NICIL’s outburst a diversion – Greenidge

Jul 06, 2014 News

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The National Industrial and Commercial Investments Limited (NICIL) which is headed by Winston Brassington, recently

lashed out at A Partnership for National Unity (APNU) for its “calculated, ill-informed and politically motivated” assault on the operations of the controversial entity and its senior management.
However, APNU’s Shadow Minister of Finance, Carl Greenidge, is challenging him to cite specific cases that show clear inaccuracy.
In response to the missive sent out last week by the government holding agency, Greenidge said, “This outburst by the NICIL head is of course intended to divert the public’s attention from the substantive issues before the nation.
Specifically, it relates to the constitutional crisis triggered by the illegal action of the Minister of Finance (unapproved spending).”
He added, “I have read with sadness and no surprise the diatribe by Brassington against the APNU. No sensible politician claims to be omniscient or a saint. But for someone who is paid from the public purse, to attack the representatives of those who pay the taxes is pretty arrogant, if not provocative.”
He added, “To bemoan the fact that a political party’s comments are politically motivated is pretty astonishing. That is the function of a political party and making comments that are calculated is a requirement of intelligent commentary.
“If he (Brassington) has problems with the accuracy of any of the comments he should cite the specific case.”
The politician had also asserted that Brassington would be better advised to do his work properly, “rather than take on the job as the Minister’s attack hound.”
“Each time the Minister comes under public pressure he seeks to come to his rescue with some ridiculous diversion. If NICIL was established to do the job of managing securities, which he has mentioned, what is it doing giving out land to Ministers and cronies of the Government and to Chinese firms?”
Greenidge had brought a Motion before the National Assembly which sought to have NICIL’s revenues transferred to the Consolidated Fund.
However, NICIL made it clear that from 2002 to 2013, it paid into the Consolidated Fund, $11.9 billion in dividends from the profits of its operations and its various and ongoing investments. It claimed that it is a net contributor to the Treasury and, its operation remains fully accountable and transparent.
It added, “NICIL’s operations have always been subject to public scrutiny and are accountable and answerable to Cabinet for its financial transactions made on behalf of the country.
Its finances are also subject to full public disclosure. NICIL is audited by the Audit Office of Guyana. The company has received  unqualified audit opinions each year, since 2002 (the year NICIL and the Privatization Unit were operationally merged), acknowledging the Financial Statements to be a true and fair view in all material respects of the financial position of NICIL up to  December 31, 2012.”

“This unqualified opinion also endorses that the financial performance and cash flows of the company are in accordance with International Financial Reporting Standards as issued by the IAS (International Accounting Standards) Board.”
Greenidge however contended that if NICIL had prepared and submitted all its annual reports from 2002 and 2013 why would the Parliament in a Resolution of June 2012, demand that the Minister transfer funds it was holding to the Consolidated Fund in the absence of regular transfers to the Fund…”
He added, “The Assembly has called on NICIL to account for the Lotto Funds, the World Cup Funds and to explain what it was dong with GGMC funds. I do not recall them ever receiving an answer.
“Where in their accounts are these accounted for? When was that report approved by the House? NICIL has paid G$11.8bn to the CF but what has become of the estimated $50B in privatization funds the former AG estimated NICIL holds?”
A motion was filed in early December by Greenidge of A Partnership for National Unity (APNU) which charged the Finance Minister with failing to comply with a Parliamentary order over the two matters.
In his motion, Greenidge asked that the House send the Minister to the Committee to answer why he failed to comply with requests for the reports of the Government agencies to be laid in the National Assembly and for the monies to be placed in the central treasury account, the Consolidated Fund.
Among the Government agencies which reports were supposed to be laid in the National Assembly were the Guyana Development (Lotto funds) and the Guyana Geology and Mines Commission.
Greenidge pointed out that the National Assembly took the decision on the reports since June 27, 2012. However, as at December, the Minister had not complied.
In his ruling, the Speaker of the House, Raphael Trotman had reportedly said that he had to consider whether the motion raised an issue of privilege pertaining to National Assembly, the Minister, or both.
“While there are clear indications that the Minister did not comply, it is impossible to determine whether this was deliberate on the part of Singh; or whether there was difficulty in implementing them.”
Trotman found that a case has been made out against the Minister and that the particular issue of the reports was referred to the Privileges Committee.
Nonetheless, Greenidge added, “It is forgivable to be ill-informed but not to be dealing in half truths. The submission of NICIL’s annual reports has not been routine and they only followed the public outcry in 2012.
As for those reports being unqualified he (Brassington) does not find it convenient to mention how many of those annual reports were submitted in 2012 and 2013, all signed by the same person on the same day. Clearly he believes that we have not seen the Auditor General’s reports for the years 2002/2003 or of 2008.”

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