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DIDCO’s bankruptcy proceedings nearing end

Jan 06, 2015 News

The winding up proceedings of one of the country’s most recognizable companies, DIDCO Trading, is in its final stages.
Several parcels of lands, in New Hope, East Bank Demerara, are in the process of being transferred to E.C.V. INC, a company located at Houston. The assets are part of the vast holdings of the financially-troubled DIDCO.
DIDCO is the company associated with the well-known Kentucky Fried Chicken (KFC) franchises in Guyana, a relationship which ended last year after the company was forced to pull down the signs.
As part of the process to pay off debts owed to the Guyana Revenue Authorities (GRA) and others, several assets are to be disposed of.
According to a notice in the Official Gazette on December 27 by Receiver and Manager, Harry Noel Narine, an Accountant, he is acting on an order of the High Court dated June 12, last year and based on an application he made.
The lands at New Hope involve four parcels of land that DIDCO, before it went into receivership, was in the process of selling as house lots. There had been around 400 house lots involved.
DIDCO was one of the biggest players in the imported chicken business before it branched off into the poultry and animal feed business as well as shipping.
Controlled by Deo Singh, DIDCO Trading Company, with its Head Office located at Ramp Road, Ruimveldt, at the height of its operations, employed over 400 workers.
But in late 2009, GRA filed claims against the company claiming that it is owed employees’ taxes for over three years.
DIDCO managed to be granted an eight-month stay. It, however, failed to pay the $180M in debts that GRA was demanding in outstanding taxes.

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