Gov’t may take action on sale of GT&T shares

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By Jomo Paul

Minister of Public Infrastructure, David Patterson
Minister of Public Infrastructure, David Patterson

[www.inewsguyana.com] – Three years after the People’s Progressive Party/Civic administration sold Government’s shares in the Guyana Telephone and Telegraph Company (GT&T), the current administration is looking to collect a 25% balance of the payments.

Government had taken a decision to sell its 20% shares in the telephone giant to Datang Telecom Technology and Industry Group, a Hong Kong-based company for a meager US$30M.

However, the Government had only been paid US$25M with the balance to be paid over a two-year period; however this did not happen.

This is despite the company receiving dividend of approximately US$2.5M per annum for its shares in the telephone company.GT&T

Minister of Public Infrastructure, David Patterson, on Monday confirmed that the National Industrial and Commercial Investments Limited (NICIL) was making efforts to acquire the remainder of the funds.

“The Company paid some money and there is still a sum outstanding and NICIL is trying to get the balance,” he said later adding, “If they can’t make the balance then government will take some action.”

According to Bloomberg, Datang Telecom Technology & Industry Group manufactures products and solutions for TD-LTE networks. The company specializes in ICT industry with a product and service portfolio ranging from mobile telecommunications, semiconductor design and manufacturing, and to information security.

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