… and are available to the public online
All of the National Industrial and Commercial Investments Limited (NICIL) finances remain up to date, since the entity merged with the Privatisation Unity in 2002, head of the entity Winston Brassington said.
Brassington in a recent interview told this publication that he is pleased that the public is now able to have the audited financial statements for NICIL, as a company, up to date in Parliament.
NICIL, he said too, has published all of its financial statements on its website, with 2013 being an exceptional year as it included revenue from the sale of the Guyana Telephone and Telegraph Company (GT&T).
He said the entity entered into a contract in 2012 for the sale of GT&T, with 20 percent interest for US$30 million and US$25 million being paid up front, which will be reflected in its financial statements.
However, that money is held in a deposit account but the issue regarding the money is before the court. NICIL cannot touch it and do anything with it pending the court matter.
Having never collected any dividends from the Berbice Bridge Company Inc, the annual report states that in 2012, NICIL sold all of its shares to the National Insurance Scheme (NIS) for Gy$950 million. By the end of 2012, the company had also invested almost Gy$3 billion in the Atlantic Hotel Inc, which is building the Marriott Hotel.
As at the end of 2012, NICIL received US$25 million for the sale, with the remaining US$5 million payable in two years. The directors for NICIL, at the end of 2012 were Finance Minister, Dr Ashni Singh; head of the Presidential Secretariat, Dr Roger Luncheon; Finance Ministry Budget Office Director Sonya Roopnauth; Amerindian Affairs Ministry Permanent Secretary Nigel Dharamlall; and Brassington.
