| …foregoes US$$M in rental Guyana National Industrial Company Inc. (GNIC), a company owned 70 percent by Laparkan and 30 percent by Guyana National Engineering Company (Employees Only) have been found to be part of aGuyana National Industrial Company Inc. (GNIC)scandalously carefree operation.Documents acquired by this publication show that National Industrial and Commercial Investments Limited (NICIL) has been aware of the lax behaviour and disregard for state property, and has seemingly condoned it.The matter dates back to 1995, a period which saw the privatization of the Guyana National Engineering Corporation (GNEC). GNIC purchased the moveable assets of GNEC, located at the leased lands of Lots 1-12 Lombard Street,Cheap Jerseys Free Shipping, Georgetown.GNIC operates the largest wharfing and industrial facilities in Guyana. This facility is involved in ship-building, fabrication of parts and smelting.On the disbanding of GNEC on May 30, 2002 by vesting order #13 of 2002, NICIL, whose Chief Executive Officer (CEO) is Winston Brassington, became the successor of the lease agreement of October 30, 1995, and supplemental deed of lease agreement of January 2002. The term of the lease was for 15 years, commencing November 1, 1995.In 2002, NICIL,NFL Cheap Jerseys China, with the consent of the PPP government, via Cabinet, retroactive to 1995, reduced the annual rent to be paid by GNIC from US$1M to G$70M, and the sale price of equipment by 30 percent. Despite these concessions, GNIC refused to honour its obligations to pay, under the lease, resulting in the matter being forwarded to arbitration in July 2009.A move to arbitration in September 2013, resulted in an award of G$148.9 million in favour of NICIL for the second period 2006 to 2009. But even this was not honoured by GNIC. NICIL, through legal counsel, also wrote to GNIC about the enforcement of the judgment, but two years later, the company has yet to reply.The view is that NICIL was not keen to collect on its judgment.Additionally, the term of the lease expired on November 1,Evan Engram Jersey, 2010, so NICIL became entitled to possession of the property.Documents seen by Kaieteur News indicate that GNIC failed and/or refused to deliver up possession of the property to NICIL. As a result, it remains a trespasser.Four years later, NICIL commenced proceedings for possession and damages for trespass (that is equivalent of rental amounts from 2010 to date). But GNIC remains unmoved by this legal action.More interestingly,Cheap Jerseys NFL, while GNIC owes NICIL millions of dollars in rent and is currently a trespasser,NFL Jerseys Authentic Cheap, it has boldly subleased a portion of the land to TCL Cement Guyana Ltd.,Wholesale Jerseys China, without NICIL’s consent, and continues to collect rent via this sublease. GNIC’s actions are also in direct contradiction of the lease agreement which prohibits this.Kaieteur News understands that the rent collected from the lease is about six to seven times more than the amount that is supposed to be paid to NICIL.Government has been alerted to the matter, and many questions have surfaced, including why NICIL has been so nonchalant over the years in ensuring it collects its due payment from the company.Officials are also baffled as to why NICIL was aware of the subleasing and never took any legal action against it, especially when the “trespassing status” is taken into account. There are also more damning documents which show that NICIL was deliberately dragging its feet on various aspects of this matter. |
