Government holding company NICIL will be proceeding with a trial to recover money which it says the Guyana National Industrial Company Inc (GNIC) owes for leased land.
The matter, which was previously in the course of settlement, has so far seen GNIC paying $108 million of the $148 million it owes the National Industrial and Commercial Investment Limited (NICIL).
At a hearing before Justice Rishi Persaud in the Commercial Court on February 8, attorneys on both sides said that the two companies were going to work out payment of GNIC’s outstanding balance of $860,870.