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30
Dec 19

NICIL further rewards scholarship awardees

From left are Edward Anderson, Marissa, Pawan, Chitra and Basoodeo Utam
From left are Edward Anderson, Marissa, Pawan, Chitra and Basoodeo Utam

Three Berbice High School students who were awarded the first National Industrial & Commercial Investments Ltd (NICIL) National Grade Six Assessment (NGSA) scholarships for 2019 were once again all rewarded by the company for excelling at their Christmas term exams.

According to a NICIL release, the students, Pawan Etwaroo, Chitra Ramdihal and Marissa Siriram, all scored over 70 per cent at their exams.

Pawan Etwaroo and Chitra Ramdihal, had both topped Region Six, while Marissa Siriram had come in fifth. However, while they were all placed in different Grade Seven classes, Ramdihal achieved 83% with Siriram gaining 76.8% and Etwaroo 74.6%.  The students were all elated to have scored over 70% and promised to improve their performances next term. Etwaroo also was able to make his school under-15 cricket team, confessing that he has a deep passion for the game. He however promised to balance his love for cricket with his studies to ensure that his grades remain impressive.

The scholarship was instituted by the NICIL’s CEO, Colvin Heath-London, after the Minister of Finance, Winston Jordan, felt that something tangible ought to be done to reward the children of former and or present GuySuCo workers in Region Six who performed exceptionally well at the 2019 NGSA. After receiving the Minister’s approval, the NICIL/SPU Region Six NGSA Scholarship was established. The top five students for Region Six were awarded with school supplies and a monthly stipend of $50,000 each.

At a presentation ceremony, NICIL’s Rose Hall Berbice Estate Manager, Edward Anderson, expressed his company’s pleasure to be once again rewarding the students. He noted that their investment thus far in the three children is certainly paying off as it was evident that with the required support, financial and otherwise, that they could certainly achieve their academic goals. “When we decided to invest into these children, [we] recognized that it was the right thing to do as they were evidently faced with challenging financial difficulties. As such, we felt that such a scholarship programme would have further enhanced their academic ability as it is a known fact that some students are unable to perform to their highest potential because of financial difficulties facing their homes,” Anderson was quoted as saying.

Anderson reiterated his company’s commitment to continue lending valuable support and assistance to the three students urging them to be aware that their performance would help in reaffirming NICIL’s belief that they are worthy of financial and other support. “All we at NICIL expect of you is to do your best and we are already aware that you three are highflyers, so continue the trend of excelling as we are definitely confident of you going on to achieve your set dreams. Guyana will certainly be a better place with three top professionals in some years’ time,” he declared.

Deputy Headmaster of Berbice High, Basoodeo Utam, congratulated the students for what he said were excellent performances. He declared that he along with the rest of the school’s teaching staff were impressed with the conduct and performances of the three students, singling out Etwaroo’s selection to the school’s cricket team. “We are aware of Pawan’s cricketing ability and we intend to continue lending support to him as he continues to excel in both sports and academics. While Chitra is leaning towards the arts we recognise that Marissa is a very shy young lady, but we are confident that before the end of the academic year that they both would also be deeply involved in extracurricular activities,” the Deputy said.

Utam acknowledged that the school recognised that several students were from financially challenged homes and has been raising funds through the execution of a number of projects and programmes so that they could lend assistance to those greatly in need. He disclosed that the school concert was able to assist the school in distributing over 30 hampers to some of the school’s most needy students and intends to lend further assistance to other students in the new year.

“Support from Corporate companies and organizations like NICIL helps us significantly in achieving our set objects and goals and we are appealing to others to emulate the actions of NICIL as I can assure you that with the relevant support and assistance these students can and will excel,” Utam urged.

As part of their reward package the three students will be spending the weekend with their parents and siblings at the Watooka Guest House, while touring several places of interest in Region Ten next weekend.

