– says will vigorously oppose any form of non-regulatory interference

THE Private Sector Commission of Guyana notes with deep concern a recent call by some members of Parliament that the Government interfere in the management of the Berbice Bridge Company, a Private Sector Company and concessionaries for the Berbice Bridge, and force Tariff reductions.The PSC, in a statement yesterday, said it will vigorously oppose any form of non-regulatory interference in the management of Private Sector companies, which in this instance if allowed to proceed will negate against attracting private investment in similar infrastructural projects.
The Berbice Bridge Company is owned 80% by Guyanese Private Sector interests, including pension funds and 20% by an institutional investor, the National Insurance Scheme (NIS), that also holds non-voting preference stock in the Company and provides one of the few opportunities for a good investment return on Guyanese workers’ NIS contributions and may also be considered critical to the future life of the Scheme. “As far as we are aware, the Government directly or indirectly has no investment in, or liability relating to, the bridge at this time,” the PSC declared.
It said the Bridge Company attracted investment by offering a minimum return to investors who were prepared to take the financial risk, and warned that this must not be interfered with. The company’s safety and maintenance records are well above average, as are customer facilities at both ends of the Bridge. The Company is managed by a Board of Directors representing the investment interests; no one Director can determine or undermine the decision of the full Board, Government or not.
The PSC said it supports private investment of this nature in National Projects, but the ability to attract this type of investment demands confidence in the future of the economy and low capital risk.