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Financially-strapped Berbice Bridge waives tolls for PPP/C Albion rally
As if it is not already facing enough financial problems, management of the troubled Berbice Bridge on Sunday waived tolls for scores of vehicles heading to an Albion rally of the ruling People’s Progressive Party/Civic (PPP/C).
CEO, Omadat Samaroo
Motorists travelling to Berbice were reportedly asked by staff if they were heading to the rally which reportedly drew an enormous crowd. The ones that answered in the affirmative were waved through while others were reportedly charged the normal tolls.
Yesterday, Kaieteur News made contact with the Berbice Bridge Company Incorporated and an official confirmed that vehicles were indeed allowed through.
However, he would not discuss where the orders to waive tolls came from. Attempts to speak with Omadat Samaroo, Chief Executive Officer, proved futile yesterday.
Kaieteur News was also unable to determine how much the Berbice Bridge would have lost in revenues because of the waiving of those tolls.
The Opposition has been complaining about the use of state assets by the ruling party to campaign for the upcoming May 11 General and Regional Elections, which is being described by observers as one of the toughest for the ruling which took power in 1992.
The Opposition A Partnership For National Unity plus Alliance For Change coalition (APNU+AFC), were not extended the same courtesy by the Berbice bridge during their recent rallies.
The Berbice Bridge itself has been facing problems. It had reportedly written
Sunday’s rally at Albion organized by the PPP/C saw one of the largest procession in recent times.
the National Insurance Scheme (NIS), a shareholder, indicating that it is unable to pay dividends for last year. Also said to have shares in the bridge are the Hand-in-Hand Insurance Company, New Building Society, Demerara Distillers Limited, Beharry Group of Companies, Queens Atlantic Investment Inv (QAII), owned by Dr. Ranjisinghi ‘Bobby’ Ramroop, best friend of former President Bharrat Jagdeo.
NIS, although sitting on billions of reserve, is facing long-term problems if it does not raise the number of contributions from employers and their workers. Currently, its expenses outstrip revenues.
The investments in the US$40M-plus Berbice Bridge had been argued as a wonderful opportunity for NIS to earn some more revenues, its managers and Government said.
It would be hard for the Berbice Bridge and its management to explain the waiving of the tolls especially when it could not pay NIS its dividends on the $950M investments made by the scheme.
In a letter to the NIS, the bridge said last year that it did not record a profit in 2014.
Chartered accountant/lawyer, Christopher Ram, had complained that while the Bridge Company claims that it had not made profits, it has failed to file its 2012 and 2013 annual returns as required by law.
Ram wrote on his online blog, chrisram.net earlier this year that based on calculations, it would appear that the tide is going out on the Bridge Company and it is leaving the NIS adrift.
“With its high borrowings, liquidity dangers for the Bridge Company are never too far from the surface. This concern is not helped by the improperly prepared financial statements such as the word “maturity” in relation to the repayment of more than $5,575 million in corporate bonds.”
He believed that the “unwillingness” by directors to file the annual reports of the company for more than two years may have something to do with the poor state of their finances.
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