With some $420 million owed to the Bank of Guyana by the Guyana Sugar Corporation (GuySuCo) for its Sugar Trading Enterprise Pension Scheme (STEPS), President Irfaan Ali yesterday announced that government will pay the outstanding sums.
“Whatever GuySuCo has to transfer, we will transfer. I will seek from the Ministry of Finance and GuySuCo, the information,” the President said.
The Stabroek News last week reported that the Bank of Guyana (BoG) had written GuySuCo, calling on the company to pass on $420 million in contributions from workers intended for their STEPS pension scheme.
This newspaper understands that BoG’s letter was sent to the corporation on August 15. It informed that the non-remittance of the amount to the Sugar & Trading Enterprises Pension Scheme was a breach of trust and called for immediate payment.
Ali also expounded on the number of measures he said that that his government has taken to help revive the industry and assured that it will be done.
