– says responsible only for sugar and related activities

THE Guyana Sugar Corporation (GuySuCo) has distanced itself from the divestment of the sugar industry, noting that it is only responsible for sugar production and other activities related to sugar.

The National Industrial and Commercial Investments Limited (NICIL) has control over the Skeldon, East Demerara, Rose Hall and Skeldon estates, which were closed and put up for privatisation and divestment by the government.

The Blairmont, Albion and Uitvlugt estates remain operational under GuySuCo.
“Anything to do with the divestment of those estates falls under the Special Purposes Unit (SPU) of NICIL,” Communications Manager of GuySuCo, Audreyanna Thomas, said in an invited comment.

Thomas was responding to questions surrounding an estimated $3 billion in scrap metal which was up for disposal in 2017.

It was reported that with the scrap metal trade reopened, executives of the corporation had questioned whether the iron was sold.

“We had over $3 billion in scrap metal that was to be given to an individual, but that was put on hold because there was a ban. The ban has now been lifted and we don’t know what has happened with the scrap metal; but we know we have not received any money for it,” a senior GuySuCo executive told Stabroek News last week.

Thomas reiterated that the iron and other assets were handed over to the SPU when privatisation of the sugar industry started.

Finance Minister Winston Jordan had explained that the SPU, which would fall under NICIL, is specifically responsible for the privatisation of some areas of GuySuCo.
In the initial stage, its primary function would be to lead the privatisation and divestment process for the Skeldon factory, Finance Minister Winston Jordan had disclosed, while noting that the unit would be required to hire an established accounting firm to assist with the process.

The functions of the unit would also include the process of valuation, marketing, advertising and the drafting of legal frameworks. As time progresses, the unit would assist GuySuCo in the identification of other properties to be privatised.