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08
Oct 20

By Guyana Chronicle

 

Chairman of the Board of Directors of CJIA, Sanjeev Datadin
Chairman of the Board of Directors of CJIA, Sanjeev Datadin

By Navendra Seoraj

Chairman of Atlantic Hotel Inc, Devindra Kissoon

PROMINENT Attorneys-at-law, Sanjeev Datadin and Devindra Kissoon, have been appointed to chair the board of directors of the Cheddi Jagan International Airport (CJIA) and Atlantic Hotel Inc (AHI) respectively.
Both Datadin and Kissoon have been practising law for several years and had recently appeared in high profile cases leading up to the recent General and Regional Elections and during the five-month impasse, which ended on August 2, 2020.

The attorneys have a new challenge ahead, as they take charge of companies which have been affected immensely by the novel coronavirus (COVID-19). Decreased arrival rates due to the closure of international airports have not only reduced income earned by those facilities, but have also impacted the hotel industry because of low visitor rates.

Datadin, while at CJIA, will be supported by David Ramdeol, Shawn Richmond, Savitree Sharma, Dawn Elis, and prominent neurosurgeon, Dr. Amarnauth Dukhi, who are all members of the new board.

Over at AHI, which is the parent company of the Guyana Marriott Hotel, the other members of the board include Marcia Nadir-Sharma, Attorney-at-Law, Yolander Persaud, Ariane McLean, Leader of “The New Movement”, Dr. Asha Kissoon, Rabin Chanderpal, Joel Bhagwandin, Maurice Gajadhar, and Vanelda Harris.

Chairman of the Skeldon Electricity Inc, Dr. Grayson Haley

Meanwhile, government has also announced the appointment of a new board of directors to the Skeldon Energy Inc. The new board will be chaired by Dr. Grayson Haley with Adrian Anamaya as vice-chair.
Other members of the board include Wayne Watson, Loris Nathoo, Radha Krishna Sharma, Zamal Hussain, and Errol Assar.

Those persons replaced Colvin Heath-London (chairman), Leslie Gonsalves, and Kim Williams-Stephen.

The Skeldon Energy Inc is a special purpose company owned by the Government’s holding company, the National Industrial and Commercial Investments Limited (NICIL), and the Guyana Power and Light (GPL). The company has oversight for the Guyana Sugar Corporation (GuySuCo)’s co-generation plant.

 

Source: Guyana Chronicle

20
Aug 20

By Kaieteur News

 

The Board of Directors of the National Industrial and Commercial Investments Limited (NICIL) yesterday announced in a statement the appointment of Mr. Radha Krishna Sharma as the Interim Chief Executive Officer (CEO) of NICIL. The Board noted that NICIL has been without a substantive CEO since 25th October, 2018 with the passing of its then Head. The former acting CEO has reverted to his substantive position as Head of the Special Purpose Unit, the statement added.

It was pointed out that given the importance of NICIL’s operations, as the Government’s Privatization arm and the controversy surrounding many transactions conducted by NICIL over the past few years, the Board considered it urgent and necessary to immediately appoint an Interim CEO of NICIL for a period of three months. Following this, the statement added, the post will be filled following an advertisement inviting suitably qualified candidates to apply.

Sharma, it was noted, is no stranger to the corporate world, having a substantial breadth of experience in the commercial sector. He has worked in the capacity of CEO of the Guyana Telephone and Telegraph Company from March 2013 to December, 2015 and as CEO of the Guyana Bank for Trade and Industry from July 2000 to November 2009.

 

 

Source: Kaieteur News

20
Aug 20

By Guyana Times

 

Interim CEO of NICIL,
Radha Krishna Sharma

The Board of Directors of National Industrial and Commercial Investments Limited (NICIL) on Wednesday announced that Radha Krishna Sharma has been appointed its Interim Chief Executive Officer.

According to a statement from NICIL, it has been without a substantive CEO since 25th October, 2018, with the passing of its then Head. The former acting CEO has reverted to his substantive position as Head of the Special Purpose Unit.
Given the importance of NICIL’s operations, it stated, and as the Government’s Privatization arm and the controversy surrounding many transactions conducted by NICIL over the past few years, the Board considered it urgent and necessary to immediately appoint an Interim CEO of NICIL for a period of three months, after which the post will be filled following an advertisement inviting suitably qualified candidates to apply.

