NICIL debunks Guyana Times ‘vulgar’ article

Dear Editor,
THE Guyana Times newspaper carried this article “NICIL under APNU/AFC Gov’t still retains billions in dividends” on May 16,2018. It was a vulgar attempt to garner sales for their failing publication as the accusation is wholly false.
From the contents of the article it is clear that the ‘source’ that provided the information has zero knowledge about the subject, and it was also clear that the reporter is incapable of recognising bilge.

NICIL would like to provide the following facts for your readership in the event that they may have seen the article under question:
1. During the period 2015 – 2018, NICIL received dividends of $4.219 B
2. $4.2 B was remitted to the Consolidated Fund for the same period
3. $19.9 M was retained by NICIL to cover its administrative expenses.
We wish to also point out that the Board of NICIL had requested 10% retention of funds collected, but that request was rejected by the Minister of Finance. The article also accused NICIL of ‘sameness’ of modus operandi as that which obtained under its previous management. We wish to make clear that there is a marked difference in the direction of this entity now; NICIL is actively seeking ways to help to loosen the noose from around the necks of tax payers of this country left by its previous management.

Regards
Horace James
CEO, NICIL

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