 

Source: Stabroek News

29
Dec 19

The three students who were awarded the first National Industrial and Commercial Investments/Special Purpose Unit (NICIL/SPU)-National Grade Six Assessment (NGSA) scholarship for 2019 were again rewarded by the company for excelling at their Christmas term exams.

From left – Mr. Edward Anderson, Marissa Siriram, Pawan Etwaroo, Chitra Ramdihal and Deputy HM, Mr. Basdeo Utam

 

The students who are all attending the Berbice High School all scored over 70 percent at their exams.
The scholarship was instituted by the company’s Chief Executive Officer (CEO) (ag), Colvin Heath-London, who acted upon a suggestion by Finance Minister, Winston Jordan that something tangible should be done to reward the top performing children of former and/or present GUYSUCO workers in Region Six.

He had given the required approval, thus setting in motion the establishment of the NICIL/SPU Region Six NGSA Scholarship. The students who were among the top five performers of Region Six were awarded with school supplies and a monthly stipend of $50,000 each.

The students Pawan Etwaroo and Chitra Ramdihal had both topped Region Six, while Marissa Siriram was fifth top performer. They were all placed in different Grade Seven classes with Ramdihal achieving 83 percent, Sirinam 76.8 percent and Etwaroo 74.6 percent.
The students were all elated to have scored over 70 percent and committed to improving their respective performances next term.
Etwaroo, who was also able to make his school’s under 15 cricket team, said that he has a deep passion for cricket. He however promised to balance his love for cricket and books thus ensuring that his grades will be one that remains impressive.
At a simple presentation ceremony, NICIL’s Rose Hall Berbice Estate Manager, Edward Anderson, said that the company was very excited to once again be rewarding the students.

He said that the investment in the students is paying off.
“When we decided to invest in these children we recognized that it was the right thing to do as they were evidently faced with challenging financial difficulties.
“As such, we felt that such a scholarship programme would have further enhanced their academic ability as it is a known fact that some students are unable to perform to their highest potential because of financial difficulties facing their homes,” Anderson said.
The Rose Hall Berbice estate manager reiterated his company’s commitment to continue lending valuable support and assistance to the three students urging them to be cognizant that their performance would help in reaffirming NICIL’s belief that they are worthy of financial and other support.

“All we at NICIL expect of you is to do your best and we are already aware that you three are highflyers, so continue the trend of excelling as we are definitely confident that you are all going to achieve your dreams.
“Guyana will certainly be a better place with three top professionals in some years’ time,” he declared.
Deputy Headmaster of the Berbice High, Basdeo Utam, congratulated the students for what he said were excellent performances. He declared that he and the rest of the school’s teaching staff are impressed with the conduct and performances of the three students.
He, however, singled out Etwaroo’s elevation into the school’s cricket team as outstanding.
“We are aware of Pawan’s cricketng ability and we intend to continue lending support to him as he continues to excel in both sports and academics. While Chitra is leaning towards the arts we recognize that Marissa is a very shy young lady, but we are confident that before the end of the academic year that they both would also be deeply involved in extra curriculum activities,” the Deputy HM said.
Recognizing that several students come from financially and other challenged homes, Utam said that the school has been raising funds to lend assistance to those in dire need.

He disclosed that at a recent school concert 30 hampers were distributed to some of the school’s most needy students and further assistance will be provided in the New Year.
“Support from Corporate companies and organizations like NICIL help us significantly in achieving our set objects and goals and we are appealing to others to emulate the actions of NICIL as I can assure you that with the relevant support and assistance these students can and will excel,” Utam said.

As part of their reward package the three NICIL scholarship students will be spending the weekend with their parents and siblings at the Watooka Guest House. They would be touring several places of interest in Region Ten next weekend.

 

Source: Kaieteur News

29
Dec 19

– all scored over 70%

THREE students who were each awarded the first NICIL NGSA scholarships for 2019 were all rewarded by the company for once again excelling at their Christmas Term exams. The students, who are all attending Berbice High, each scored over 70% at their exams.

