Guysuco’s Disrespect, Eye-pass and Other Corporate Iniquities

Culture of losses

GuySuCo is a state-owned corporation. Readers already have in their possession firm details of how deeply mired it is in what I have termed “a sea of losses and indebtedness” (annual losses of about $6 billion and outstanding debt of $90 billion in 2013). This circumstance makes the corporation effectively dependent on government bailouts and other forms of external relief to remain in operation. Its corporate governance has been enveloped in a pervasive culture of losses. This gives rise to the disrespect, eye-pass and other corporate iniquities it visits on the public at large because it believes government handouts are its entitlement. Citizens and their organizations, its employees, trade unions in the industry, and members of the National Assembly to whom GuySuCo is obligated to submit Annual Reports, find themselves in a situation where this public corporation has not submitted these statutorily required reports and Financial Statements for their scrutiny since 2009. Yet the corporation brazenly expects more and more bailout funding.

Astoundingly, this disrespect and eye-pass continue amidst repeated public calls for 1) a commission of inquiry into its  …..To continue reading, login or subscribe now.

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