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…administration responsible for warding off investors –  officialThere are still no takers for the 20 per cent shares that the government holds in Guyana Telephone and Telegraph Company (GT&T).The Government of Guyana had placed the shares on the market. According to a senior official, this is as a result of the administration’s own fault.A senior official told this newspaper that the government created the conditions that the investors find unacceptable.The official suggested that it was akin to advertising a house for sale one day and the following day tear down the fence, and at a subsequent date damage the wall of the building.According to the official, the announced plans of bringing in a fibre optic cable and the liberalisation of the sector among others moves by the government have created the conditions that are warding off investors.Many in the political circles have opined that the government is deliberately creating the conditions so that a ‘sweetheart deal’ could be offered to a favoured investor.GT&T parent company, Atlantic TeleNetwork has rejected the offer to buy Government’s 20 percent shares in the telephone company.In 2008, the government collected $1.5B in taxes from the company and $265M in dividends.The Office of the President subsequently stated that to support the decision to dispose of the minority shareholding was based on the fact that the government directors have consistently been prevented from exercising any influence whatsoever on the affairs of the company.According to an official statement, since 1991,Jerseys Wholesale, the minority shareholder received zero dividend payment until the year 2000. Since then the annual amount has fluctuated between US$1M and US$4M,Nouveau Maillot Psg 2018/19, while the company has been reporting skyrocketing profits over the same time.Head of the Privatisation Unit, Winston Brassington,Cheap Jerseys From China, during an interview with this newspaper on May 8 last, stated that the telephone company’s financial status is excellent,Discount NFL Jerseys, making it a prime time to sell its shares.“We are hoping to get a very good value…You value your share based on how much money you can make…I do not believe that any other company in Guyana is doing as well as GT&T,Camiseta Aleix Vidal,” Brassington had said.He had stressed that the administration will not ‘give away’ or sell its shares ‘cheaply.’However,Cheap Adidas Nmd Australia, the opposition is calling for an investigation behind the reason why the Government wants to sell its shares in the company.The Opposition is contending that the real motive behind the selling of these shares is intended to ‘benefit the friends and supporters of the PPP’.
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