The management team at GuySuCo earns G$14.1M per month

Feb 15, 2017 Letters

Dear Editor,
GuySuCo dropped another bombshell on the nation. It announced that 1st crop for 2017 at Skeldon Estate will be suspended. The reason given by GuySuCo’s management is that Skeldon Energy Inc. (SEI) “informed” GuySuCo that the cogeneration plant is unsafe to operate. This reasoning sounds good. At face value, anyone would agree that it is a solid decision. In reality, GuySuCo has embarked upon a grand scheme to deceive this nation and justify its “close-down & sell-out” vision.
Editor, I will present some details to substantiate my claim and at the same time allow my fellow Guyanese to formulate their own conclusions being more informed. Firstly, SEI is not a foreign company. Like GuySuCo, it is owned by Government of Guyana, so SEI & GuySuCo have the same owner. Secondly, Skeldon ended operations in December 2016 and programmed its start-up for March 18th, 2017 giving the boilers and sugar factory 12-13 weeks of maintenance time. Instead of capitalizing on this time, SEI continued to operate the “unsafe” boilers in a poor manner with less than competent staff after sugar operations ended. Why continue to operate the “unsafe” boilers?
Why repairs were not planned to maximize on the available 3 months or is such a period too short? We also recall that GuySuCo ceased operations in the first week of December 2016 and incurred production losses to facilitate boiler inspection by “international experts”. This confirms that GuySuCo & SEI knew about the magnitude of work since December 2016. GuySuCo’s CEO, Chairman & Management gloated about those findings in the press. Thirdly, GuySuCo must have discussed its production schedule with SEI before February 2017 which would reason that SEI knew about GuySuCo’s intentions to start operations on March 18th, 2017.
Why a sudden advisory from SEI about boilers being unsafe? Is it that these two companies are not communicating with each other or the two CEOs have been warming seats for the past weeks? Fourthly, Skeldon is projected to produce a meagre 8,871t sugar in 1st crop 2017. With crop suspension, production will now be zero; therefore, the industry’s target is now at 65,301t. This is the lowest ever in recent memory and must be an embarrassment to Govt. GuySuCo will cleverly argue that canes will be carried over to 2nd crop 2017 and sugar will still be made. While, it is true that canes can be carried over, it is also true that, as much 60% of sugar will be lost and this is being very conservative. A 60% sugar loss equates to 5,323t sugar or G$381,896,550 (using US$350/t sugar and US$-G$ at 205). Who will be held responsible for this loss of revenue to Guyana’s already sluggish economy? Do we afford this loss at this time?
If Government will not hold anyone accountable from SEI or GuySuCo for such spectacular failure in basic planning costing the nation hundreds of millions, it confirms that SEI or GuySuCo or both companies have a deliberate plan to drive Skeldon further into indebtedness to strengthen further a case for “sell-out” and at the same time reduce the Estate’s value to enable prospective buyers to pay few dollars for assets. My fellow taxpayers, this is our returns for paying the mill-stone management team at GuySuCo G$14.1M/month.
Sookram Persaud

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The management team at GuySuCo earns G$14.1M per month

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