Business Review

Introduction The deadline for submission of tenders for the purchase of the government’s 20 per cent stake in the Guyana Telephone and Telegraph (GT&T) company is fast approaching.

Introduction President Jagdeo can be extremely unpredictable if not irrational at times.

Conclusion Introduction When I started this series on the failed insurance company I chose the title because of a sincere belief that those who were entrusted with powers and duties for the liquidation of Clico would act responsibly and professionally, and would ensure, at a minimum, full compliance with statutory requirements and ethical standards.

Part 2 IntroductionAs I write this column from Trinidad, I notice that the news in the print media and the discussion and talk shows are about the financial implications to the country arising from the collapse of Clico.

Introduction My notes of the meeting which President Bharrat Jagdeo held with policyholders of the failed insurance giant Clico Life & General Insurance Company (SA) Limited, or Clico, for short, quote him as saying that “Everybody will get back every cent of their money.”

Conclusion Introduction Last week, I diverted from a brief review on the gold-mining sector begun a fortnight ago to comment on the unfortunate death of Mr Gordon Maxwell, the small-time promoter who died by drowning as he tried to escape from the police while awaiting the posting of bail of $30,000.

Introduction We will soon forget the name Godwin Maxwell. But his story is most likely unique in Guyana.

Introduction After what appeared to be a lull in the roller-coaster ride of the medium and small-scale gold miners, the fraternity is once again questioning the good faith of those who control the ride’s levers, and is in mortal fear of its own survival.

ContinuedIntroduction Last week I wrote that the Government of Guyana through the instrumentality of President Jagdeo was about to enter the tourism sector as a major investor while simultaneously getting out of a major lucrative investment in the telecommunication sector from which it, or rather the increasingly infamous NICIL, received some $3,458,000,000 in dividends.

Introduction That the Government used its majority in the National Assembly to push through major amendments to the New Building Society Act was not surprising.

Introduction When this series began several weeks ago – this is its fifth and final column, – its focus was a review of the report on the Public Accounts of Guyana, the ministries, departments and regions for 2008.

Conclusion Health Ministry: fire and non-cooperation In closing last week’s column, I referred to a mystery fire on July 17, 2009 that destroyed the main office buildings of the Ministry of Health housing its Central Accounting Unit and the storage area for financial and other records.

Introduction In Oslo, Norway two Fridays ago, speaking to a reporter from Stabroek News, President Jagdeo added to the growing confusion about the Amaila Falls Hydro-Electricity Project in what was intended to be a clarification.

This and previous articles are available at Chrisram.net to which readers can post their comments Introduction Today’s column continues this series on the award of a US$15.4 million contract made by the government to Synergy Holdings Inc.

Introduction Last week I addressed the process by which Synergy was awarded the contract with a price tag of US$15.4 million for road and transmission line construction in connection with the Amaila Falls Hydro Electricity Project (AFHEP).

Introduction The US$15 million contract to Synergy Holdings Inc for the first phase of the Amaila Falls Hydro-electric Power Project (AFHEP) has drawn intense scrutiny from the two independent dailies.

Introduction The annual general meeting (AGM) of the New Building Society (NBS) returned to Georgetown after a two-year sojourn in Berbice.

Business Page today interrupts its series on the state-owned Guyana Sugar Corporation to present an overview of the annual reports and accounts of two of the country’s financial institutions which will soon be holding their annual members’ general meetings at which the presentation of the annual reports is a major agenda item.

Part 4 Introduction In part 3 last week dealing with GuySuCo’s 2008 annual report, I opined that Ms Geeta Singh-Knight’s role in the collapse of Clico the insurance giant, and the loss to Guyana of close to G$7 billion made her unfit to be a director of the state-owned entity.

Part 3 Introduction In the two preceding parts of this series on the state-owned sugar entity, my focus was on the 2008 financial statements which are contained in the annual report tabled in the National Assembly in late 2009.