A company press release said that the scholarship was instituted by their CEO, Colvin Heath-London after Minister of Finance Winston Jordan felt that something tangible should be done to reward the children of former and or present GUYSUCO workers in Region Six (East Berbice-Corentyne) who would have done exceptionally well at the 2019 NGSA.

The minister had given the required approval, thus setting the establishment of the NICIL/SPU Region Six NGSA Scholarship into effect. The students, who all made Region Six’s Top Five, were awarded with school supplies and a monthly stipend of 50,000.00 each.

The students, Pawan Etwaroo and Chitra Ramdihal had both topped Region Six, while Marissa Siriram had come in fifth. However, while they were all placed in different Grade Seven classes, Ramdihal achieved 83% with Sirinam gaining 76.8% and Etwaroo 74.6%. The students were all elated to have scored over 70%, and promised to improve their performances next term. “Etwaroo also was able to make his school’s Under-15 cricket team, confessing that he has a deep passion for cricket. He, however, promised to balance his love for cricket and books, thus ensuring that his grades will remain impressive.

At the simple presentation ceremony, NICIL Rose Hall Berbice Estate Manager, Edward Anderson said that the company was very excited to once again be rewarding the students. He said that their investment thus far in the three children is certainly paying off, as it is evident that with the required financial and other support, they can certainly achieve their set academic goals. “When we decided to invest in these children, [we] recognied that it was the right thing to do, as they were evidently faced with challenging financial difficulties. As such, we felt that such a scholarship programme would have further enhanced their academic ability, as it is a known fact that some students are unable to perform to their highest potential because of financial difficulties facing their homes,” Anderson said.

The Rose Hall Berbice Estate Manager reiterated his company’s commitment to continue lending valuable support and assistance to the three students, urging them to be cognisant that their performance would help in reaffirming NICIL’s belief that they are worthy of financial and other support. “All we at NICIL expect of you is to do your best, and we are already aware that you three are high-flyers. So, continue the trend of excelling, as we are definitely confident of you going on to achieve your set dreams. Guyana will certainly be a better place with three top professionals in some years’ time,” he declared.

Meanwhile, Deputy Headmaster of Berbice High Basodeo Utam congratulated the students for what he said were excellent performances. He declared that he, along with the rest of the school’s teaching staff is impressed with the conduct and performances of the three students, singling our Etwaroo’s elevation into the school’s cricket team. “We are aware of Pawan’s cricketing ability, and we intend to continue lending support to him as he continues to excel in both sports and academics. While Chitra is leaning towards the arts, we recognise that Marissa is a very shy young lady, but we are confident that before the end of the academic year, that they both would also be deeply involved in extra curriculum activities,” the Deputy HM said.

As part of their reward package, the three students will be spending the weekend with their parents and siblings at the Watooka Guest House, while they would be touring several places of interest in Region Ten (Upper Demerara-Berbice) next weekend.

Source: The Guyana Chronicle.

28
Dec 19
Chitra Ramdihal collecting her gift from NICIL Rose Hall’s Mr. Anderson, while her Deputy headteacher, Mr. Basodeo Utam and her parents happily look on

 

THREE students who were each awarded the first NICIL NGSA scholarships for 2019 were all rewarded by the company for once again excelling at their Christmas Term exams. The students, who are all attending Berbice High, each scored over 70% at their exams.A company press release said that the scholarship was instituted by their CEO, Colvin Heath-London after Minister of Finance Winston Jordan felt that something tangible should be done to reward the children of former and or present GUYSUCO workers in Region Six (East Berbice-Corentyne) who would have done exceptionally well at the 2019 NGSA.
The minister had given the required approval, thus setting the establishment of the NICIL/SPU Region Six NGSA Scholarship into effect. The students, who all made Region Six’s Top Five, were awarded with school supplies and a monthly stipend of 50,000.00 each.

