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Videomega denies $10M accusation by Opposition; moving to release records

Apr 27, 2019 News

 

Videomega, the media company linked with Public Telecommunications Minister, Cathy Hughes, has denied that it received more than $10M last year in Government contracts, including from that ministry.
In a statement on the Facebook page of Opposition Leader, Bharrat Jagdeo, on Thursday, the opposition itemized the sums which were alleged to have been paid to Videomega Productions Inc.
However, in denying the accusations, Videomega explained that it was incorporated in 1994 as an advertising agency and video production company.
“In its capacity as an advertising agency, the company would place advertisements in the print, electronic and other media on behalf of its clients. Most advertising agencies extend a thirty day credit to the client which facilitates large media placements without the necessity of paying in advance,” the company said.
The financial process involves the advertising agency placing the advertisement in the media on behalf of the client then invoicing the client for the advertisement.
“The monies received from the client are paid to the media entity who thereafter pays a commission at the rate of 10 or 15% to the advertising agency. This payment of a commission by the media entity to the advertising agency at the rate of 10 to 15% is standard international practice.”
According to the company, the payments received by Videomega are paid over directly to the media houses.
“… and therefore it is disingenuous for the PPP to say that $10.3 M is revenue earned by Videomega Productions when they know that the payment goes directly to the media houses.
The company will provide the invoices issued for the sums referred to in the PPP statement as soon as it retrieves it from its auditors.
“The management of the business of the company since May 2015 has been conducted by veteran media expert Russel Lancaster.”
Videomega said it wishes to repeat its earlier statement that Minister Catherine Hughes does not participate in the running of the company.

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