-says misuse of funds has caused worry for lenders
The National Industrial and Commercial Investments Limited (NICIL) is expressing concern over the Guyana Sugar Corporation’s (GuySuCo) use of money from the syndicated bond it raised for unauthorized purposes.
Days after reports that Republic Bank halted GuySuCo’s bond financing over misuse of funds, the very entity that raised the funds has joined in expressing concern. In a statement, NICIL’s Special Purpose Unit head Colvin Heath London made it clear that GuySuCo appropriated the funds for unauthorized expenses.
In fact, London said that Minister of Agriculture Noel Holder and GuySuCo have appeared disinclined in using the monies for capitalizing GuySuCo. According to London, this has caused lenders to express alarm for the way things are unfolding with the bond.