Sharma is no stranger to the corporate world, having a substantial breadth of experience in the commercial sector, having worked in the capacity of CEO of Guyana Telephone & Telegraph Company from March 2013 to December 2015, and as CEO of Guyana Bank for Trade and Industry from July 2000 to November 2009. We are excited to welcome him to NICIL.

Only last week, accountant Paul Cheong, who has served on a number of Boards from the National Insurance Scheme (NIS) to the Guyana Sugar Corporation (GuySuCo), was appointed the new Chairman of the National Industrial and Commercial Investments Limited (NICIL) under President Dr Irfaan Ali’s Government.
Cheong’s background in finance and familiarity with NICIL’s efforts to privatise GuySuCo, make him a natural fit for the position. Cheong also served as Vice Chairman of the Berbice Bridge Company Incorporated (BBCI).

 

Source: Guyana Times

20
Aug 20

By Village Voice Gy

Radha Krishna Sharma

The Board of Directors of National Industrial and Commercial Investments Limited (“NICIL”) has appointed Radha Krishna Sharma as the Interim Chief Executive Officer (“CEO”) of the government holding company.

In a release, the Board noted that NICIL has been without a substantive CEO since 25th October, 2018, with the passing of its then Head. The former acting CEO has reverted to his substantive position as Head of the Special Purpose Unit.

“Given the importance of NICIL’s operations as the Government’s Privatization arm and the controversy surrounding many transactions conducted by NICIL over the past few years, the Board considered it urgent and necessary to immediately appoint an Interim CEO of NICIL for a period of three months, after which the post will be filled following an advertisement inviting suitably qualified candidates to apply,” the release stated.
Sharma, the release said is no stranger to the corporate world, having a substantial breadth of experience in the commercial sector, having worked in the capacity of CEO of Guyana Telephone & Telegraph Company from March 2013 to December 2015, and as CEO of Guyana Bank for Trade and Industry from July 2000 to November 2009. “We are excited to welcome him to NICIL,” the release ended.

19
Aug 20

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NATIONAL INDUSTRIAL AND COMMERCIAL INVESTMENTS LIMITED

Media Release

APPOINTMENT OF INTERIM CHIEF EXECUTIVE OFFICER

GEORGETOWN, GUYANA, AUGUST 19, 2020: The Board of Directors of National Industrial and Commercial Investments Limited (“NICIL”) announces the appointment of Mr. Radha Krishna Sharma as the Interim Chief Executive Officer (“CEO”) of NICIL. The Board notes that NICIL has been without a substantive CEO since 25th October, 2018, with the passing of its then Head. The former acting CEO has reverted to his substantive position as Head of the Special Purpose Unit. 

Given the importance of NICIL’s operations as the Government’s Privatization arm and the controversy surrounding many transactions conducted by NICIL over the past few years, the Board considered it urgent and necessary to immediately appoint an Interim CEO of NICIL for a period of three months, after which the post will be filled following an advertisement inviting suitably qualified candidates to apply.

Mr. Sharma is no stranger to the corporate world, having a substantial breadth of experience in the commercial sector, having worked in the capacity of CEO of Guyana Telephone & Telegraph Company from March 2013 to December 2015, and as CEO of Guyana Bank for Trade and Industry from July 2000 to November 2009. We are excited to welcome him to NICIL.

 

-ENDS-

19
Aug 20

By NewsRoom

Mr. Radha Krishna Sharma

 

The of National Industrial and Commercial Investments Limited (NICIL), which serves as the government’s asset holding and investment arm, has announced the appointment of RK Sharma as interim Chief Executive Officer.

Below is the full statement issued by NICIL:

The Board of Directors of National Industrial and Commercial Investments Limited (“NICIL”) announces the appointment of Mr. Radha Krishna Sharma as the Interim Chief Executive Officer (“CEO”) of NICIL. The Board notes that NICIL has been without a substantive CEO since 25th October 2018, with the passing of its then Head. The former acting CEO has reverted to his substantive position as Head of the Special Purpose Unit.

Given the importance of NICIL’s operations as the Government’s Privatization arm and the controversy surrounding many transactions conducted by NICIL over the past few years, the Board considered it urgent and necessary to immediately appoint an Interim CEO of NICIL for a period of three months, after which the post will be filled following an advertisement inviting suitably qualified candidates to apply.

