– says arbitration high possibility

ATTORNEY General and Legal Affairs Minister, Basil Williams said he will soon advise Cabinet on the agreement between the Government of Guyana and Hong Kong Golden Telecom Company (HKGT), with respect to the outstanding US$5M for the 20 per cent Guyana Telephone and Telegraph Company (GTT) shares it bought.

At a press conference on Monday, the attorney general said a legal team from his Chambers is examining the agreement. “We will make a decision sooner or later, and I think soonest in relation to advising Cabinet whether we should go to arbitration and whatever action we should take.”

Minister Williams said that from all indications the Government would be inclined to arbitration.

HKGT owes the government holding company, the National Industrial and Commercial Investments Limited (NICIL) the US$5M. Guyana has been demanding that HKGT pays interests on the US$5M debt.

Much mystery had surrounded the outstanding money, which at one time was described as missing. NICIL had maintained that it was not in receipt of the outstanding US$5M from the sale of the government shares in GTT, and was expected to employ the method of arbitration to recover those funds. More than a year ago, a company in the United Kingdom was identified to help NICIL in the process of arbitration. In 2012, the former PPP/C Government made a decision to sell its shares in GTT for US$30M. A payment of US$25M was made, with the balance expected to be paid within two years. Approximately six years have passed, and the US$5M is yet to be paid.