The National Industrial and Commercial Investments Limited (NICIL) today credited Guysuco’s account with G$250,000,000. This sum represents a partial response from NICIL to Guysuco’s request to government for a ‘bailout,’ and brings the total disbursements to Guysuco from July 2018 to date to $9,970,759,568; in addition to the close to 40 billion it has received from the government.
NICIL wishes to remind Guysuco that it should seek to resolve its financial challenges through professional engagements with NICIL and by extension the Government, rather than resort to petty disclosures and half-truths in the press, none of which is providing the solutions to its myriad of problems.
We strongly advise the Directors of Guysuco to obey the terms and conditions of the bond and to seek to ensure compliance with same. In particular, we urge that it honours the reporting of its expenditure schedule to NICIL and the bond holders.
NICIL will in the very near future make available a further G$750,000,000. This disbursement can only be possible when NICIL and Guysuco can engage in solutions-driven discussions about making Guysuco a commercially viable entity.
We look forward to those discussions, and to reiterate our commitment to protecting the livelihood of Guysuco’s employees and the industry.
Download the Republic Bank- Transfer of Funds document here.