The students, Pawan Etwaroo and Chitra Ramdihal had both topped Region Six, while Marissa Siriram had come in fifth. However, while they were all placed in different Grade Seven classes, Ramdihal achieved 83% with Sirinam gaining 76.8% and Etwaroo 74.6%. The students were all elated to have scored over 70%, and promised to improve their performances next term. “Etwaroo also was able to make his school’s Under-15 cricket team, confessing that he has a deep passion for cricket. He, however, promised to balance his love for cricket and books, thus ensuring that his grades will remain impressive.

At the simple presentation ceremony, NICIL Rose Hall Berbice Estate Manager, Edward Anderson said that the company was very excited to once again be rewarding the students. He said that their investment thus far in the three children is certainly paying off, as it is evident that with the required financial and other support, they can certainly achieve their set academic goals. “When we decided to invest in these children, [we] recognied that it was the right thing to do, as they were evidently faced with challenging financial difficulties. As such, we felt that such a scholarship programme would have further enhanced their academic ability, as it is a known fact that some students are unable to perform to their highest potential because of financial difficulties facing their homes,” Anderson said.

Mr. Anderson, with Marissa Siriram, Pawan Etwaroo and Chitra Ramdihal and their DHM Mr. Basodeo Utam

 

 

 

The Rose Hall Berbice Estate Manager reiterated his company’s commitment to continue lending valuable support and assistance to the three students, urging them to be cognisant that their performance would help in reaffirming NICIL’s belief that they are worthy of financial and other support. “All we at NICIL expect of you is to do your best, and we are already aware that you three are high-flyers. So, continue the trend of excelling, as we are definitely confident of you going on to achieve your set dreams. Guyana will certainly be a better place with three top professionals in some years’ time,” he declared.

Meanwhile, Deputy Headmaster of Berbice High Basodeo Utam congratulated the students for what he said were excellent performances. He declared that he, along with the rest of the school’s teaching staff is impressed with the conduct and performances of the three students, singling our Etwaroo’s elevation into the school’s cricket team. “We are aware of Pawan’s cricketing ability, and we intend to continue lending support to him as he continues to excel in both sports and academics. While Chitra is leaning towards the arts, we recognise that Marissa is a very shy young lady, but we are confident that before the end of the academic year, that they both would also be deeply involved in extra curriculum activities,” the Deputy HM said.

As part of their reward package, the three students will be spending the weekend with their parents and siblings at the Watooka Guest House, while they would be touring several places of interest in Region Ten (Upper Demerara-Berbice) next weekend.

 

Source: Guyana Chronicle

General Manager of the Linden-based Bosai Minerals Group (Guyana) Inc, Eric Yu, has refuted recent reports in the media that inferred that the Chinese company was not paying dividends.

According to a National Industrial & Commercial Investments Ltd (NICIL) release, Yu made this disclosure advising that Bosai through its head office in China recently remitted US$3 million to NICIL. The press release from NICIL was the first indication of the payment of a dividend from the bauxite operations. It is unclear how much has been payable over the life of Bosai’s operations compared to what has been received.

The Bosai Guyana GM stated that while his company has been unable to pay dividends for years, amends are now being made and they have signalled their intention of settling accounts hence the recent payment to NICIL.

He assured that Bosai has always been committed and dedicated to having all dividend-related matters and issues settled and that the management of his company both locally and internationally was involved in the lengthy negotiations with NICIL to ensure that the matter was settled “amicably and fairly to the parties involved.” He added, “I must commend the management of NICIL as they played a pivotal role in having this dividend payment addressed. The CEO of NICIL is a very strong, persistent and patient negotiator, while we have some concerns and they have not all been addressed we are satisfied that the negotiation led by NICIL was one that saw everyone involved coming to a consensus.”

