Dr Ranjisinghi ‘Bobby’ Ramroop is again in the media spotlight this time for failing to file tax returns on one of the many
companies in which he holds a majority interest – Olive Branch Inc.
Registered in October, 2009, the company was struck off the list of Companies in March this year for failing to file its tax returns.
Olive Branch has its registered office as 233 Camp Street, Georgetown and at the time had as its sole Director, Dr Ramroop.
Roopnarine Ravie Ramcharitar, was appointed the Company Secretary the following year.
Ramcharitar serves as a Director on a number of companies in which Dr. Ramroop has a financial interest.
Attorney-at-Law, Paul Braam was engaged, also, in the formation of the company.
Four years ago, Guyana Times, Health Life Sciences Inc, Health Care International, Global Textile (Guyana) Inc, Global Printing and Graphics and Global Hardware Inc., were all struck off the list of registrants
The Official Gazette of Guyana had documented that they have all been struck off of the list of companies and as such were at the time all currently operating in breach of the Companies Act of Guyana.
This would mean that Olive Branch Inc, for all intents and purposes is currently a legally inactive company.
Companies are struck off the register of companies for a variety of reasons, among them failing to file their annual returns, providing necessary information as it relates to changes within the company.
The companies can be allowed back onto the register but will have to file the necessary annual returns and pay an $800 fee.
Chartered Account and Attorney-at-Law Christopher Ram at the time had stated that while the Companies Act is silent on penalties when companies are found to be in breach of the law, the Directors can be held personally accountable.
All of the named companies that were struck off of the register of companies at the time fall under the Queens Atlantic Investments Incorporated (QAII) which acquired the Sanata Textiles Complex in 2008.
The issue of these new companies attracted the involvement of the National Assembly. To justify the tax concessions granted to them, the government moved to the National Assembly with a Bill. The Memorandum of Understanding that allowed for the acquisition of the Sanata Complex was signed between Dr. Ranjisinghi “Bobby” Ramroop, the Chairman of QAII and Geoffrey Da Silva, Chief Executive Officer for the Guyana Office for Investment in March 2008.
The company was allowed several hundred million dollars in tax breaks and concessions which were all found to be illegal. The laws were subsequently amended to correct the situation.
A special tax seminar was held after President Bharrat Jagdeo had berated Chairman of the Board of Directors of DDL, Dr. Yesu Persaud. At that forum, Da Silva had stated, “We made a mistake.”
He was referring to the legality of the concessions granted to QAII. He said that they thought it was covered in law.
Alliance For Change Member of Parliament Khemraj Ramjattan had told the National Assembly when the law was amended that the “QAII deal stinks to high heavens.”
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