The Polar beer saga involving Fidelity Investment Inc and the Guyana Revenue Authority that is currently before several courts took a twist on Friday last when a reported interim deal was reached and numerous cases of the alcoholic beverages were allowed to leave the city bond.
No specific details on the settlement were forthcoming except that Fidelity met with the revenue body privately on Friday and subsequently deposited a substantial amount of money in return for permission to clear some of the stocks in the bond. Up to late Friday night loaded trucks were moving off from the Broad Street, Charlestown bond.
Stabroek News was reliably informed that GRA and Fidelity have been negotiating for sometime now despite the court proceedings and that they recently arrived at an accommodating phase in the talks.
Commissioner General of the GRA, Khurshid Sattaur, when contacted on Saturday declined to comment on the agreement that was reached stating that the matter was still before the court. But Joshua Safeek of Fidelity Investment told Stabroek News on Friday night that the company and GRA had reached a deal.
Safeek said Fidelity started clearing out the bond around 4.30 pm and had already started distribution across the city in addition to areas such as Bartica, Linden and Berbice. He said the company was forced to send home staff after the bond was sealed but will soon be recalling persons now that some of the stock is on the market.
A comprehensive settlement between the GRA and Fidelity would result in a withdrawal of the matters currently before the courts including the recent appeal filed in Appeal Court by the GRA, and the contempt of court proceedings that Fidelity filed on Friday in the High Court.
It was back in January that the legal battle between GRA and Fidelity started after the revenue body sealed off the bond at Broad Street alleging that Fidelity had not paid duties on the imported beer. But the company moved to High Court seeking to regain control of the bond in addition to preventing the revenue body from interfering with the stock.
Justice Jainarayan Singh Jr recently ruled against the GRA in the matter but the body appealed the ruling and also sought a stay of execution in the Appeal Court.
Last week, the stay of execution was granted but Fidelity was granted leave to file an affidavit in answer. Fidelity then filed contempt of court proceedings against GRA in the High Court.
