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…will use proceeds on Marriott Hotel – says AFCThe sale of Government’s 20 per cent stakes in the Guyana Telephone and Telegraph Company (GT&T) is nearer to finalization with a significant sum paid over last week by the Chinese buyer, Datang Telecom Technology and Industry Group.The sum is said to be US$20M ($4B) and this was deposited to the accounts of the National Industrial and Commercial Investments Limited (NICIL), the state-owned company which controls public assets. Around US$10M ($2B) more is outstanding.But it will not be all smooth sailing for the transaction which has been heavily criticized inNICIL’s head, Winston Brassingtonsome quarters.There have been questions whether government was doing the wise thing by selling the shares. It has been earning them on average around $500M annually.Up until the sale, the government was receiving from GT&T, an annual dividend of US$2.5M, making it the most successful investment ever undertaken by any administration in this country. Initially, when the shares were placed on the market almost three years ago, employees had offered to buy them but this was rejected by Government who wanted them to be purchased en bloc.Then there was the issue of the price. Government agreed to sell Datang the 20 per cent share for US$30M.Accountant, Christopher Ram,Cheap NFL Jerseys, earlier this year said that Guyana could have got at least US$40M.According to Leader of the Alliance For Change (AFC), Khemraj Ramjattan, yesterday, Government is planning to use the US$20M for the Marriott Hotel in Kingston.Government has said that it had problems finding investors for that project.But the construction has already started with the contractor,Wholesale Jerseys, Shanghai Construction Group, being advanced US$10M. The 197-room hotel, casino, nightclub and restaurant will cost around US$60M. The foundation is currently being laid and camp has been built at the Kingston site without much clarity about the mysterious investors.Guyana is plugging at least US$20M into the venture which has been criticized by other hoteliers who are saying that the market is already saturated with too many rooms.Datang pressured!NICIL’s head, Winston Brassington, yesterday admitted that monies were paid but declined to give details. He would only say that he has to consult. He asked that Kaieteur news submit a list of the questions.“I understand that Government officials bore down heavily on the Chinese to make the payment,Wholesale China Jerseys, although the company wanted to smoothly settle in with ATN, the owner of 80 per cent shares of GT&T,” Ramjattan said.The Parliamentarian said that the government’s?heavy push for the monies was to avoid any public perception that it cannot go through with the Marriott project and to?avert any?impression that the works were in any way being held back by?the non-participation of investors.“Indeed, there is a severe hesitation by private investors into this project because of low levels of occupancy rates in hotels across Guyana. This can?shatter confidence in the project and scuttle it. But to shore up such confidence, the government has persuaded Datang to pay in US$20M to NICIL.”AFC’s Leader, Khemraj RamjattanAccording to the AFC Leader, during the recent graduation ceremony at the University of Guyana, President Donald Ramotar indicated the country’s coffers is not with unlimited funds and so there is a limit on what can be spent on education.He urged the private sector to help.“This $4B (US$20M for Marriott) would have gone a far way to enhance the education sector, especially UG,?rather than being spent on a project the feasibility of which is held top-secret.?It is Marriott for which the President should seek private sector help,Wholesale NFL Jerseys, and transfer this $4B for education.”Wild governmentGovernment’s chief spokesman, Cabinet Secretary,China Jerseys, Dr. Roger Luncheon, had told media workers earlier this year that Datang Telecoms conducted its due diligence before it arrived at the US$30M price which would include US$25M cash up front and the remainder with a stipulated period.Government had made it clear that its decision to sell the 20 per cent share was driven mainly by the profits that were coming into the coffers of government and the fact that the telecoms sector was on the verge of being liberalized and opened to new companies.The majority shares in GT&T are owned by the US company, Atlantic Tele-Network (ATN) under a 1991 agreement.


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By Abena Rockcliffe Minister of Home Affairs,Cheap NFL Jerseys China, Clement Rohee yesterday accused A Partnership for National Unity (APNU) of “going against the country” and acting without the interest of Guyana at heart.The Minister was referring to the latest move by APNU to withdraw its support from the Special Select Committee set up to fine tune amendments to Guyana’s law on financial crimes.Minister of Home Affairs, Clement RoheeOn Monday, Leader of APNU,Cheap NFL Jerseys, David Granger sent President Donald Ramotar a letter informing him that the party will no longer contribute to the Special Select Committee. That move is one that will drastically affect the government’s plan to have the Anti-Money Laundering and Countering the Financing of Terrorism Amendment Bill passed.Granger attributed his party’s pullout to the fact that he wasn’t given a letter sent to the President by the Caribbean Financial Action Task Force (CFATF) since April 10, last; one which was supposed to be shared with him and the rest of the opposition.The CFATF is an arm of the International Financial Action Task Force (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing, among other financial crimes.Granger is asking for an explanation from the President, as to why the letter wasn’t shared for the information of the Opposition, before the party participates again in the Special Select Committee.Yesterday, Rohee, who sits on the committee, referred to APNU’s sudden pullout as an “unfortunate development.”According to Rohee, the Party is going against the country by not supporting the Bill. He said that the move “does not help Guyana at all” and any move that would not “help our Country” is one that would be regretted in the long run.Rohee told media operatives that the way he sees it is that APNU never intended to see the Bill to the end of the road and was only looking for a reason to withdraw “which they eventually found in the letter.”“The letter issue is being used as an excuse to pullout. I’m not so sure it is really the letter. I think it is a host of other matters.? The opposition has always been looking for an excuse to pull out. The AFC (Alliance for Change) was more brazen in stating their position. But APNU sought to find an excuse which they eventually found in the letter to which they keep referring.”The Minister sought to point out that the opposition hadn’t the control at the level of the select committee and inferred that to be one of the reasons for the non support.“They didn’t have the chairmanship,Wholesale NFL Jerseys, but Teixeira (Presidential Advisor Gail Teixeira) is the chairman and she,Cheap NFL Jerseys China Stitched, the Attorney General (Anil Nandlall) and the Finance Minister (Ashni Singh) put forward strong,Cheap NFL Jerseys China, very convincing arguments and they gave them (APNU) every single document requested…”Rohee said that another factor could have been the fact that the government is pressed for time and wanted to meet more frequently than normal.In conclusion, Rohee said that there are definitely other factors contributing to the pullout and they are “of course of a political nature”.


