Sale of 20% GT&T shares...NICIL suspects Chinese buyer produced fake documents

Sale of 20% GT&T shares…NICIL suspects Chinese buyer produced fake documents

Jun 16, 2016 News

The Board of the National Industrial and Commercial Investment Limited (NICIL) is still trying to understand

NICIL’s Chairman,
Dr. Maurice Odle

the controversy surrounding the sale of government’s 20 percent shares in the Guyana Telephone and Telegraph (GTT) Company in all its components.
NICIL Chairman, Dr. Maurice Odle, told Kaieteur News that there is much to comprehend about the entire deal that seems to be growing more and more complicated. He said that NICIL is currently in the process of trying to verify the veracity of a claim made by Hong Kong Golden Telecom to the effect that the People’s Progressive Party/ Civic (PPP/C) Government granted a US$5M waiver.
Hong Kong Telecom is said to be a subsidiary of Datang Telecom International Technology (Hong Kong) Company Limited, which is wholly owned by Datang Telecom International Technology Co., Ltd., PR China. Datang Telecom International Technology Co., Ltd. is listed as a second tier subsidiary in the Datang Group of Companies.
On August, 24, 2012, Hong Kong Golden Telecom bought Government’s 20 percent shareholding in GTT that was being managed by NICIL. The sale was negotiated at a price of US$30M. However it was done on a hire purchase.
NICIL’s then Director, Winston Brassington, had agreed that the company would have paid US$25M at the time of the sale then to pay a remaining US$5M two years later. The remaining money was never paid.
The new government soon realized that its hands were tied in trying to receive the money as Brassington agreed for the UK courts to settle any financial matters.
Dr. Odle said that it was in an effort to avoid spending huge sums in the courts, NICIL decided to ask

Former Ambassador, David Dabydeen

government to intervene in going the diplomatic route. Harmon undertook that task.
Dr. Odle said that NICIL suspected that Datang presented Minister of State, Joseph Harmon, with fake documents. This would have happened during the controversial trip that Harmon made to China a few months ago.
Harmon had indicated that Hong Kong Telecom told him that following a series of communications with the Former Guyana Ambassador to China, David Dabydeen, the company was assured that it was not required to pay the balance of US$5M.
Hong Kong Telecom claims that this is because it had not been granted the same minority protection rights that used to be enjoyed by the Guyana Government which is two, instead of one, representatives on the GTT Board of Directors. Hong Kong Telecom said that it was promised that privilege.
The Company said that the decision to waive the US$5M was contained in a side agreement.
So far, that claim has not been supported by any other former government official or any other document in the hands of the current Government of Guyana.
Dr. Odle said that NICIL has since been trying to verify the claims of the Chinese company.

Former NICIL Director, Winston Brassington

He said that NICIL has since written the Ministry of Foreign Affairs seeking a copy of any correspondence that can validate Hong Kong Telecom’s claim. Dr. Odle said that a similar letter has been forwarded to the Ministry of Finance and NICIL is awaiting the responses of both those Ministries.
Further, Dr. Odle said that NICIL tried to make contact with Dabydeen. He said that the former Ambassador gave indications to the effect that the documents “are not valid.” However, Dr. Odle said, “That alone is not good enough. There are other questions we need to get answered by the former Ambassador. He is yet to answer those,” said Dr. Odle.