As its winding up proceeds, Didco Trading Company Ltd’s poultry plant and feed mill, among other assets, are up for sale.
An advertisement in the November 20 edition of Stabroek News lists the following properties for sale:
* A poultry processing plant
* A livestock feed mill
* A two-storey factory building
* A processing plant building
* A wharf with bond
* 9.88 acres of riverfront land at
Friendship, East Bank Demerara
* And a three-storey manager’s
residence.
This sale would signal conclusively the end of the big poultry processing plans that businessman Deo Singh had had for the Friendship plant. When it was in full operation there had been plans to export chicken to the Caribbean but a series of misfortunes hit the business and various debts piled up.
Persons wishing more information on the sales were asked to contact: The Receiver, 106 Lamaha Street or on telephone numbers 225-8915 or 225-3221.
This is the second phase of sales in the receivership process for Didco Trading.
A notice in the June 27, 2013 edition of the Guyana Chronicle advertised house lots for sale at Plantation New Hope, East Bank Demerara. There were 400 lots which the notice said were approved for housing.
On October 10 this year, the Guyana Revenue Authority had said in a press release that it had obtained judgment against Didco Trading for $59,257,183 which constituted pay as you earn taxes.
In that same press release it had said that it had also instituted wind-up proceedings against the holding company for the local KFC and Pizza Hut operations. This company is also associated with Singh.
The GRA said that Friendship Hotel and Restaurant Holdings Inc owed $618,491,299 in VAT. It said that the company, which was incorporated on January 18, 1994 and continued under the Companies Act, is mainly involved in the operation of fast food outlets under the Kentucky Fried Chicken (KFC) and Pizza Hut franchises.
Didco Trading Company’s website had described its activities as follows:
“Didco Trading Company, with its head office located at Ramp Road, Ruimveldt, Georgetown, Guyana was established under the Laws of Guyana in 1991. Starting as a distributor company – importing and wholesaling essential food products with just three sales outlet; Didco has come a very far way.
“Today Didco is one of the largest commercial businesses in Guyana and is currently diversifying further into its business activities. “Didco has a hand in shipping, poultry feed production, poultry hatching, rearing and processing, and also bathroom tissue converting and packaging.
“The company has two sister companies namely Friendship Hotel & Restaurant Holdings Limited and Nova Scotia Manufacturing Company…
“In Guyana, Mr Deonarine Singh with his vision was able to secure the KFC franchise and on April 26, 1994 the first KFC Outlet opened its doors in Guyana at the busy downtown location at Stabroek allowing Guyanese to savour the Colonel taste of chicken, home-style side dishes and hot and fresh biscuits.
“Today KFC in Guyana is a household name. We still take pride in doing things the Colonel’s way, utilizing only the highest quality ingredients, innovative recipes, and time-tested cooking methods…
“Didco Trading Company Ltd currently employs some 460 full time employees, 92 contract employees.”
In December, 2011 the Guyana Revenue Authority had filed a petition in the High Court to institute winding-up proceedings against Didco Trading Company Limited which it said had failed to honour its financial obligations to the Revenue Authority.
The GRA in a statement then said that in November 2009 it took legal action against Didco Trading Company Ltd which failed to remit the Pay As You Earn (PAYE) deductions for various periods between 2007 and 2009 and judgment was subsequently granted in favour of the GRA with the company being given an eight months stay of execution by the court and another eight months by the GRA to liquidate the liability before levy proceedings were instituted.
The statement said that despite having been granted time by the court and GRA to liquidate the outstanding liability, the company failed to honour its financial obligations and this led to the GRA taking further action to pursue winding up.
