Introduction To avoid getting caught up in a backlog of annual reports, Business Page today reviews the annual reports of three of Guyana’s public companies – Sterling Products Limited which held its annual general meeting on April 19, Caribbean Container Incorporated (CCI) which held its annual general meeting on April 30 and Guyana Stockfeeds Limited whose AGM is scheduled for May 23.
Introduction Following this column’s review of the 2012 Annual Report on the Demerara Tobacco Company Limited in which I stated that I am a small shareholder (500 shares) in the company, a colleague of mine criticised me for profiting from a company whose product is now known to be a killer.
Introduction The conglomerate, Demerara Distillers Limited, which has as its flagship the world famous El Dorado rum, will be holding its annual general meeting next Friday April 26 when the directors will report on the performance and state of affairs of the parent company and its ten subsidiaries and one joint venture.
Introduction I closed last week by introducing a table which set out the transactions between Demtoco and other companies in the group.
Introduction: The Demerara Tobacco Company Limited (Demtoco), held its Annual General Meeting this past Tuesday April 2, 2013, kicking off the season of annual general meetings of Guyana’s public companies with a December 31 year end.
Introduction: For decades, perhaps in some cases even close to a century, family businesses have formed the backbone of the Guyana economy.
Introduction I take these words not from Dr. Roger Luncheon who used it around the time of the Agricola protests but from the American boxing announcer who trademarked it.
Conclusion Introduction Well, Mr Brassington has done it again. Like he did to me over the Berbice River Bridge Company, he wanted me to hold back a column while he committed NIS money to the Berbice Bridge.
Introduction Earlier this week I sent to Mr Winston Brassington, the head of Atlantic Hotel Inc, (AHI) the company financing the construction of the hotel complex a number of questions dealing mainly with the construction phase.
Part 2 Introduction In the first part of this article I wrote that I did not see a copy of the final contract between Atlantic Hotel Inc (AHI) and SCG International (Trinidad and Tobago) Limited (SCG/the contractor) for the construction of the Kingston hotel property financed by the Government of Guyana, owned by AHI and proposed to be managed by and operated under the name of Marriott, the international hotel chain.
Introduction The so-called Marriott Hotel, a scheme conceived by former President Bharrat Jagdeo − after one of his friends failed in his bid to buy the Guyana Pegasus – blessed by Mr Jagdeo’s successor President Ramotar, facilitated by Dr Ashni Singh, his Finance Minister and Chairman of National Industrial and Commercial Investments Limited (NICIL), executed by Mr Winston Brassington, NICIL’s CEO, and defended by political heavyweights like Drs Luncheon and Gopaul, puts in the shade the questionable transactions undertaken in the name of the people of Guyana since 1992.
Introduction The quotation taken from a judgment of US Supreme Court Judge Wiley Blount Rutledge is as true today as when it was handed down in a case nearly seventy years ago.
I have always been perplexed why companies in Guyana consistently ignore one of the most important considerations among their shareholders.
Introduction Today I return to the article on NICIL (National Industrial & Commercial Investment Ltd) which I started two weeks ago but which I interrupted to conclude my 20th anniversary piece on the banking system.
Conclusion Today I return to and conclude the topic started on December 16, 2012 to mark the 20 year anniversary of Business Page.
Introduction If NICIL – the National Industrial & Commercial Investments Limited – was a play, it would be one that challenges Othello and King Lear for the dubious distinction of saddest tragedy ever written.
Introduction It is that dreaded time of the year when columnists are expected to look into and engage in attempts to predict the future.
Correction, addition and appreciation In last week’s column I stated as the year in which the Government of Guyana took over the assets, liabilities and operations of the Royal Bank of Canada as 1994.
Introduction Twenty years and four days ago, Business Page became a feature of the Sunday Stabroek.
Introduction Perhaps it is the constant stream of news coming out of Trinidad about Commissions of Enquiry, referring files to the Director of Public Prosecution or about police investigations in that country.
Conclusion Introduction This week I continue to raise questions on matters we may not have noticed in areas of public finance and management in Guyana.
Following, but not as a result of last week’s column addressing the parlous state to which Cabinet Secretary Dr Roger Luncheon has brought the National Insurance Scheme, I had two very interesting conversations, one with a business leader and the other with an MP.
Introduction Dr Roger Luncheon, Chairman of the National Insurance Scheme (NIS) and chief spokesperson for the Government is denying the reality of the parlous state of the NIS.
Introduction Proving that true honeymoons are for first timers only, President Barack Obama returned the morning after the night before to his office/home at the White House and was immediately confronted with some of the immediate challenges he would face the second time round.
Introduction Last Thursday, President Donald Ramotar swore in Mr Deodat Sharma as the country’s Auditor General.
Introduction The 2011 Auditor General’s report is the earliest since 1993. It is also among the poorest in terms of quality and content.