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We THOUGHT it was covered in law – Da Silva…Rovin Deodat stymies questioning at tax seminar“We made a mistake…We thought it was covered in law.”This admission was made by Head of the Guyana Office for Investment (Go-Invest) Geoff Da Silva,Wholesale Jerseys, yesterday, during a discussion segment of the long-awaited seminar on Guyana’s Privatisation and Taxation Policies and Practices.This position was confirmed by a piece of legislation tabled in the National Assembly last Thursday to amend the principal Act to include the Queens Atlantic Investment Inc deal.The event was attended by scores of eminent businessmen and women, and was organised by the Privatisation Unit in collaboration with the Guyana Revenue Authority.Notably absent was Chief Executive Officer of Demerara Distillers Limited (DDL),Cheap Nike Air Max 2018, Yesu Persaud.President Bharrat Jagdeo had suggested the forum on June 5 during the launch of the latest daily to hit the streets, namely the Guyana Times.The forum was suggested in response to statements eminent businessman Persaud had made. In his remarks at the forum Persaud had said that concessions similar to those granted to QAII should be given to other local companies.Opening the questioning segment of the seminar yesterday, Chartered Accountant Christopher Ram told the panel which included head of the Privatisation Unit Winston Brassington,Wholesale Jerseys, GRA’s Commissioner General Khurshid Sattaur and Da Silva among others that there was a lot of talk of transparency but it appeared that there was a coordinated effort to misrepresent information with regard to a particular investment (QAII).According to the eminent chartered accountant, “Had information not been leaked to the press there would have been no outcry for information that contributed to the seminar.”Ram also posited that the deal with the adjoining six acres of land which John Fernandes Limited caused raised eyebrows.JFL paid some $320M which was never placed into the consolidated fund so that its use would have to be approved by the National Assembly.He posited that either somebody was over charged or somebody undercharged but it could not be both.Regarding QAII investments, Brassington told the seminar that after the Chinese occupancy of the Sanata Textiles Complex in Ruimveldt came to an end in 2006,Cheap NFL Jerseys China, the government decided to tender out for investment proposals.He said that the advertisements for the proposals were issued in December 2006 and ran until February 2007 after it was extended from January.He also added that given that there was no suitable response from investors, at that time the government approached QAII to formulate a proposal.In May 2007, QAII submitted its business proposal which the Privatization Unit approved that very month. On May 15 Cabinet approved the lease proposals.Brassington also admitted that what was advertised and the negotiated deal was different.When questioned as to how it is that a Memorandum of Understanding (MoU) between the two parties was entered into months after an investment deal was approved, Da Silva told the gathering that all investments do not require a MoU.The MoU brought into force several subsidiary concessions and tax waivers such as a five-year tax free holiday, he said.Brassington noted that with any long term lease there are two stages, namely the agreement for lease and the lease deal.“The Cabinet decision said that tax incentives are to be granted in accordance in the law.”He noted that the process of tax deals and concessions would be referred to then be left in the realm of the investor and Go-Invest,Cheap Air Max 90, and sometimes other agencies such as GRA and the Privatisation Unit.“It did take a while for the MoU to be concluded.”He noted that the document that dealt with the incentives was only completed in March of 2008 although investment agreement was completed in 2007.At this point in time Dr Rovin Deodat who was the Master of Ceremonies informed a member of the media who was posing questions about the investment that, “I don’t want this to become a press conference on a particular issue (QAII).”This, he said, was due to the fact that there were several members of the private sector present who may want to question other issues.Da Silva then went on to say that in an investment deal a MoU is not necessary.“The MoU has to do with tax matters.”According to Da Silva, the appealing part of the legislation was the Bio technology and the Textile aspect of the investment.These, he said, were the investments that required the tax holiday. “We made a mistake…We thought it was covered in law.”