Yu reiterated his company’s commitment to further expanding its operations in Guyana and disclosed that the two kilns that are currently under construction are expected to be completed in another 18 months to two years. Yu emphasised that his company will assist in advancing and improving how bauxite is extracted from Guyana. He said that the kilns would “certainly help in boosting operations” noting that the company intends to strengthen its relationship with the government and people of Guyana through their continued investment in Guyana.

Head of NICIL’s Special Purpose Unit, Colvin Heath-London in his comments regarding the issue stated that NICIL has a responsibility to its line ministry and by extension the people of Guyana to ensure it receives its “fair due.” He added that the board and staff of the entity take this responsibility seriously and that NICIL will soon be releasing a press statement on this development.

Bosai’s Public Relations Officer (PRO) Vanessa Mitchell-Davis remarked that the company was pleased to have made the payment. She observed that since the commencement of the negotiations, the company’s primary goal was to keep its operations moving slowly in order to ensure that their workforce is “compensated properly” while seeking to contribute to a number of social projects and programmes in a significant way.

“There have and continues to be a number of negative comments about Bosai but what many persons do not know is that Bosai has been meaningfully contributing to the continued development of this country. Bosai currently has over 600 employees with the workforce expected to increase by another 200 in two years’ time with the construction of two kilns,” the PRO declared.

Mitchell-Davis emphasised that the payment of US$3 million is an indication of the “excellent relationship” that already exists between Bosai and NICIL while acknowledging that NICIL continues to provide the required assistance and support, thus further strengthening the relationship. “We have our own challenges and difficulties but we are very pleased with the great relationship that both organisations have and we intend to maintain such, I can assure you that Bosai is very pleased and looks forward to continue working with NICIL as they seek to represent the government in a number of ways,” the PRO added.

Source: Stabroek News.

22
Dec 19

Since becoming actively and aggressively involved in agriculture, Region Ten has been booming. This is according to head of the Region’s Agriculture programme, Mr. Derrick Cummings.

Cummings at a recent Council meeting, revealed that there continues to be significant growth within the region.

He said that the reintroduction of agriculture into schools has played a major role in generating interest in this regard. He said that with the reintroduction of agriculture, there is evidence that the interest among residents has significantly increased.

“We are seeing the interest of residents increasing significantly as more and more persons are beginning to understand that agriculture is the best way to go.

“As such, the reintroduction of agriculture into schools played a critically important role as more persons are expressing an interest in getting involved,” he said.

The agriculture officer disclosed that with the continued support being given by the region’s administration to agricultural development, he foresees that more persons will be coming on board in the New Year.

“We are blessed to have an REO who has a personal passion for agriculture, thus he has been ensuring that adequate resources and technical support is given so as to further boost the sector,” he said.

Cummings said, too, that the construction of nine shade houses was another major achievement that the region had garnered within its first full year of instituting the agriculture programme. “With the requested funding, we foresee that in 2020 more shade houses would be constructed.”
According to him, the support and assistance given by three main partners have helped significantly. He was at the time making reference to the Cooperatives within Region Ten which, he said, were very vibrant in mobilising their membership to take advantage of the programme. The Regional administration and NICIL also played a critical role in the provision of several equipment to the region.

“The resuscitation of several farming cooperatives was one of our primary achievements as several farmers banded together to better access a number of assistance and support programmes. Many farmers were eager to get their cooperatives going and as such, we can state that Madena stood out as their 40-plus farmers were able to achieve a great lot, the Regional Agricultural Officer said.

Cummings said that the distribution of livestock to several residents to provide the opportunity for them to get actively involved was another achievement.

He said that several residents took advantage of this, thus being able to rear several livestock primarily chicken within the region. He added that with the distribution of seedlings to farmers, it also created a platform for residents to get involved in farming.

“We also provided technical support to several farmers, who have received livestock and seedlings as we are on an aggressive path in advancing agriculture within Region Ten,” Cummings declared.

Cummings was in high praise for a donation that NICIL made to the agriculture department. “NICIL was generous to donate to us a tractor which has significantly benefited and helped the sector greatly.

