| Guyana National Printers Limited, the company responsible for printing exercise books and other books for the Education Ministry and the Official Gazette,Wholesale NFL Jerseys, among others, has been slated for privatization.This is according to Head of the Privatisation Unit, Winston Brassington, who was addressing the recently held privatisation and taxation seminar at Le Meridien, an event that was attended by scores of eminent private sector entrepreneurs.Brassington was at the time specifically responding to chartered accountant Christopher Ram,Curry 2 Shoes For Sale, who queried why the Government still held on to so many companies.One of the companies still retained by Government is the Guyana Sugar Corporation.According to Brassington, there were attempts in the past to privatise GNPL. “All we have done so far is to divest the Ruimveldt site, but the operations continue to be Government-owned.”Up to 2002, some 14 companies were either partially or totally divested; while, from 2003, in the second phase of privatisation, 26 entities were privatised.According to a Privatisation Unit report,Cheap NFL Jerseys, ever since 2003, there were 99 transactions from 29 Government entities.These were broken down into 26 privatisation deals, 46 real estate transactions, and 27 restructuring/wind-up deals.Of the 26 privatisation transactions, four were not advertised, with two of these ending up in an employee sale in the case of Guyana National Newspapers Limited and an employee/management buyout in the case of Surapana Farms.Of the remaining 22, three were negotiated and finalized after inadequate responses from advertising. These included Linmine, Aroaima Mining Company and Bermine.According to the Privatisation Unit, while proceeds from Phase One were more than $1.1 billion, gross proceeds from Phase Two exceeded $23 billion from privatization/real estate transactions between the period 1994 and 2007.In 1993, the Government promulgated a new policy on privatisation.This policy paper, titled “Privatisation Policy Framework Paper” (later referred to as PPFP) was laid in Parliament and was thereafter referred to as the “White Paper on Privatisation.”The new Privatisation Unit was set up as a semi-autonomous agency funded by the Ministry of Finance.It should be noted that the 1993 privatisation framework is not set out in the statutes, but is a policy framework.As such, it provides a set of guidelines and policies that should be viewed in context of the mode of privatization being applied.An important component of the privatisation framework is the involvement of key stakeholders (labour, private sector, and consumers).All privatisation matters proceed from the Privatisation Unit (PU) to the Privatisation Board (PB) and then to Cabinet,Yeezy Scarpe Italia, Mr Brassington said.Entities earmarked for privatisation are typically owned directly by the Government or via the holding company, National Industrial and Commercial Investment Ltd (NICIL).The PU is therefore considered to be an agent of Government, acting on behalf of the Government or NICIL, as the case may be,China Jerseys Wholesale, in respect of privatisation.Typically, the PU,Wholesale NFL Jerseys China, apart from reporting to the PB, has to liaise and report to the Board of the entity being privatised and/or the Board/Management of NICIL.The PU has limited powers to execute privatisation agreements and typically require the ratification of the Board of the entity being privatised.Over the years, this legal relationship has been streamlined whereby the PU and NICIL were operationally merged.A policy decision was also taken that all decisions of the PB and Cabinet would be accepted by the Board of NICIL.Accounting was also streamlined such that all accounting and treatment of privatisation proceeds would be done strictly in accordance with the financial framework for companies, and audited by the Auditor General within this framework.This has resulted in consolidated accounts for privatized entities for 2002 to 2004 still not completed by the Auditor General, thus the monies have remained with NICIL and have not been turned over to the Consolidated Fund. |
