Carvil Duncan trial… Shareholders fix salaries for GPL Board – Corporate Secretary tells court

Jul 27, 2016 News

Carvil Duncan

It is the shareholders who are authorized by the Guyana Power and Light (GPL) by-laws to fix remuneration for the power company’s board of directors.
This is according to Lorraine Bancroft, the Corporate Secretary to GPL’s Board of Directors.
Bancroft, an attorney by profession, continued testifying yesterday, when the trial of Carvil Duncan, who is accused of stealing over $27M from GPL, continued.
The witness testified that the by-laws of GPL provide for its shareholders to decide on salaries for board members. However, her testimony was challenged by Duncan’s attorney Charles Ramson Jr.
The lawyer suggested to Bancroft that the by-laws do not state that shareholders can decide on salary structures for board members.
In a copy of the statute provided to Bancroft by Police Prosecutor, Shellon Jupiter, the Corporate Secretary maintained that it makes such provision and read aloud a section to support her assertion.
Bancroft said that board meetings would be held once per month and explained that special meetings are held when necessary.
Her testimony was suspended by Magistrate Leron Daly until August 5.
Duncan, 73, of 1977 Williamstad Road, Festival City, Georgetown, is accused of conspiring with another to commit simple larceny.
It is alleged that between May 7 and May 8, 2015 at Georgetown, Duncan conspired with another to steal the sum of $27,757,500, property of GPL.
It was also alleged that on March 31, 2015 Duncan stole $984, 900 belonging to GPL. He is currently out on $1M bail.