Latest update September 30th, 2024 12:59 AM
Nov 07, 2018 Letters
Dear Editor,
The recent announcement by Minister Patterson that government is taking over the Berbice Bridge in the public interest, until an amicable solution could be reached with the BBCI is welcomed by the citizens.
Whatever the outcome in the future! The saga of the Berbice Bridge would require a novel to be written for the public to comprehend the kind of graft, collusion and incessant burden unleashed by the brain child, Bharrat Jagdeo, on this nation in a single project.
To begin with! Which prudent entrepreneur, entrusted by the electorate of a Nation, would in the name of Public/Private partnership, enact an Agreement, mired in secrecy clause, would offer investing partners 23% on their investment in a service oriented business ?
Any entrepreneur in this scenario ought to know that any hiccups would pass the burden on the State and ultimately the people. This is the quagmire the Nation finds itself in. Bernie Madoff and Allen Stanford find themselves in jail for offering 25% returns to investors! At 23%, it is only logical to conclude that the brain child may have secretly invested, if you have a trusted friend, it could be done because doing so openly would have raised red flags.
Prudence will tell you that this rate of return is only compatible with the smuggling of illicit drugs and underworld activities.
In an article written in KN on Sept 02, 2015, entitled, “Shareholders agreement for Berbice Bridge must be made public – Clive Thomas.”
In that article, Dr. Thomas, then and now, Presidential advisor on sustainable development, opined that the contractual agreement for the Berbice River Bridge Inc., which allows New GPC and Hand-in-Hand Trust to own 50 percent of the entity when their investment is less than five percent, is “outrageous, ruthless and unconscionable.”
The article further stated that, “The structure of the company allows equity shareholders whose investment is less than five percent ($400 million) of the total funds of the company to exercise controlling interest over the company.”
Later in the article Thomas is quoted, “This contract agreement is clearly designed to make just a handful of people filthy rich for the rest of their lives at the expense of the poor. It is a despicable contract, which must be changed. The contract agreement and the implications for our taxpayers can only be described as criminal and I will insist that the Shareholder Agreement be made public.”
Has the contract been made public to date? I think not. The people that enacted the Bridge agreement in the past regime and the people in authority in this present government who both fail to make this agreement public deserve to take up residency with Madoff and Sandford.
As the name suggests “Public/ Private Partnership”! Why should the Partners be in the know and the Public be in the dark? This is English language, can’t we comprehend it? We all are aware that both parties should be knowledgeable of any agreement “entered by and between two parties in any situation.”
As for Minister Patterson, he may have won the hearts of the Bridge commuters temporarily. He is being accused of bypassing orthodox tender procedures for the consultancy and design of the proposed new Demerara Harbour Bridge and the Coalition has been talking of Public/Private Partnership for its construction and operation.
It’s the same offal like Berbice Bridge, lying in wait like a snare! Given the present impasse with the Berbice Bridge, the public would hope that they are not shafted twice. When the chips are down, Minister Patterson in his perceived obsession with bridges may well grant the Berbice Bridge investors the 19 years extra reign on the bridge that they are seeking as a compromise for a 365% increase in toll-graft seems to be the name of the game.
To the public that may seem as a smaller shaft for them to take.
Rudolph Singh
October 1st turn off your lights to bring about a change!
Sep 30, 2024
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