Mr. Sharma is no stranger to the corporate world, having a substantial breadth of experience in the commercial sector, having worked in the capacity of CEO of Guyana Telephone & Telegraph Company from March 2013 to December 2015, and as CEO of Guyana Bank for Trade and Industry from July 2000 to November 2009. We are excited to welcome him to NICIL.

 

Source: NewsRoom

03
May 20

NICIL transforming former sugarcane lands into productive rice fields

By Staff Reporter of Guyana Chronicle

 

Microbiologist and supervisor of the NICIL Rice Production at Wales, Haribhajan Persaud

MICROBIOLOGIST, Haribhajan Persaud, is part of a three-person team at the forefront of a vision by the National Industrial and Commercial Investment Limited (NICIL) to transform former sugarcane fields into a mega rice industry to boost the local sector.
The team’s efforts are beginning to yield rich rewards.

“We have passed the border line of production cost and we can only get better. The preparation for the first crop in 2020 has been completed. We will be planting in the coming days as we continue to see high returns from our crop,” Persaud explained.

He said they were only able to plant 401. 2 acres for their second crop last year because of some unforeseen challenges encountered. So far, this year their reaping has been encouraging.

“We only have 184. 3 acres remaining and we anticipate that we will continue to reap well from that,” the microbiologist said.
Preparations for this year’s first crop are on schedule and some 511 acres will be planted, despite challenges of converting historic sugarcane lands to rice fields.

“We recognise that we can grow rice here but …it cannot be achieved within one or two crops”, Persaud reasoned and added “because over hundreds of years, beginning with chattel slavery, the lands have accumulated a significant amount of iron which needs time to ‘dwindle’”.

When this is achieved “our rice production will be of great quality,” Persaud assured.
For their inaugural crop they planted 200.3 acres and this was hiked to 415.4 for the second crop. It was hiked to 482 acres for their third crop. The current crop dipped to 401.2, which they are currently still reaping. Persaud said their first for 2020 will be 510.8 acres with plans for a spike to 1000 acres later on.

“But there is still some more work that must be done before we can achieve this target,” Persaud admitted.
Several prominent Berbice rice farmers are eyeing participation in the NICIL vision and have put in requests for lands, since yields per acre from the farmlands, and after milling are very encouraging.

Persaud has been involved in research, production and marketing of the local staple and envisages a very bright future for the NICIL initiative.

 

Source: Guyana Chronicle

01
Mar 20

NICIL garners over US$1.1B in investment value for 2020

THE National Industrial and Commercial Investments Limited (NICIL) has been able to mobilise USD$1.1B in investment for Guyana in 2020.

In a press release on Saturday, members of the Board of NICIL pointed out that the government holding company garnered the US$1.1B in investment value for the country for 2020, thus being the most active sector/agency within the country. They said further that NICIL is on the way to unleashing its full investment potential capacity.

According to the release, members of the Board said that the investments secured through a multitude of investment projects, payment of fees and other investment-related costs will help spur “significant economic growth and development” nationwide. This, they stressed, will continue to aid with significant national development.

“We have seen massive inflow of investment value coming and this was primarily possible through the prudent and excellent negotiations that were executed under our young and vibrant management team,” Board Director, Dr. Grantley Waldron, said.

The members of the board pointed out that since the appointment of Colvin Heath-London to hold the reins of NICIL two years ago, the CEO has been on a sustained push to lure lucrative investments into the country. “So far, he has been successful. …he has been able to attract some of the top investments that this country has seen in its history within this sector. Heath-London has, however, promised to increase the momentum since increasing numbers of local and international investors have signaled their intention to do business here,” the release said.

“The Board continues to be marvelled by the level of investments coming in, while we are impressed with the number of persons who seek to do business here,” members of the Board noted.

They said that NICIL continues to demonstrate that as the government’s holding company, that it is executing its agenda and mandate professionally, thus ensuring that Guyanese at all levels benefit significantly from the various levels of investments, as we are seeing various types of investments, which augur well for Guyana and Guyanese,” they added.
The members of the Board stressed that with investment value being pegged at USD$1.1B in less than one year, it will boost other sectors declaring, that it’s not oil and gas that is leading the economy. They related that it is unprecedented for NICIL or any other investment entity in Guyana, and so far, surpasses even oil and gas projected earnings.
They added that some 3000 plus jobs are being created, thus resulting in the general public having access to more money, which ultimately will redound in increased business among other sectors. Grantley said that much more is planned and NICIL will champion the cause of investments and social responsibility.

