Introduction
It has been nearly a month since the last column appeared on October 19 under the title Complex for the White Man, Disdain for Locals. Recent developments have lent an aura of prescience about that column as we witnessed and contrasted the arrogance and unlawful behaviour of Minister David Patterson to the Berbice Bridge Company Limited, to the “softly, softly”, overly respectful attitude to ExxonMobil by the Government. The Government’s apparent obsession with the Ramroop Group’s involvement in the Bridge Company blinds it to the fact that there are more than twenty other domestic investors in that company, including Pension Schemes, Trade Unions, financial institutions and commercial operators. In fact, the single majority interest in the Bridge Company is held by the National Insurance Scheme while the Chairman of the Board of the Bridge Company is the Chairman of the NIS!
Of course, I believe that the Company was ill-advised to announce its unrealistic, uneconomic and unpopular toll increase. And of course, I believe that there were features of the Bridge Concessions that were too generous to the bondholders who were paid interest which was difficult to sustain and which in fact appears to have been a major contributor to the cash flow difficulties which led to the government’s intervention. I believe too, that the request by the directors for a two decades extension to the concession period was unnecessary, and played into the hands of the Government which has failed to keep its promise to drastically reduce tolls. Continue reading “Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 63)”