“Many farmers are very grateful and thankful for the tractor as we were able to get a lot of work done, thus helping to further boost the sector and we are forever thankful as if we hadn’t the tractor certainly a lot wouldn’t have been done,” he stressed.

Echoing similar sentiments, Chairman of the Regional Agriculture Committee, Tracy Johnson, said that NICIL was a very good friend of Region Ten.
As such, the agricultural sector owes a debt of gratitude to the company.

“Not many companies would have sought to assist us in such a meaningful way, and we are truly thankful for their donation because we were able to get many things done,” Johnson told the Council.

Source: Kaieteur News.

BOSAI Minerals Group Guyana Inc. (BMGGI) renewed its commitment to the people of Linden and, by extension, the rest of Guyana, and as such, has pledged continued support in the areas of social and human development.

In a statement on Thursday, Bosai’s Public Relations Officer, Vanessa Mitchell-Davis said since establishing operations in Guyana 13 years ago, the bauxite company has contributed to several projects and programmes within Region 10, while aiding several other projects nationally.

Mitchell-Davis pointed out that Bosai, in the past, renovated the Mackenzie Sports Club (MSC) swimming pool at a cost of $10M, and on an annual basis, distributes hampers to seniors during the annual staging of the Linden Town Week. The company is also known for supporting the regional bursary awards and the fixing of streets.

Added to that, the PRO noted that Bosai has within its employ more than 600 workers, and therefore contributes to the town’s economic development to the community. While employees of other companies have encountered difficulties with working conditions, Mitchell-Davis boasted that at Bosai it is different. She said that Bosai is not all about making money but investing and enhancing communities.

This, Mitchell-Davis stressed, is evident since the commencement of the bursary awards in 2007, from which over 800 students have benefited. In 2019, 45 students were awarded. “The amount of monies invested into the bursaries are millions but while I don’t have the exact amount, I can assure you that over 800 students benefited and, as a result, have been able to pursue their academic goals,” she said.

The Bosai PRO stressed that education is one of the company’s critical area for national development, thus emphasis is placed on the bursary awards. She pointed out that the bursary is done at three levels, which include at the employee level, regional level and national level.

She said that the bauxite company will also be sponsoring the Linden Town Week, in part, as it forms part of their social responsibility. Mitchell-Davis also praised the relationship that currently exists between Bosai and National Industrial & Commercial Investments Ltd (NICIL), stressing that for the past two years the relationship has significantly improved.
“We are very impressed with how NICIL has been handling a number of matters with regards to Bosai and I must say that because of this it has helped in us resolving a number of issues that once were difficult to resolve. It is as a result of this level of relationship that continues to see a number of holistic benefits for both the country and Bosai as an investor,” the PRO declared.

Source: The Guyana Chronicle.

Bosai, for the first time, forks over US$3M in dividends

Government has reportedly managed to collect US$3M in dividends from Chinese-controlled Bosai Minerals Group.

The money came after Cabinet ordered a ministerial-led team to review the operations of a number of foreign investors involved in the extractive industries.

There are burning questions about what Guyana is getting from a number of foreign investors.

Kaieteur News was told yesterday that the US$3M was collected by the National Industrial and Commercial Investments Limited (NICIL), the state company which controls shares.

The dividends represent one year of dividends from Bosai.

That company which came here in the latter half of the 2000s, is operating the Government’s bauxite facilities in Linden, Region Ten.
The negotiations would have been conducted over a period of two months, Bosai sources confirmed yesterday.

Sitting on Bosai’s Board is the head of NICIL, Colvin Heath-London.

The collection of that US$3M would drive home of how much Guyana is losing but not collecting its dividends.

It would appear that Bosai did not pay dividends since its operations start in 2008. The news would raise concerns about Government’s likely strategy now for Rusal.

There are no NICIL officials sitting on Rusal. Rather, a government representative, Lance Carberry, sits on the Board.