Meanwhile, Heath-London said that he remains humbled to be heading a diligent, committed and dedicated team that has been working assiduously to ensure that they secure significant, quality investments for the country. “The investors who have been expressing interest are not only foreigners, as we have Guyanese at home and abroad who also have interest and are serious about investing,” he said.

He continued: “There is no question or doubt that NICIL will be keeping the economic wheel of this country turning as it continues to ensure that Guyana garners significant economic investment. Some years ago, this would have been unheard of but thankfully, owing to a number of factors, investors are clamoring to come to Guyana and through NICIL we are ensuring that the right systems are put in place to receive their investments,” the NICIL head said.

He pointed out that among the revenues that NICIL has secured over the past year are the US$3M from Bosai; US$10.M from the Guyana Telephone and Telegraph Company (GT&T) and a significant amount from several other investors from deals to build hotels, condominiums, restaurants and the specialty hospital project among others.

“There are more investments that we will continue to generate through NICIL for this country and I can assure you that it will continue to increase tremendously,” Heath-London projected.

01
Mar 20

NICIL’s CEO reaches out to stabbed teen

Founder of Linden Youth Vison, Dexton Copeland, stands in the centre as Shashamani’s father Maynard Williams and mother of the young lady who stabbed her, Nichelle Fable, share a light moment.

– lends financial assistance

CHIEF Executive Officer acting of NICIL, Colvin Heath-London, has come forward to lend what has been described as critically important financial assistance to the stabbed Linden teen, Shashamani Williams and her family.

It was revealed that the project dubbed Hands of Change, involves different organisations that band together to do projects annually.

As such, the primary organisation, Linden Youth Vison’s Founder Dexton Copeland, said after the group encountered severe challenges because some persons who had made commitments failed to honour them, they sought some more support.

This, he said, was to complete the house within the time that they have set.
He related that his group reached out to the NICIL acting CEO who immediately agreed to provide the required support.

“What I can tell you is that his financial support is very significant as it has helped us in a very long way, as we were seeking to complete this home timely so that the young lady and her family could return to a much more comfortable home,” he said.
The founder of the NGO related that the family was housed at a hotel in Linden after being discharged from hospital, while the three-bedroom home was being completed.
“We understand the challenges and the fact that we wanted to bring her to a better environment with her parents and other siblings; so we were working very hard to compete it timely but at a very high standard,” Copeland said.

He admitted that despite the view by many that the project was ideal and an excellent one, there were difficulties in securing the additional funds needed.

Still hurting, Maynard Williams expressed his gratitude to NICIL’s Colvin Heath-London

As such, they reached out to Heath-London after some residents made the suggestions to contact him for help. “We were very happy with his commitment to help and impressed in how quickly he delivered on his commitment as he ensured that we secured the items immediately,” the young leader said.

He stressed that the NGO received assistance from several persons, noting that it has helped to ensure that the spirit of giving back and volunteerism is reinforced in the community.

The Linden Youth Vision Founder said the young lady’s parents, who have been accused of being involved the incident, have also been playing their part in a meaningful way.
He disclosed that both the mother and father of the stabber have personally apologised to the parents of the teen, giving their commitment that they are prepared to offer some form of compensation for the injuries caused.

PEACEFUL RESOLUTION
“While the DPP has not made a determination on whether charges will be laid against the young lady who stabbed her, the parents are assisting in whatever way possible and what is very pleasing is that both sides are seeking to resolve their differences in a very peaceful and amicable manner,” Copeland said.

He continued: “It’s no secret that the father of the stabbed teen is evidently upset and disturbed by the stabbing of his daughter, but equally so is the mother of the two accused, as she has admitted and revealed to us that she is stunned by her daughter’s action as she still hasn’t come to grips with the reality that her daughter could have been responsible for the loss of life of another teen. We as a group are working with both sides to help bring about some healing, some forgiveness and some understanding that differences can still be settled without the police intervention.”

Copeland pointed out that the assistance that has been received from the NICIL acting CEO was used to take care of the ceiling, roof, and doors, noting that he has committed to providing further assistance directly and indirectly to ensuring that the young lady is supported on her road to full recovery.

The young Linden businessman said that they are pleased with the overall response of many persons. He said the family is extremely pleased with the outpouring of love and concern that has been shown thus far to them.

