The liabilities of Guyana Stores Ltd (GSL) at the time of its sale by the state and whether its assets had been stripped were among issues that arose as NICIL’s head Winston Brassington was cross-examined on Friday in a case where NICIL is seeking to recover an outstanding sum of US$2M which formed part of the purchase price.
Senior Counsel Rex McKay, representing the present owners of GSL, suggested to Executive Director of the National Industrial and Commercial Investments Limited (NICIL), Brassington, that the assets of GSL had been fraudulently stripped before it was privatized.
“You were taking loans and said whoever takes over will pay these loans,” McKay queried Brassington
