…pays over US$3M in dividends to Government of Guyana

AFTER years of being in default, BOSAI Minerals Group Guyana Inc. (BMGGI) has paid out US$3M in dividends, accumulated over the years, to the National Industrial and Commercial Investment Ltd. (NICIL) after a series of extensive negotiations.

BMGGI, while confirming the payment, declined to disclose the period for which the US$3M covers, and the outstanding amount. BOSAI Guyana General Manager, Eric Yu, in debunking claims that the bauxite company has not paid its dividends, disclosed that Bosai, through its head office in China, recently remitted US$3M to NICIL.
In a statement on Tuesday, Yu explained that while Bosai was unable to pay dividends for a number of years, it is now making amends, and has signalled its intentions to remit all dividends owed, thus the US$3M payout.

According to him, Bosai has always been committed and dedicated in having all dividends-related matters and issues settled. Yu noted that the management of his company, both locally and internationally, were involved in the lengthy negotiations with NICIL to ensure that the matter was settled amicably and fairly to the parties involved.

“I must commend the management of NICIL as they played a pivotal role in having this dividend payment addressed. The CEO of NICIL is a very strong, persistent and patient negotiator. While we have some concerns, and they have not all been addressed, we are satisfied that the negotiation led by NICIL was one that saw everyone involved coming to a consensus,” the local General Manager said.

He was keen on noting too that the negotiations with NICIL were very healthy – indicating a strong working relationship.
Weighing in on the matter, NICIL’s Chief Executive Officer (CEO), Colvin Heath-London said NICIL has a responsibility to its line ministry, and, by extension, the people of Guyana, to make sure that its fair due is had.

Meanwhile, Yu said Bosai stands committed to the expansion to its operations here in Guyana. He pointed out that the bauxite company has commenced the construction of two kilns, which are expected to be completed within one to two years. The kilns, he added, will help in advancing and improving how bauxite is extracted from the country, and would certainly boost the operations of the company.

As its expansion plans take shape, Bosai, Yu said, intends to strengthen its relationship with the government and people of Guyana through its continued investment in the country.

Public Relations Officer (PRO) of Bosai, Vanessa Mitchell–Davis, said BMGGI is pleased to have remitted the dividends to NICIL. While maintaining a smooth operation at Linden, Mitchell-Davis said, Bosai has ensured that its workforce is properly compensated. Added to that, she said the bauxite company has been instrumental in the town’s development through the support of a number of social projects and programmes.

“There have and continues to be a number of negative comments about Bosai but what many persons do not know is that Bosai has been meaningfully contributing to the continued development of this country. Bosai currently has over 600 employees with the workforce expected to increase by another 200 in two years’ time with the construction of two Kilns,” the PRO said.

Mitchell-Davis said the issuance of the US$3M is an indication of the excellent relationship that exists between her company and NICIL, stressing that NICIL continues to provide the required assistance and support, thus further strengthening their relationship. “We have our own challenges and difficulties but we are very pleased with the great relationship that both organisations have and we intend to maintain such.

I can assure you that Bosai is very pleased and looks forward to continue working with NICIL as they seek to represent the government in a number of ways,” Mitchell-Davis added.