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utcex2ph7s

PNC falling apart

The PNCR is falling apart at its seams every day. Corbin seems happy with his 300,000 salary plus driver plus security and lifelong pension. He is not going to budge!

Who is the loser?
Norton? Definitely NOT!

The BIG loser is GUYANA!

We believe that PNC's disorganized state and its ridiculous pursuit of its role as OPPOSITION is the cause for Guyana descent into the runaway corruption of the current Government.

Guyana ends up losing again!

Guyana Government cannot account for BILLION$ - Part II

Following our earlier blog in which we were contending that Government misappropriated over 100 million US Dollars in 2007 (cannot give account for it); other reports have been seen about the Health Ministry and Education Ministry financial irregularities.

The overall fraud and irregularities that have been exposed leaves us breathless. Shame on our Government! Shame on our Parliament! Shame on the opposition!

Is it time that we petition international agencies to investigate what is happening in Guyana. Cheddi Jagan cried to the world during the days of dictatorship. Who will cry out now?

Recap of the details on the Min of Education financial irregularities. For the previous blog on the >US$100million see link.
Min of Education: “failure to recover several millions of dollars in overpaid salaries, bank accounts with overdrafts of millions not being reconciled and overpayments to contractors among others.”
The failure to recover the overpaid salaries might be forgiven (though it is not right) since those who left the service also left the country. However:
- $78 million - bank account was overdrawn
- $4.3 million – outstanding ‘transactions’
- $2 million paid for questionable contract for TV ads (who is Ross
Enterprise?) – “All attempts to trace
this firm have been futile.”
- 1,146 teachers allegedly not registered for social security (NIS)
- $32 million overpaid to contractor (who?) for President’s College.
- $2 million paid for text books (to whom?), no books received.
- $23 million spent supposedly for Berbice Campus – no supporting documentation.

Guyana continues to despair as the powers that be continue to sweep every scandal under the carpet – and every of it financial irregularity takes place brazenly. Who will hold them accountable?

The question we have is with all this blatant corruption, why is this nation so silent?

Digicel debt

Digicel Debt placement

New Digicel placement
Published: Wednesday | July 1, 2009
(Taken from another blog)
Digicel Limited (DL), an affiliate of Digicel Group Limited, on Tuesday offered up for sale an additional US$250 million of its 12% senior notes, in a private placement in New York. This will be used partly to finance future unspecificied acquisitions.
The notes mature in 2014, alongside another US$350 million already issued. The debt is guaranteed by 9 of the Irish company's subsidiaries, including Digicel Jamaica.
“We are offering an aggregate of US$160,000,000 of new notes," said DL's offer document.
Denis O'Brien, indirectly owns 95 per cent of our common shares. Denis O'Brien, who also controls 100 per cent of Digicel Group - ultimate parent of Digicel Limited - has since the company's formation in 2001 showed a marked preference for debt to finance the mobile provider, whose holdings extend across the Caribbean and into Central America.
Digicel Debts
Digicel Limited's debts, reached US$1.8 billion at March 31, 2009, or 2.68 times EBITDA of US$676.6 million. A portion of the DL debt, US$75 million, is owed to Digicel Group Limited.
Digicel Limited, a US$2.27 billion operation incorporated in Bermuda, also reported consolidated net profit of US$166 million from revenue of US$1.7 billion.
However, the company also disclosed that subsidiary Digicel Holdings Central America Limited has a big loss of US$176.6 million.
More losses coming
"We may continue to incur losses in the near future," the company said.