He declared that while many persons contributed in some way or the other, it was the contribution of Heath-London which was regarded as the largest, stressing that his contribution alone was very large.

“Heath-London helped in a major way as his contribution surpassed that of every other person and was really significant. We do not collect monies from anyone for any of our project as all, we would collect are the materials and whenever someone wants to give financially, we would ask them to give materials instead,” he said.

He continued: “We are very happy with Colvin’s help and is pleased that he has committed to continue lending valuable support and assistance to aid her in her full recovery attempts. He has also reassured us that whatever assistance that we may need further that he is committed and dedicated in ensuring that we secure it.”

Copeland disclosed that the project was completed to the tune of just over $1M.

 

Source: Guyana Chronicle

28
Feb 20
Head of NICIL, Colvin Heath-London

NATIONAL Industrial and Commercial Investments Limited (NICIL) has been meeting with executives of the Russian aluminum giant, RUSAL, to discuss dividends owed by its subsidiary, Bauxite Company of Guyana Limited (BCGI), in which the Guyana Government has a 10 per cent share.

Minister of Finance, Winston Jordan, meanwhile, has criticised claims by RUSAL executives that the company has not been making a profit during the 15 years that it has been operating in Guyana.

Head of NICIL, Colvin Heath-London, said NICIL last met with the company last Thursday, and is expected to meet again next Wednesday as the discussions continue.
“We are now in discussions with RUSAL. I cannot elaborate on those discussions but you would know in due time what has materialised out of those discussions,” Heath-London said. Heath-London said that it was out of the consideration of the government’s shares in BCGI that prompted NICIL to, last week, pay the 326 Guyanese employees that were fired by the company their February salaries.

BCGI Executive, Vladimir Permyakov

“NICIL is a shareholder in [BCGI] and it is important that we ensure that while the discussions are going on that they [the workers] are looked after,” Heath-London related.
He said that the venture, which cost over $30M, was a one-off payment and not something that NICIL is looking to continue on a long term basis. The employees were fired on February 2, without notice by BCGI, which at the same time, suspended operations at its Kurubuka mines in Region 10.

The employees for one month now have been vigilantly maintaining a blockade across a section of the Berbice River which prevents the company from shipping any material or equipment from the mines. The employees have long since been convinced that the company is shutting down its operations entirely, and is attempting to ship as much as possible out of Guyana before doing so.

BCGI has not responded to an email for a response on the allegations.

Aside from NICIL, over the past year BCGI has come under investigations by the Department of Labour, for labour and union-related issues, as well as the Guyana Revenue Authority (GRA) which had been investigating the company for abuses of tax concessions.
The Ministry of Natural Resources and Guyana Geology and Mines Commission (GGMC) have also been looking into operations at the company as part of a wider assessment of the country’s entire bauxite industry.

Heath-London relayed that he is “not aware that RUSAL has been paying dividends, if there are dividends to be paid,” during the time he has been at NICIL, upholding statements made by BCGI Executive, Vladimir Permyakov, last year February, that BCGI had not been paying dividends to the government on its shares. At the time Permyakov had said that the company was not making any profit, notwithstanding operating in Guyana since 2006.
Minister of Finance, Winston Jordan, however says he does not buy those claims of no profit.

“That statement has always been made by a number of investors coming to Guyana. Some who have eventually left, they say ‘oh we’ve operated 15 years and we haven’t made a profit’. We don’t buy that nonsense. Profit seekers aren’t that giving, you won’t stick around 15 years and you aren’t making a profit,” Jordan stated. He noted however, that monies from the bauxite industry does not come under the remit of the Ministry of Finance as it is not paid over to the consolidated fund. Jordan acknowledged, however, that greater monitoring of the bauxite sector is needed to ensure that the companies are remitting to Guyana what is owed.

“When it comes to our own oversight and supervision, we haven’t been very great in that department. And partly being because of human resources issues,” he explained.
BCGI is one of three foreign-owned bauxite mining companies in Guyana that have been granted licenses to operate; the other two being the Chinese-owned Bosai Minerals Group (Guyana) Inc. in Linden and the newest company, Guyana Industrial Minerals (GINMIN), a subsidiary of American company, First Bauxite.

NICIL’s meetings with RUSAL comes months after Bosai was noted for remitting US$3M to NICIL on dividends owed.

 

Source: Guyana Chronicle

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