Brassington was Director/Chairman for 13 govt. entities

May 11, 2016 News

– held negotiations with self – Audit report  
 
By Abena Rockcliffe-Campbell
The forensic audit into the National Industrial and Commercial Investment Limited (NICIL) has revealed

Former multi-Director, Winston Brassington

that the company’s former Director, Winston Brassington was also Director/Chairman for at least 12 other government entities. He also held negotiations with many of these companies.
Chartered Accountant, Anand Goolsarran conducted the audit into NICIL’s operations.
Goolsarran highlighted that Brassington also held directorship and/or chairpersonship in several agencies in which the State holds investments via NICIL.
These include Atlantic Hotel Inc., where he was the sole director and chairperson; Guyana Power and Light (GPL); the National Communications Network (NCN), Property Holdings Inc., Linmine, Bermine, Bidco, Aroaima Mining Co. Inc., Linden Electricity Co. Inc., Mathews Ridge Power and Light Inc., and NEOCOL.
Goolsarran said that “from a governance standpoint, and possible conflicts of interest, the holding of such directorship and/or chairmanship are considered inappropriate in view of NICIL’s relationship with these entities”.
Speaking about NICIL’s investment in shares in Hand-in-Hand Trust Inc., the audit noted that in 2002 the Government had sold 90 percent of its shares in the Guyana National Cooperative Bank (GNCB) Trust Corporation to Hand-in-Hand Mutual and Fire Insurance Co. for $439 million. He said that prior to 2006,

Auditor, Anand Goolsarran

the financial statements of NICIL showed an investment of 10 percent of the shares in GNCB Trust Corporation which was renamed  Hand-in-Hand Trust Inc.
Goolsarran noted that there was an allegation of conflict of interest involving the Executive Director of NICIL whose brother owns one-third of the shares in Hand-in-Hand Trust. This came when the Executive Director signed a resolution of Hand-in-Hand Trust dated 24 August 2011 on behalf of his brother.
In response to the allegation, Goolsarran noted that Brassington said that he had consulted with the then Minister of Finance, Ashni Singh and the then Attorney General, Anil Nandlall and was told that they saw no conflict of interest.
Goolsarran said that Hand-in-Hand Trust is also a private investor of the Berbice Bridge Co. Inc. (BBCI), of which the Executive Director was the Company Secretary. NICIL had also invested $950,000 in shares in BBCI. These were eventually sold to the NIS in order to raise funds.