Cash strapped NCN requests bailout from Gov’t

6

By Fareeza Haniff

NCN[www.inewsguyana.com] – State owned National Communications Network (NCN) has requested a cash bailout from the APNU+AFC government, according to Minister of Governance, Raphael Trotman, who expressed the administration’s disappointment in the financial position that the Company has found itself in.

At a post cabinet media briefing on Wednesday, August 05, Minister Trotman confirmed that the State owned entity did indeed requested financial assistance from the government, but he could not say how much money will be provided.

He explained that given NCN’s “monopolistic position of having the reach, the equipment and the more or less direct or guaranteed contracts with government and other entities and agencies,” it should have been in a much stronger financial position.

“We’re quite disappointed with the position that we found and we have since, under the directorship of the Prime Minister, we have agencies give an account for outstanding invoices and bills and in the meantime, Cabinet has been asked…to provide a small amount of bridging finance until accounts receivables are pulled in and we can bring the entity back onto a strong footing,” the Governance Minister said.

When questioned, Trotman could not say if the bailout being requested is for the payment of salaries to employees. iNews however has confirmed that several employees were not paid on time for the month of July by NCN and they were informed that the Company does not have enough cash to do so.

6 COMMENTS

  1. What happen to the $500M profit that NCN was making, that lead to their budget being reduced to $1. Another lie that the government used to get into power.

  2. No, with less than three months in power Granger and his gang bilaway (friiter away) everything the PPP built.

    NCN should be closed. Govt should not be in the news business.

  3. Jeeze…when is the funeral…the PPP stole everything?…Rice is dead, Sugar is dead, gold is dead…the PPP is dead?..Oh , we have oil…US is alive!

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