Dear Editor,
The recent announcement that the government has sold its shares in Guyana Stockfeeds is a clear demonstration of corruption in high places. It is a total disregard for our country’s citizens and an abuse of political power. It is even worse, because it has given credence that the courts are somewhat compromised. Finally, it shows that government’s law enforcement bodies have become repressive tools of an unpopular regime.
A year ago, a letter was published in the local media headlined, “A Case for SARA”, in which the blatant attempt by Mr Badal to take over Guyana Stockfeeds Inc was explained.
To recap briefly, at the time of the privatization, the company had 700,000 shares. Mr Robert Badal diluted the shares without consulting any of the other shareholders of which the Government of Guyana was one, owning 3,890 of those shares. Badal’s manoeuvre reduced the government’s holdings from 38% to 7%. The PPP/C objected to the dilution. Failing to have the matter resolved at the level of the board, the PPP/C took the matter to court.
In 2008, the court ruled that the actions of the main shareholder and his appointed directors were wrong and contrary to the Companies Act of Guyana. The court ruled that the government’s 38% ownership be restored.
Mr Badal appealed the case. In 2017, the Court of Appeal ruled in Mr Badal’s favour and the APNU+AFC has disturbingly not appealed the case.
The disturbing factor here is the court’s sloth in hearing these cases. This has given credence to some talk that if you want to kill an issue, take it to court. The courts in Guyana are a source of frustration and by not providing timely decisions, undermines confidence in the justice system.
In this case of Guyana Stockfeeds, what is even worse and disturbing, is that after the court would have ruled in favour of the Government of Guyana and Mr Badal would have appealed and finally won in 2017, the APNU+AFC administration decided to abandon this case that was won, and revert to a decision that was deemed by the court to be against the Companies Act of Guyana – therefore, accept a reduced holding of 7%. Why? Why would a Government which had a ruling in its favour decide to ignore the ruling in favour of Mr Badal, who lost a case and was appealing?
This decision by the government to accept a 7% holding of the company is estimated to have cost our people more than G$1 billion in revenues. Whatever the motive, it is clear that the best interest of the Guyanese nation is not a priority to this regime.
In the meantime, SOCU and SARA continue to harass the political opposition to the regime. The government’s action in this case speaks loudly of its intentions.
Our people believe that the nation is sinking into a cesspool of corruption, kick-backs and downright greed. We need a Commissioner of Inquiry into this questionable sale. It is time for all to speak out and stop this get rich quick mentality that seems to have engulfed the PNCR-led APNU+AFC regime.
Yours faithfully,
Donald Ramotar
Former President
