Former Finance Minister and APNU parliamentarian, Carl Greenidge said that the opposition has been advised to use the various mechanisms in Parliament to ensure that a review and close examination is done on some of the agreements that have been inked, including the privatisation and sale of the Guyana Stores Limited (GSL).
APNU Parliamentarian Carl Greenidge
Greenidge, speaking with Guyana Times International during an interview, said that there will be a non-discriminatory approach taken with respect to the agreements, indicating that regardless of who is involved.
He said that the 10th Parliament has been given a mandate by the electorate to root out corruption and investigate any suspected illegality or improper transfer of state assets that may have seen tax payers’ monies wasted or lost altogether, and a widening of the gap between the rich and poor.
“The details of the Guyana Store Limited deal should be laid before the Parliament, if it has not been placed so that a close examination of its facets could be done,” Greenidge said.
He was adamant that the sale and privatisation details of certain companies which have raised eyebrows must be brought and tabled in the National Assembly in accordance with the laws so that the opposition could have the opportunity to investigate for itself the soundness and economic strength of the deals struck as well as the level of transparency and accountability.
“I am aware that millions are still owed and we in the opposition would like to know about the status of the deal and whether the requisite funds have been paid into the state’s coffers in accordance with the laws,” he said, while alluding to the Guyana Stores Limited sale and privatisation deal.
Guyana Stores Limited (GSL)
The former finance minister when asked how the opposition would treat instances where agreements were either illegal or the terms and conditions breached as in the case of the Guyana Stores Limited, he stated “The state has the wherewithal to prosecute those who have broken the laws or caused the state to loose or waste its resources”, while explaining that the Fiscal Management and Accountability Act of 2003 makes provisions for these instances.
Last week, the Auditor General’s report was tabled in the National Assembly and cited several instances where there were financial irregularities and mismanagement of state resources as well as alleged breaches of the Tender and Procurement Act of the country.
The Auditor General also cited the GSL for owing the state some US$ 2 million (Gy$407,399,993) in outstanding fees for the purchase of the business when it was privatised by the government back in 2000.
Government had sold Guyana Stores for US$ 6 million, but since October 2000, it has been a tough battle for the owners to pay the full sum. According to the AG, some US$ 4 million has been paid and the remainder should have been paid ever since 2002, but the owners have defaulted.
Shareholders had raised concerns about the operations of GSL. One shareholder has expressed concerns regarding whether GSL was being used as a source of funding for the various business interests of other shareholders.
The shareholder added that the lack of disclosure of the true state of affairs of the GSL raises considerable concern about what will be left to the minority shareholders and their chances of dividends. It also raises questions on whether the company’s affairs are being managed in the interest of all shareholders, or for the benefit of a few directors.
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