Peoples Progressive Party Civic (PPP/C) Government rejected the motion to reduce the tolls for crossing the Berbice River Bridge, but it was in the end approved by the Full House given the voting strength of the Political Opposition.
The Motion was successfully piloted by Harmon, who argued that the tolls being charged by the Berbice Bridge Company Inc was excessively high and meant to only enrich a few.
He said that arguments that the company is a private one are nullified by the fact that under the Berbice Bridge Act, the Minister of Public Works has responsibility for the setting of the tolls.
APNU’s Joseph Harmon
The ownership structure of the Company is made up of ordinary share capital of $400 million owned by Private investors and preference shares of $950 million owned by NIS.
The holders of the ordinary shares, are NIS, New GPC, Queens Atlantic and Secure International Finance Company, each having $80 million, and Hand-in-Hand and Demerara Contractors each holding $40 million.
The project was built using the controversial Public Private Partnership under a Built Own Operate Transfer.
Ownership of the company will have the status quo maintained for 21 years after which it will be turned over to Government.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Jagdeo’s policies were a disaster
Peeping Tom… Kaieteur News- Bharrat Jagdeo’s proclamation of his party’s approach to reducing income inequality... more
Forget Begging Rich Nations: Caribbean Countries Should Act to Save Themselves
By Sir Ronald Sanders Kaieteur News- It has long been evident that the world’s richest nations, especially those responsible... more
Weekend Cartoon
