Granger commits to defusing tensions between GuySuCo, NICIL

-says bond funding to be released in a timely fashion

President David Granger addressing workers in the Albion/ Port Mourant Estate Factory during his tour yesterday. (Ministry of the Presidency photo)

President David Granger yesterday announced that government would be seeking to resolve the tensions between the Guyana Sugar Corporation (GuySuCo) and the National Industrial and Commercial Investments Limited (NICIL), while ensuring that the company gets much needed funding in a timely manner to meet its needs.

“I am here to let you know that Government is going to put the relationship between NICIL and the Corporation on a firm footing. The Government asked for a valuation of the Corporation’s assets. NICIL went ahead and received a G$30.0B syndicated bond, to provide financing for the Corporation. That money is coming to GuySuCo. This is in pursuit of a plan. We feel that GuySuCo has a credible corporate plan and we must all work together to achieve a good outcome. Everybody wins if GuySuCo wins. We are going to ensure that that money comes in a timely manner and in sufficient amounts,” Granger was quoted as saying by a Ministry of the Presidency statement during a meeting with management and staff of the Albion Estate at its Training Centre in Albion, in Region Six.

NICIL’s Special Purpose Unit (SPU) and GuySuCo have been in a power struggle for roughly two years, with each accusing the other of undermining its efforts…..

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