Questions rise over billions $$ in GuySuCo’s scrap metal

The Guyana Sugar Corporation (GuySuCo) had an estimated $3 billion in scrap iron for disposal as at December 2017 and with the scrap metal trade recently reopened, executives of the corporation are questioning if it has already been sold and if so, where is the revenue from that sale.

“We had over $3 billion in scrap metal that was to be given to an individual but that was put on hold because there was a ban. The ban has now been lifted and we don’t know what has happened with the scrap metal, but we know we have not received any money for it,” a senior executive of GuySuCo told Stabroek News last week.

Earlier this month, executives had raised the issue of the corporation’s scrap metal and had questioned why the Special Purpose Unit (SPU) of the National Industrial and Commercial Investments Limited (NICIL) had brought in one person to collect over $3 billion worth of it…..

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