Rusal, owned by the Russians, operates Bauxite Company of Guyana Inc., which has operations at Kurubukali and Aroaima, Upper Berbice River, is under fire for its operations.

The company, of which Guyana owns 10 percent, has been shipping out bauxite for around 12 years.

It has been handed billions of dollars in tax and duty free concessions on fuel.
However, it has failed to remit any dividends to Guyana for that 10 percent stake.

Through those 12-odd years, the company continuously declared no profits. It was, however, taking out the bauxite by the shiploads.
Consecutive governments have treated Rusal with kids’ gloves, even when the company refused to engage labour officials or the union.
Earlier this year, Government was forced to step in to broker an uneasy peace after workers struck for better conditions.

After a month-long standoff which saw the Berbice River blocked, an agreement was reached for the resumption of work.
Talks have again broken down for better wages with the matter headed for arbitration.

Recently, Rusal has been attempting to ship out its heavy-duty trucks but was blocked by the Guyana Revenue Authority and other authorities,
Bosai officials’ recent visit Rusal’s operation is a signal for a possible partnership.

The news of the US$3M dividend came Government, two weeks ago, announced the formation of a ministerial-led team, also involving regulatory officials, to review the operations of foreign-owned mining and other extractive companies.

In November 2008, it was announced that Bosai would plug US$1B into Linden and create 700 jobs.
Managing Director of Bosai, Zhilun Yuan, had said then that the project will be successful if the Government of Guyana and Bosai work closely together to achieve common goals.

He said that the money would be sourced from Chinese banks. The project had come just eighteen months after Bosai acquired the bauxite assets once owned by Omai Gold Mines Limited.

J.K Fang, Manager of International Projects, noted that the joint venture will be exempted from corporation tax for the first 10 years of operation.

Source: Kaieteur News.

17
Dec 19
Bosai makes amends

…pays over US$3M in dividends to Government of Guyana
AFTER years of being in default, BOSAI Minerals Group Guyana Inc. (BMGGI) has paid out US$3M in dividends, accumulated over the years, to the National Industrial and Commercial Investment Ltd. (NICIL) after a series of extensive negotiations.

BMGGI, while confirming the payment, declined to disclose the period for which the US$3M covers, and the outstanding amount. BOSAI Guyana General Manager, Eric Yu, in debunking claims that the bauxite company has not paid its dividends, disclosed that Bosai, through its head office in China, recently remitted US$3M to NICIL.
In a statement on Tuesday, Yu explained that while Bosai was unable to pay dividends for a number of years, it is now making amends, and has signalled its intentions to remit all dividends owed, thus the US$3M payout.

According to him, Bosai has always been committed and dedicated in having all dividends-related matters and issues settled. Yu noted that the management of his company, both locally and internationally, were involved in the lengthy negotiations with NICIL to ensure that the matter was settled amicably and fairly to the parties involved.

“I must commend the management of NICIL as they played a pivotal role in having this dividend payment addressed. The CEO of NICIL is a very strong, persistent and patient negotiator. While we have some concerns, and they have not all been addressed, we are satisfied that the negotiation led by NICIL was one that saw everyone involved coming to a consensus,” the local General Manager said.

He was keen on noting too that the negotiations with NICIL were very healthy – indicating a strong working relationship.
Weighing in on the matter, NICIL’s Chief Executive Officer (CEO), Colvin Heath-London said NICIL has a responsibility to its line ministry, and, by extension, the people of Guyana, to make sure that its fair due is had.

Meanwhile, Yu said Bosai stands committed to the expansion to its operations here in Guyana. He pointed out that the bauxite company has commenced the construction of two kilns, which are expected to be completed within one to two years. The kilns, he added, will help in advancing and improving how bauxite is extracted from the country, and would certainly boost the operations of the company.

As its expansion plans take shape, Bosai, Yu said, intends to strengthen its relationship with the government and people of Guyana through its continued investment in the country.

