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Late sugar payments delay staff salaries — GuySuCo

Jul 02, 2014 News

The state-owned sugar company yesterday denied that it ran out of cash to pay office staffers over the past week.
Rather, the Guyana Sugar Corporation (GuySuCo) said that the situation was exacerbated by a delay in payments from one of its customers.
“Contrary to the news that were carried by Stabroek and Kaieteur News that GuySuCo “ran out of cash” and was “illiquid” thus salaries were not being paid last Friday, the normal pay day for salaried employees, the Corporation wishes to make clear that payments were delayed as a result of the late payment for sugar sales by one of its customers.”
GuySuCo said that the delayed payment was indeed a financial constraint, “but certainly not caused by “running out of cash” or “illiquidity”.”
Office workers were set to be paid last week when GuySuCo said it “realized that payments could not have been made on the normally due day”.
It “communicated to all affected employees, both senior and junior staffs, that payment of salaries will be delayed and that payments will be made next Wednesday (today), which is July 2. Payments of wages were made last Friday to all daily, weekly and piece-rated employees.”
GuySuCo has been plagued by a run of poor performances in recent years, plunging to a 23-year low in 2013 to 187,000 tonnes.
The first crop of this year has surpassed targets, with the industry recording 74,842 tonnes. This year, GuySuCo has set a lowly 216,000 tonnes compared to the 260,000 tonnes set in 2013 and which had been revised several times downwards.
GuySuCo has benefitting from billions of dollars in cash from Government to help finance a number of critical agriculture projects to help turn the fortunes of the industry.

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