GuySuCo will ensure debts are paid off – CEO Mr. Singh

Chief Executive Officer of the Guyana Sugar Corporation (GuySuCo), Mr. Sasenarine Singh, has said that the Corporation is seeking to ensure all its stakeholders receive monies owed to them.

The CEO made these remarks Monday during a media Conference at Roraima House, LBI Estate Compound.

Mr. Singh told Journalists that the debts, including those owed to principal shareholders, still stand at over $50 billion.

“Between September to now GuySuCo has paid off its 60 to 90 days portion debt and we are now working on the 30 to 60 days portion. We are trying to catch up with NIS, because it is extremely important that GuySuCo be up to date with the Scheme, because of the implication with the work force,” the CEO added.

Mr. Singh disclosed that on Monday the sugar company paid some $123 million to the NIS. He said the entity hopes to pay the NIS a large sum on a monthly basis. The Corporation is working to clear its backlog of about $475 million at NIS by June 2021.

The CEO made it clear that the monies paid are from GuySuCo’s earnings.

While the CEO could not provide the grand amount still owed to the stakeholders, he has since promised to make that amount available to the media.

GuySuCo has been suffering from severe financial strain over the past years. It has incurred debts with the Guyana Revenue Authority (GRA) and the National Insurance Scheme (NIS). The Company also has arrears for regional and international banks and funding agencies.