Sep 11, 2015 News
– Professor Clive Thomas
Guyana’s State Assets Recovery Unit is currently investigating some of the infractions committed by Dr. Rajendra Singh when he served as Chief Executive Officer of the Guyana Sugar Corporation (GuySuCo).
According to the Head of the Unit, economist Dr. Clive Thomas, a request was made for more details for some of the transactions and decisions by Dr. Singh as they involved the misappropriation of State assets.
The Assets Recovery Unit will be looking into the sale of 2.6792 acres of land at Plantation Good Hope, East Coast Demerara to one Kelvin Gobin which was authorized by Dr. Singh.
Dr. Singh also entered into management agreements with Global Casetech and Global Cane Sugar services out of India for the management services on a number of estates at unreasonably high cost, and without approval of the Board of Directors.
Documents also show that the former GuySuCo CEO persisted with a commercial bio fertilizer despite advice to the contrary from the corporation’s research and technical personnel.
Single sourced procurements were done for the supply of bio fertilizers from Kay Bovet Engineering Ltd. of India in the sum of US$76,680 in June 2014 and Global Cane Sugar Services Pvt. Ltd of India in the sum of US$68,580 in February 2015. Despite being cautioned numerous times regarding the adaptation of a practice that has not been used outside of India, the former CEO persisted with commercial application rather than a trial as advised.
Dr. Singh also made decisions that resulted in millions of dollars being lost by GuySuCo.
The said documents reveal that Singh had responsibility for finance and marketing for the company and entered into a one year agreement with Tate and Lyle in 2013 when the company could have entered into one for three years while locking in at a higher sugar price for 2014 and 2015.
This was the first time in the history of the Long Term Agreement (LTA) with Tate and Lyle that a one-year agreement was entered into. The failure to enter into a three-year agreement resulted in a conservatively estimated loss of US$60M in revenue for the corporation for the years 2014 and 2015.
During his time as CEO, he also committed 38,000 tonnes of sugar to Futures Market without locking in a price it was US$0.16 cents per pound. The current price is now US$0.11 cents per pound and this decline resulted in a loss of revenue in the sum of US$4.2M for GuySuCo.
Dr. Thomas said that the Assets Recovery Unit will aggressively pursue the aforementioned matters as he is of the belief that “such lawless actions constitute malfeasance in office.”
He added, “It is obviously the abuse of power and such behaviour should not be condoned. We are also investigating other matters regarding the former CEO.”
While the Assets Recovery Unit is investigating Dr. Singh, he has threatened to take the government to court for wrongful dismissal from GuySuCo.
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