GUYSUCO – Expressions of Interest

Oct 03, 2020 Letters

DEAR EDITOR,

It was interesting to note the Sugar Corporation’s invitation, in Stabroek News of 30th September, 2020, for Expressions of Interest ‘from the private sector who are prepared to work with the company (corporation) in a joint venture partnership…in relation to the operationality of ‘six (6) cultivations….supported by six sugar mills.’
This intervention (not an initiative) should recall to minds of those involved at the time the Guyana Chronicle of December 07, 2017 carrying the following headline “GuySuCo Operating in Rogue Manner”, over an interview conducted with then Head of the Special Purpose Unit appointed by the last Government.
The following are extracts of some of the observations made by the official:
i) “Several proposals were made for privatisation and/or diversification of Skeldon, Rose Hall and East Demerara (Enmore) factories (note not estates).”
ii) “The possibilities, he said, are that maybe multiple factories may remain in sugar, but the current management of GuySuCo does not want the possibility of a new owner or management to succeed at making the cane-producing industry profitable, because it would make them look bad.”
iii) “…GuySuCo should have handed over stewardship to the SPU, and in so doing sever the workers, who would have later been rehired by the SPU. This should have happened on December 31 in order to have a smooth transition.”
iv) “…GuySuCo is operating in a rogue manner, because when the entity needs money for operations, it cooperates with the State, but when there are decisions to be carried out, the sugar company claims to be a limited liability company and does not have to follow orders.”
The following extract from Kaieteur News of December 08, 2017 may also be of interest and worth pursuing by the current executive management team of GuySuCo:
“PricewaterhouseCoopers selected to value GuySuCo’s assets”.
The Special Purpose Unit (SPU) under the National Industrial and Commercial Investments Limited (NICIL), yesterday announced that that PricewaterhouseCoopers (PwC) has been selected as the firm to value the assets of the Guyana Sugar Corporation (GuySuCo) in the ongoing privatisation and divestment process.
In the announcement yesterday, SPU which has its offices at the LBI estate, East Coast Demerara, selected tenders that were invited from PricewaterhouseCoopers, Ernst and Young, Deloitte, and KPMG.
“All negotiations with PwC have been completed and a contract is expected to be signed by December 18, 2017,” SPU disclosed.
“After the valuation exercise, PwC will develop an investment prospectus and will, through the SPU, distribute to all interested investors. PwC will be tasked with ensuring a level playing field for all interested parties and stakeholders.”
The returns by PricewaterhouseCoopers logically belong to the current administration.
For further verification see below photograph copied from Kaieteur News of December 08, 2017:

PriceWaterhouseCoopers reps meeting with SPU recently.

E.B. John

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