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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

02
Feb 20

On March 15, 2019, Justice Franklin Holder issued a judgment against Hong Kong Golden Telecom Limited (HKGT) to pay up US$10.7 with interest at the rate of 12% until paid, as a result of HKGT’s failure to pay moneys that were owed for the purchase of the State’s 20 percent shares in the Guyana Telephone and Telegraph (GTT).

Devindra Kissoon of London House Chambers

The National Industrial and Commercial Investments Limited (NICIL) was able to achieve this success following stellar representation by Devindra Kissoon of London House Chambers.
The particulars of the case state that in 2012, NICIL sold its 4,125 shares in GTT to HKGT for the sum of US$30M but only US$25M was paid. Despite efforts to recover the amount owed, HKGT, refused to pay NICIL, instead employing strong arm negotiation and delay tactics to stonewall NICIL, offering NICIL arms and computers in lieu of payment.
HKGT for seven years hid behind the veil of secrecy, largely relying on the fact that it was located in China, and that should NICIL get judgment against them NICIL, would be unable to enforce that judgment since it had no identifiable assets and in any event, an arbitration award issued in England would be difficult to enforce in China.
In explaining why at that time Court action had not been pursued, NICIL’s former CEO, Horace James, had disclosed to Kaieteur News that NICIL initially consulted with UK counsel who at that time advised that despite significant expenditure to pursue arbitration, there was no guarantee of recovery hence it sought to enter negotiations with HKGT.
After negotiations failed, NICIL received local advice that since the GTT’s shares purchased by HKGT were issued by a Guyanese company, those shares, an identifiable asset of HKGT, pursuant to principles of private international law, were located in Guyana, making recovery of the sums owed possible without proceedings in England or China.
Court filings reveal that NICIL thereafter obtained judgment against HKGT, and restrained it from transferring the GTT’s shares to any other person to prevent it from escaping judgment. NICIL also began enforcement proceedings against HKGT to issue a lien against GTT shares purchased by HKGT, and Justice Holder on July 15, 2019, issued an order in favour of NICIL charging the 4125 GTT shares sold. NICIL also obtained a stop notice issued to GTT, restraining GT&T from paying any dividends to HKGT.
Furthermore, court filings show that on January 2, 2020, NICIL became aware that GTT intended to issue a dividend to HKGT in the amount of US$3,200,000, and on January 13, 2020 Justice Holder issued an order in favour of NICIL garnishing those dividends.
Thereafter, GTT issued a check to NICIL for US$3.2 M. It appears that NICIL will recover the remaining sums owed from the charged shares and future dividends to be paid. Now that the US$3.2M was received, NICIL has more than US$7M outstanding to draw down.
Based on Justice Holder’s judgment, NICIL will recover more than double the amount initially owed to it. It is also gaining interest of 12% until the remaining of judgment is fully paid.

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