Public Relations Officer (PRO) of Bosai, Vanessa Mitchell–Davis, said BMGGI is pleased to have remitted the dividends to NICIL. While maintaining a smooth operation at Linden, Mitchell-Davis said, Bosai has ensured that its workforce is properly compensated. Added to that, she said the bauxite company has been instrumental in the town’s development through the support of a number of social projects and programmes.

“There have and continues to be a number of negative comments about Bosai but what many persons do not know is that Bosai has been meaningfully contributing to the continued development of this country. Bosai currently has over 600 employees with the workforce expected to increase by another 200 in two years’ time with the construction of two Kilns,” the PRO said.

Mitchell-Davis said the issuance of the US$3M is an indication of the excellent relationship that exists between her company and NICIL, stressing that NICIL continues to provide the required assistance and support, thus further strengthening their relationship. “We have our own challenges and difficulties but we are very pleased with the great relationship that both organisations have and we intend to maintain such.

I can assure you that Bosai is very pleased and looks forward to continue working with NICIL as they seek to represent the government in a number of ways,” Mitchell-Davis added.

Source: The Guyana Chronicle.

– Corporation wants NICIL to pay

There are about a dozen pickup trucks sitting in a dealer’s warehouse.

For two months now, the dealer has reportedly been asking to get paid.

Kaieteur News was told that several months ago, cash-strapped Guyana Sugar Corporation (GuySuCo) reportedly ordered 14 pickups- 12 extended cabs and two double cabs.

The pickups were ordered with no payments from GuySuCo.

The vehicles were stored in Suriname but the sister dealership decided it could not hold the units anymore and shipped them to Guyana.
The local dealer has been asking for its money.

According to Government officials and GuySuCo sources, the dealer said that GuySuCo has signaled that NICIL is paying the $80M-plus bill on the trucks.

Two of the pickups have already been collected and paid for by GuySuCo. However, NICIL is not stumping up the cash.

For several months now, NICIL has reportedly refused to pay over more than $8B to GuySuCo from a $30B bond it took.

This was after Republic Bank (Trinidad), which holds the bond, raised questions about how GuySuCo is spending the money it already received.
For six months now, GuySuCo has not received any further money.

The state-owned, three-estate corporation has been battling even more to stay alive even though four estates have been separated to be divested.
It currently has only Uitvlugt, Blairmont and Albion estates under the GuySuCo flagship.

This year, the corporation is also unlikely to meet a revised 100,000 tonnes. It falls short of that by 15,000.

GuySuCo and NICIL have been crossing swords over that $30B.

However, NICIL is insisting that the money must be used for certain immediate expenses and retooling.

The bond was negotiated and controlled by NICIL, using a number of other corporations as collateral.

Among the projects targeted by the bond is the acquisition of two co-generation plants; upgrade of existing factories; the production of Plantation White Sugar; the construction of more storage and packaging facilities and the financing of two years of general operational costs.
NICIL had been criticised by the Ministry of Agriculture, which has responsibilities for GuySuCo, for the seeming sloth in the disbursements of the funds.

NICIL has been insisting that if there is any default on the bond payments, it is not GuySuCo’s assets that can be seized. Rather, it is NICIL’s assets that will suffer.

Several state-owned companies which have their assets pledged to secure the bond are the Guyana Oil Company, Guyana National Shipping Corporation, Guyana National Printers Limited and even facilities of the Guyana National Industrial Company.

GuySuCo had seven estates up to 2015, but was struggling to pay workers and retool.

It had been demanding billions of dollars annually in bailouts.

Following an inquiry into the industry, the Coalition closed four estates – Skeldon, Rose Hall, Enmore and Wales, placing over 5,000 workers out of jobs.

GuySuCo is one of the biggest state-owned companies, but low world prices, loss of its preferential market in Europe, aging factories and a large migration of workers, have not been helping.

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Source: Kaieteur News.

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