Georgetown : The Government has released a report detailing all transactions handled by the Privatisation Unit (PU) and the National Industrial and Commercial Investments Ltd (NICIL) from 1993 to November 2012, putting to rest speculation and a spate of criticisms in sections of the media and the opposition about transparency at the entity.
Copies of the report that recently won approval of the Cabinet were presented to the media following a press conference hosted by President Donald Ramotar at his office this afternoon.
Entitled Privatisation in Tables: Phase 11(1993 to 2012) the report is a follow up to “Guyana’s Privatisation Progarmme: The Institutional Framework and Results of Phase II (1993 to 2009) report
Transparency, details of transactions, advertisements, and criteria in determining buyers are all contained in the report which categorises transactions in three parts: Privatisation, Properties (sale or lease) and Restructuring Transactions.
A summary of the transactions from 1993 were highlighted including $25.6B in proceeds, $11.7B of which were paid to the Treasury, $6.4B capitalised and $4.8B paid to NICIL and $2.6B to other entities.
It was reported that NICIL paid almost $13B in dividends to the treasury, inclusive of $2.1B during the period 1991 to 2001 and $10.6B during the period 2002 to 2012
This recent report follows on NICIL’s compliance with accountability procedures by laying audited accounts in the National Assembly up to the year 2010, according to President Ramotar in today’s media briefing.
Minister of Finance Dr Ashni Singh has laid in Parliament over 105 sets of accounts for NICIL and its subsidiaries.
A press release that accompanied the reports presented to the media stated that the government has taken note of the “substantial” work of NICIL and the Privatisation Unit, the success of its stakeholder privatisation board, and the net contributions in the area of dividends, taxes, investment and employment.
Such accomplishments have been made minus Government funding, except in the case of electricity subsidies to consumers and the National Communications Network programme component, the release stated.
The government viewed the report as a vindication that NICIL/ PU transactions have been conducted in a transparent manner as against the speculations and criticisms that have been making headlines in recent months
