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– says telephone company hid true profits, assets– landline expansion abandoned in favour of mobile servicesThere is a major battle brewing between US-owned Guyana Telephone and Telegraph Company (GTT) and the Guyana Consumers Association (GCA).PUC’s Chairman, Justice (ret’d) Prem PersaudFollowing an application -”Grounds for a review of Order No1/2015″- made on November 17th by GTT to the regulator – the Public Utilities Commission (PUC), the association has released its submissions which accuses the telephone company of deliberately hiding its profits and refusing to expand its landline service in order to capitalise and focus on the lucrative mobile services market.The consumer body now wants Government to order a forensic audit into the operations of GTT to determine how much profits exactly it has been making.The concerns of GCA were raised in the memorandum dated December 9th and which was sent to the PUC.The memo was sent by GCA’s Secretary, J. Deonauth to PUC’s Chairman, Justice (Ret’d) Prem Persaud.According to the association,NFL Jerseys Cheap, if GTT had “truthfully” wished to reduce international rates, it would have modernized its technology and would have done what efficient telephone companies worldwide have done when encountering competition from similar international rate reduction – it would have reduced its international rates.“But GTT has no intention of reducing international rates. They are intent that the consumer must subsidise them both directly or indirectly, an attitude deriving from being a monopoly.”According to GCA in its memo,Cheap China Jerseys Authentic, it has reservations also about the integrity of the Commission to evenhandedly dispense justice to the consumers and “the Commission needs to publicly address this issue”.GCA said that the regulator should dismiss the telephone’s company claim for special profits for its landline services.SUPER PROFITS“Our reason for this position is that by their Contract with the Government of Guyana, profits of the company are calculated on the basis of assets only. They could make a minimum profit of 15% of assets plus “Advisory Fee” of 6% of gross takings making a total profit of nearly 30%. No profits are calculated on segments. To attempt to calculate profits on segments, is a surreptitious attempt by GTT to vary their Contract.”A consumer body is delaying GTT’s landline expansion in Guyana, accusing the company of deliberately hiding its profits and assets.GCA also accused GTT of deliberately practicing questionable accounting by making Guyanese consumers pay 15% return on its depreciated landline assets “allowing the company to harvest in super profits on the landline. These super profits are not credited to the landline”.As a matter of fact,Cheap Jerseys, GCA told PUC, the fibre optic and the copper lines belonging to the landline have been used and are being used to transmit mobile and internet traffic, which in 2015 was estimated to be earning US$2 million per annum. “These revenues, which are concealed profits, must be credited to the landline,” the memo urged.GCA said the best way of “knowing the truth and giving the PUC evidence on which it could act” is to have the company disaggregate and segmentalise its accounts as other big companies in Guyana do.“The PUC cannot act on GTT’s demands except the accounts are disaggregated and segmented so as to give the PUC a rational base on which to make their deliberations. Ultimately the PUC should consider employing their own independent consultants that can assess GTT’s numbers and to see whether they can arrive at the same conclusions as Analysys Mason.”FORENSIC AUDITGCA stressed that if GTT does not disaggregate and segment its accounts, then a forensic audit must be carried out.“The Government of Guyana has now made the execution of Forensic Audits a policy for entities whose accounts and activities are not transparent or are questionable or inexplicable or opaque. We would ask the PUC to quickly commission a Forensic Audit of GTT’s accounts so as to break the deadlocks which have arisen between the PUC and GTT over the years.”GCA pointed to the “illegal transference of assets”,Soccer Jerseys From China, such as the undersea cable, to offshore entities and noted that the collective understanding of the company’s operations could only be achieved by a forensic audit.GCA said that the telephone company’s recent demand for increased rates is spurious.“For 26 years the Guyanese consumers have funded all investments by GTT within and outside of Guyana. This funding is the formidable basis of a company that uses internal interest-free funds to expand and then claim increased rates from double dipping,” the memo to PUC said.GCA said that while