Guyana Sugar Corporation (GuySuCo) executives say they are yet to see the terms of the $30 billion bond secured for the corporation and said the proposed approach to utilise the money will not enable the corporation to achieve the goals and objectives in its Strategic Plan.
Last week, in a statement, the National Industrial and Commercial Investments Limited (NICIL) said that GuySuCo has breached the conditions of the $30 billion bond acquired for the industry by spending on rehabilitation works and placed the entire facility at risk when they used the funds for purposes for which they were not intended.
NICIL had issued the statement following an article in the Stabroek News which reported the sugar corporation’s executives’ belief that Colvin Heath-London, the Head of NICIL’s Special Purpose Unit (SPU), who is also acting Chief Executive Officer of NICIL, is stymieing their work.