Government’s holding company NICIL is under no duty to deposit its revenue into the Consolidated Fund and Article 216 of the Constitution does not apply to it, according to advice given to NICIL last year as the public corporation faced a forensic audit.
The forensic auditor, Anand Goolsarran had cited NICIL’s “violation” of Article 216 in recommending the filing of criminal and/or disciplinary actions. Others had previously also argued that NICIL had violated Article 216. However, according to documents obtained by Stabroek News, as NICIL was being audited, its Executive Director Winston Brassington sought legal advice and was told that Article 216 does not apply to the entity.
“Section 216 applies specifically to revenues raised by the State. NICIL is not the State,