Introduction The 1986 lifting of the four and a half years ban on the importation into Guyana of wheaten flour was of national significance in our economic history.
Introduction The Luncheonese in the heading is deliberate. Business Page of May 10 2009 wrote that the NIS faced real and disastrous consequences from Cabinet’s failure to act on the recommendations contained in the 2001 and 2006 Actuarial Reviews of the NIS.
Conclusion In the introduction to last week’s Business Page I pointed out that it was refreshing that the mid-year report was not only prepared within the statutory deadline but that the report was actually made public even before it was laid in the National Assembly which is presided over by the Speaker.
Introduction For years, this column has made some sharp comments about the Finance Minister over his presentation of the economy’s mid-year report required under the Fiscal Management and Accountability Act.
Conclusion Introduction Today completes a series on the liquidation process of the insurance giant that collapsed spectacularly in early 2009 after news came out of Trinidad and Tobago that the company’s parent had been taken over by that country’s central bank following a dramatic run on the company mainly by policyholders.
Introduction Here is a cheque drawn on the account of Clico – in Liquidation.
Introduction This column is about Clico Life and General Insurance Company (South American) Limited (Clico), a regional insurance giant whose Guyana subsidiary collapsed spectacularly when Mr Ian Chang, Chief Justice appointed Mr Lawrence Williams, Governor of the Bank of Guyana to liquidate the company.
Conclusion Introduction As this column evolved over the past month its focus moved beyond Linden and electricity to the whole of Region 10 of which Linden can be considered the capital.
As with the first, the second installment of this column last week attracted a full length response from the Prime Minister Samuel Hinds which as far as I could understand pleaded with me “to help soothe anxiety about removing a historical subsidy.” I have no objection to doing so if Mr Hinds would share with me a copy of the Bosai Power Purchase Agreement and detailed information on the generation and distribution of electricity in Region 10.
I apologise for the non-appearance of the column last week owing to travel commitments Introduction It is now more than three weeks since what was intended as a five-day protest against the electricity hikes in the region took a dramatic turn for the worse on the very first day with the deaths of three protesters.
Introduction In the 2012 Budget Speech, Dr Ashni Singh, Minister of Finance said: “Currently, in Linden, electricity costs between $5 and $15 per kWh, while on the GPL [Guyana Power and Light] grid customers pay an average of $64 perkWh.
(Conclusion) Introduction Today’s column concludes my review of the strengthening of economic relations between Guyana and China.
Introduction No free chow mein. That was my first thought as I tried to interpret the words of Minister of Public Works and Communications Robeson Benn in relation to the airport expansion project that “we [meaning the government] had to enter into an agreement because we had a very narrow window in September where a Chinese Vice Premier came to the Caribbean with several billion dollars to fund projects and it was the only opportunity we had then to fund this undertaking.” Call it boldness, recklessness or madness, Mr Benn was honest in telling Guyanese how the country arrived at the decision to bind the people of the country with a debt of more than thirty billion dollars, in secrecy and without any feasibility study.
Introduction At that age where reminiscing is one of life’s remaining pleasures it is with fondness that early memories of the accounting profession come to mind.
Part 2 Introduction The events of the past week have been significant and distracting.
Introduction I will start with a simple but stark statistic. My list shows that nought-point-nought one per cent (0.01%) of the Guyana population owns between 70 and 80 per cent of the private wealth of the country.
Conclusion Introduction Today’s column completes a three-part article looking into the operations of this non-bank, deposit-taking financial institution as well as its murky relationship with the brother of a related party.
Introduction Notwithstanding the caption of this article, the first part in last week’s Business Page dealt not with the Hand-in-Hand Trust Corporation Inc (HIHT/the company) but with Winston Brassington and his brother who Winston boasted had saved HIHT from the fate of Clico.
Introduction I intended to start today a two-part column on the recent disclosures on Hand-in-Hand Trust Corporation Inc.
Introduction Amidst the din and controversy of ‘to cut or not to cut’, Guyana Power and Light Inc, the country’s number one, state-owned electricity supplier was voted the sum of five billion dollars in the 2012 Budget.
Continued from last week Introduction Last week we sought to conclude our review of the financial statements of NCN for the three years from 2004 to 2006.
Statutory framework Business Page was able to access the annual reports of the National Communications Network Inc (NCN) for the three years from 2004 to 2006 and for Guyana National Newspapers Limited (GNNL) for 2006.
Business Page today continues its review of the annual reports of companies for the year 2011 by covering two of the public companies in the Beharry Group – the Guyana Bank for Trade and Industry
Today we continue our review of the annual reports of two more of the country’s public companies – Caribbean Container Incorporated (CCI) which held its annual general meeting last Friday and the Guyana Stockfeeds Incorporated (Stockfeeds) whose annual general meeting is scheduled for tomorrow.