Brassington spent all proceeds from GT&T on Berbice River Bridge, Marriott

Aug 07, 2016 News

The People’s Progressive Party/ Civic (PPP/C) government left nothing in the public jar from

Former Director of NICIL, Winston Brassington

the billions it made off of the Guyana Telephone and Telegraph (GT&T) company over the years.
The National Industrial and Commercial Investment Limited (NICIL) sold the Government’s investment in GT&T in 2012 for US$30 million of which the sum of US$25 million was received. The remaining US$5 million was to be paid within a period of two years.
Kaieteur News had previously reported that NICIL dumped all the money it received from the sale into the Marriott Hotel.
However, it has been found that the money NICIL received from the sale of GT&T shares was not all it threw behind the Marriott Hotel.
Government also utilized the money it received in dividend payments over the years.
Government’s shares in NICIL began being managed by NICIL in 2002. Since then, NICIL collected and kept all dividends from GT&T.
Instead of putting the money into the Consolidated Fund, former Director of NICIL, Winston Brassington, kept it and treated it as NICIL’s revenues. At the end of each year, Brassington held an Annual General Meeting in accordance with the Companies Act and allocated dividends. Government, being the only shareholder in NICIL, received a portion of what Brassington treated as NICIL’s revenues.
During the period 2002-2011, NICIL received $5.261 billion in dividends from the GT&T shares, or an average of $526.1 million per annum.
Auditor Anand Goolsarran conducted a forensic audit into the affairs of NICIL. With regards to GTT, Goolsarran noted, among other things, that “GTT proceeds were kept in NICIL’s bank account for several years before being used on the (Marriott) hotel. Goolsarran stated this based on Brassington’s own admission.
Goolsarran also reported that some of the money from GTT shares was spent on the Berbice River Bridge project. So basically, all the money from GT&T dividends and the sale of the shares went into the two controversial projects. According to the audit report, there is not a cent remaining from the billions of dollars NICIL received.

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