Guyana Observer News

Establish benchmarks for divesting state resources

Monday, 20 July 2009

- AFC
Leader of the Alliance for Change, Raphael Trotman says the recent announced intention by the government to sell its 20 per cent shares in GT&T raised more questions than answers. According to Trotman, he was curious as to what would be the manner in which the assets will be disposed of and why the government would want to sell a source of revenue in the first place, given the current economic climate. As it relates to the proposed motion to deal with the issue in Parliament, Trotman said that what he would like to see is the establishment of benchmarks as it relates to the divestment of state resources given that there have been too many shady deals recently by the Privatisation Unit.
The rationale behind and the manner in which the Government owns shares in Guyana Telephone and Telegraph Company will be revealed at the upcoming motion to be debated in parliament.
This is according to a senior functionary close to the sale of assets.
This newspaper understands that prior to the announcement of a parliamentary debate, the decision would have been up to the Board of Directors of the Privatisation Unit and ultimately, up to the Cabinet.
Leader of the People’s National Congress Reform (PNCR), Robert Corbin, has questioned the rationale behind the government’s decision to sell its 20 per cent shares in the Guyana Telephone and Telephone Company.
He had since signaled his intention to first investigate that rationale. He has also announced that he will be moving a motion in the National Assembly to have the issue ventilated publicly.
Corbin said that it is questionable that the government, especially in the current economic downturn globally, would want to sell a source of significant revenue.
According to Corbin, one such reason could very well be, that it is resorting to transactions aimed at benefiting friends and would be engaging in deals that would not be transparent.
On May 7, last, it was announced that government has offered to sell its 20 percent shares in the Guyana Telephone and Telegraph Company (GT&T).
Chairman of the Privatisation Union, Winston Brassington, at the time, told Kaieteur News that the announcement was made at the company’s Annual General Meeting, yesterday.
The initial offer of sale was put to GT&T’s parent company, Atlantic Tele-Network Inc. but ATN has since declined.
“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,” Brassington added.
He stressed that the administration will not ‘give away’ or sell its shares ‘cheaply.’
Following the announcement that the opposition was seeking to have a parliamentary debate on the issue, Minister of Finance, Dr. Ashni Singh said that the Government would welcome a debate in Parliament on the subject of the proposed sale of the minority shareholding in the Guyana Telephone and Telegraph Company Limited.
The Minister indicated that the Government’s willingness to debate the issue is so strong that were the Opposition to fail to raise the matter in Parliament, the Government might itself consider initiating such a debate in Parliament.
The Minister said that Government’s overriding concern continues to be the modernising and liberalising of the telecommunications sector, as a means of ensuring more widespread and affordable access to reliable information and communications technology.

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