Cash strapped GuySuCo pays CEO $2.5 MILLION monthly

Dec 13, 2009 News

– rent free furnished housing, guards, gardeners, domestic assistance, driver, vehicle, electricity, medical care provided

Chief Executive Officer of Guyana Sugar Corporation, Errol Hanoman, earns a salary of some $2.5 million per month.
His contract offered by the sugar company states, “Your annual remuneration while working in Guyana (including salary and pension allowance) will be paid by GuySuCo in Sterling.
“Your initial salary (net of income tax and other statutory deductions payable in Guyana) will be at a rate of £74,904 per annum, payable on a monthly basis. Your pension allowance will be paid with salary at the rate of £9,942 per annum.”
The rate of the Central Bank for the Pound Sterling last week was $335 per Pound Sterling.
Mr Hanoman’s salary will be review on February 14, 2010. The contract offering him the salary stated hat salaries are reviewed on January 1, 2010. That letter was dated February 19, 2009.
Hanoman acceded to the post of Chief Executive Officer when the GuySuCo Board of Directors ordered a shake up in the face of what they considered inefficiencies and mismanagement.
At the time Hanoman was Finance Comptroller in the sugar company. However, his contract was addressed to a British address—84 Medina Gardens, Bicester, Oxon. This suggested that Hanoman was recruited from overseas.
He is entitled to 26 days paid annual leave to his home in London with an additional two travel days.
“Any days spent of Guysuco business during leave in the UK will also be additional to the leave allowance.”
In addition, Hanoman and his spouse will “each be entitled to the equivalent of one Business Class return air passage between the United Kingdom and Guyana per annum.”
“GuySuCo will provide …rent-free furnished accommodation…electricity, water and other utilities up to reasonable limits: together with appropriate domestic assistance and gardener.
“Guysuco will also provide free medical care (or appropriate medical insurance) covering consultation, prescribed drugs and hospitalisation for you and your spouse resident in Guyana.”
And while the corporation is paying such salaries, it is complaining about a lack of funds. It contended that it could only pay workers a three per cent increase.
A week earlier, the sugar company could not pay weekly wages.