THE Guyana Sugar Corporation said it is disappointed that after presenting “facts” on its operation, the Kaieteur Newspaper continues to mislead the nation.

In its Sunday June 9, 2019 Edition, the Kaieteur Newspaper published an article titled ‘Price fixing racket at GuySuCo…Internal Audit Report recommends Paul Bhim sacked’. Two days later, another article appeared in the same newspapers titled ‘Local sugar quotas…Despite malfeasance and dereliction of duty, GuySuCo failed to take action – Internal Report.’ These articles, GuySuCo said, are regurgitation of old and inaccurate reports.

“Kaieteur news has essentially rewritten the reports from 2018 but on this occasion included a source which it purports to be the ‘Internal Audit’ reports for GuySuCo. The corporation hereby states that there are no ‘Internal Audit’ reports or other such reports which recommend that Paul Bhim, Finance Director, be disciplined or that his services be terminated,” the sugar corporation said.

GuySuCo Chief Executive Officer, Dr. Harold Davis, said there are no reports or recommendations made to him, or the Chairman or the Board of Directors of any malfeasance or dereliction of duty by Paul Bhim.

“As a matter of fact, Mr. Bhim has played an invaluable role during this extremely difficult transition period for the corporation, particularly in the area of fiscal management,” the CEO said.

The GuySuCo said it is again disappointed that the Kaieteur News would continue to participate in what seems to be a tactic to tarnish the reputation of the corporation and its managers.

“Of greater concern to the corporation, however, is that the in the article published on June 9, 2019, the newspapers recklessly drafted its customers into this senseless scheme by listing the names of international and regional customers. This malicious reporting by Kaieteur News negatively impacted the business in 2018 and continues to affect the Corporation,” the sugar corporation said.

It said the global sugar industry is currently undergoing a transition which includes intense reforms, and GuySuCo along with other sugar producers in the Caribbean Region are challenged to protect the market from extra-regional sugars which are being sold in many instances, at a cheaper price.

“With regard to selling of sugar on the local market, of which there are over 150 customers; the current European price per tonne of sugar on June 11, is US$280, whilst on the local market the price is US$500 per tonne. Therefore, GuySuCo currently endeavours to sell more sugar on the local market since the price is higher, which would obviously require adjustments based on demand; since it makes better business sense to sell more on the local market than on the European Market, at a price which is about 55 per cent of what it sells for on the local market,” it explained.

The sugar corporation is calling on Kaieteur News and it sources to desist from continuing this “reckless and malicious reporting” about its business and management. The corporation extends an invitation to the media to contact representatives from its Communications Department to seek clarifications, comments or request information on any aspect of its business.