Dr. Harold Davis Jr. is GuySuCo CEO

─ govt continues efforts to return the industry to profitability

─ Board to be appointed by end of next week

─ all estates being demarcated for valuation purposes

─ Price Water House to complete valuation exercises by end of September

─ exciting proposals being made for all estates, including three operated by GuySuCo

DPI, Guyana, Monday, August 6, 2018

Dr. Harold Davis Jr. has been appointed Chief Executive Officer of the Guyana Sugar Corporation (GuySuCo).

Minister of State, Joseph Harmon informed the media during the weekly post-Cabinet press briefing that the executive’s appointment took effect from August 1. The appointment comes as the government continues efforts to return the industry to profitability following its restructuring.

The GuySuco’s Board of Directors will be installed by the end of next week, Minister Harmon stated, following deliberations which are well advanced.  In terms of the industry’s divestment, the minister reminded of the need for caution and transparency.

“The fact that the estates were never independent entities by themselves, it will require, apart from a valuation of these assets, it will require a separation of them from the whole. What you’re talking about now is deciding what is Skeldon? What is Enmore? Each of the estates has to have a demarcation of what are the assets there,” he said.

The State Minister reminded that Price Cooper Waterhouse has already completed a “tremendous amount of work and by the end of September they will conclude with the valuation of those assets.” The divestment will entail a significant amount of land sales from the state to the private sector, he added.

There will be consultations with persons likely to affected, he noted. The case of persons, for example, from Corriverton living on lands provided via the GuySuCo Welfare Fund but not in possession of titles, was cited. These were examples, Minister Harmon said, which pointed to the need for thoroughness when dealing with such land issues so as to avoid persons being dispossessed.

Despite the interest being shown by potential investors, in all of the estates, the Minister of State said they (investors) are being urged to be patient while these issues are resolved.

The last Cabinet Meeting was held on July 31.

By: Paul McAdam

Image: Jameel Mohamed