Badal secures court order validating reduction of Govt. shares in GSL

Jul 04, 2018 News

Majority Shareholder of the Guyana Stockfeeds Ltd, Robert Badal, is convinced that Opposition Leader Bharrat Jagdeo is seeking to do what he knows best—“scheme, lie and cause mischief.”
Badal said this yesterday as he sought to make it clear that he has not entered into any deal with the Government of Guyana for it to reduce its shares in Guyana Stockfeeds Ltd.

Majority Shareholder of GSL, Robert Badal

Badal said that Jagdeo knows exactly what happened and that he is either suffering from dementia or deliberately “lying as is his usual self.”
The businessman said this in response to an article in Kaieteur News. That article documented Jagdeo’s concerns that the government might have entered into a deal with Badal to reduce its shares in the company. Jagdeo recalled that in 2000, “Badal manipulated” the shares of Guyana Stockfeeds. The volume held by Government plummeted from 38 percent to seven percent. This prompted a move to the courts by the government.
Badal’s so called manipulation ended up seeing Government’s share reducing from 38 percent to seven, Jagdeo said.
Jagdeo said that up to when the PPP/C left office in 2015, the share remained at 38 percent. He said that he was at a loss to find out that the share plummeted again. It was on that premise that Jagdeo suggested that there must have been “a deal.”
Yesterday, Badal said, “Jagdeo knows there was no deal.”

Badal said, “Let me take you back to the beginning.” He then said that in 2000, the National Industrial and Commercial Investment Limited (NICIL) received instructions from Jagdeo not to take up the reduced shares that were issued, “but that was its rightful share.”
“There was a share issuance and NICIL refused to take up the allotment so other shareholders took it up in proportion to their holdings. A year later, they decided they want back their shares.
“They waited until one year after when I started exposing the corruption in Government publicly. We all know it does not happen like that. So what they did, they sue myself and

Opposition Leader, Bharrat Jagdeo

Guyana Stockfeeds to restore the shares. They went to court to preserve what used to be their shareholding.”
Badal said that acting Judge Jainarayan Singh Junior ruled in government’s favour. “He ruled that the share issue was null and void.” This meant that Government’s original share would have been restored.
Badal said, “it is important to note that Jainarayan Singh Junior, on the day he retired, gave 20 judgments none of which were written. Included was one that the share issue was null and void.”
Badal said that he was later told that the acting judge was threatened by Jagdeo to rule the way he did or risk not receiving his pension.
The businessman said, “After I realized what happened, I appealed the decision and late last year the appeal court reversed that (Singh’s) decision.”
Badal continued, “Even though it was known to NICIL that I appealed and NICIL accepted the ruling last year, the Opposition Leader in his tradition of brutal lies, wants to show the government in a bad light by saying that they are patronizing me.
“My business is open market, it is growing. My business doesn’t depend on Government contracts; I receive no favours from the current government. My business is competitive and it is serving the economy of Guyana significantly.”

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