The Guyana National Industrial Company Inc (GNIC) yesterday settled its more than $100m debt to government holding company, the National Industrial and Commercial Investments Limited (NICIL) for leased land.
In addition to fully paying the $148M it owed, GNIC also paid the almost $10M interest accrued.
At an in-chamber hearing before Commercial Court judge, Justice Rishi Persaud, counsel for NICIL, Timothy Jonas, confirmed the settlement between the two companies.
Attorney for GNIC, Neil Boston SC, reported to the court that the debt was paid in full.
