Guyana Stores directors flouting regulations – securities council

The Guyana Securities Council says the Directors of Guyana Stores Limited Ltd continue to flout regulations by neglecting to submit its accounts to the relevant stakeholders, and it said  that the retention of office by the said Directors is therefore prejudicial to the interest of the company.

On page 28 of yesterday’s edition of the Stabroek News, the Council, in an advisory, said that the Directors of Guyana Stores continue to breach “Regulation 5 and 6 of the Securities Industry (Disclosures by Reporting Issuers) Regulations 2002, which provide for the submission of annual accounts to the Council, Stock Exchange and all Stakeholders.”

The Council shared that it has written the said Directors informing them of the violation, and asking them to “make representation either in writing or in person as to why the council ought not to sanction Guyana Stores Ltd. for contravention of the aforementioned Regulations.”

Directors written by the Council on this matter include Mohamed Yassin, Khemraj Narine, Sultan Kassim, Annand C Persaud, Hubert Rodney and Naipaul Ramadhar.

To date though, there has been no correspondence from Guyana Stores Ltd addressing these matters, the advisory said.

In light of these realities the Council advised the stakeholders of Guyana Stores of their Directors’ “willful and persistent failure to discharge their obligations as Directors to ensure that Guyana Stores (Ltd) is compliant with Sections 5 and 6 of the Securities Industry (Disclosures by Reporting Issues) Regulations 2002.”

 

 

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