Jun 06, 2012 Letters
The claim by Winston Brassington referenced in June 3, 2012 Kaieteur News that his “brother” has not received any dividends from Hand-in-Hand Trust Corporation (HHTC) speaks to his duplicity, or as William F. Buckley Jr. puts it “I will not insult your intelligence by suggesting you actually believed what your just said”.
Apple Inc.; the most profitable and largest technology corporation in the world has not paid dividends since 1995, yet shareholder benefits have far exceeded large corporations that pay dividends. The returns to shareholders from both dividends on ordinary shares and capital gains for their investments in blue chip giants like Exxon, IBM, Wal-Mart and General Electric combined, pales in comparison to the gains Apple Shareholders have enjoyed over the last seven years without Apple shareholders receiving any dividends.
It is thoughtless to limit return on investment to dividends paid. The focus should be on the value of HHTC from the period Jonathan/Winston Brassington bought HHTC shares in 2009 to the value of HHTC at the end of 2011. Winston persists in attempting to “call a diamond a spade” even with the abundance of evidence to the contrary, this persistence is an insult to the intelligence of Guyanese.
Some of the valuation and investment information should be accessible in the Audited Financial Statements of HHTC which are now available as indicated by Christopher Ram in Stabroek News dated June 3, 2012. From the Audited Financials we can determine 1) the change in valuation of HHTC from 2009 – 2011; 2) HHTC returns on Investment in Preferred Shares of the Berbice River Bridge; 3) Large shareholders of HHTC – HHTC is a transformed corporation after NICIL virtually gifted GNCB Trust.
HHTC appears to be another tentacle of the PPP devised by NICIL to create prodigious returns on investment for favoured cronies.
I do hope that the opposition’s request to defer the sitting of the National Assembly is to properly prepare for the necessary review, exposure and restructuring of NICL, accompanied by charges being brought against the architects of the illegal sale and misuse of state funds.
The Guyanese people, both political and non-political, have voiced their concerns over the shocking malfeasance of NICIL; currently culminating in the tainted exposure of the 2009 investment in HHTC by Jonathan Brassington the brother of NICIL then CEO Winston Brassington. Conflict of interest is but a splinter from the hidden violations of NICIL.
In my opinion the representation of Jonathan Brassington as a compromised investor is just a red herring and the investment more likely represents funds from PPP insiders who are benefiting from the growth in HHTC and other tentacles of NICIL.
What more is hidden from the public by the NICIL squid? Hopefully we do not have to spend more time pleading for opposition leaders to take action – with our relentless letters to the editors of the Kaieteur News and Stabroek News. Let the next meeting of our Members of Parliament bring the principals of NICIL before the National Assembly and let the full lunacy of NICIL actions become public.
Debates are useful; however when one side has all the facts and the other side is using extrapolations and guesstimates; the purpose of the debate is not only undermined but also allows NICIL principals to control the debate and continue to hide the excesses of NICIL and its multiple tentacles in the form of Hand-in-Hand Trust Corporation (HHTC) and Atlantic Investment Inc., among others.
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