GuySuCo fails to account for $154M of employees’ credit union savings

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guysuco[www.inewsguyana.com] – The Guyana Agricultural and General Workers Union Co-operative Credit Union Society Limited has informed its members across the sugar industry that it requested the Guyana Sugar Corporation Inc (GuySuCo) to cease deductions from workers’ earnings, Credit Union savings with effect from week-ending May 30, 2015.

A press statement from GAWU noted that the Society’s regrettable, but unavoidable decision is occasioned by GuySuCo not remitting workers’ savings to the Credit Union contrary to the extant Agreement between the Credit Union and the Corporation.

According to the statement, at the end of April 2015, the Corporation failed to provide a huge sum of over $154M which represents workers’ savings for five months.

“GuySuCo promised to the Credit Union some payments not later than the third week of this month (May, 2015) but same did not materialize. The Credit Union is now unable to continue to facilitate savers’ withdrawals in the light of the non-payment of the workers’ savings by the Corporation in accordance with the relevant Agreement.”

It was noted that the Credit Union has taken consideration of the fact that it is now unable to secure further loans to satisfy savers’ withdrawals.

“The sad decision, if it is not urgently redressed by the Corporation will cause the jobs of the Credit Union’s employees to be in jeopardy. The Credit Union, therefore, looks forward to receiving as early as possible from the Corporation the workers’ outstanding savings so that its dependable services to thousands of sugar workers would resume as early as possible,” the statement concluded.

10 COMMENTS

  1. But why did GAWU wait five months to act on this… from the first month of no remittance this should have been addressed publicly as it was no secret that the jagdeo/ramotar GuySicko is a losing proposition.

  2. $154 million? What about PAYE, does guysuco owe GRA?
    I suggest that the MoF report on the status of money owe to GRA and NIS by Guysuco.Not so long ago we read NIS was not honouring claims made by guysuco workers because Guysuco never remitted millions of dollars it deducted from workers.
    The directors of this company and its finance officer are in big big trouble. Acccording to the financial laws the finance officer is required to advice the board of the financial status of the company and if the board refuses to pay heed to the advice of Finance office is required to report to the financial authorities.
    The board should be spending some time in camp street together with Ms Tara Persaud. This is serious. This business it seems was operating illegitimately. Raj and the rest to Camp street immediately. Then start the forensic audit.

  3. And to think that sugar workers may have voted for the PPP. If the PPP did not lose, this charade would have continued. It was a ticking time bomb waiting to explode.
    No one can blame this new government for this mess, and if sugar workers have any sense, they would protest in front of FreeDUMB House!

  4. Surprise!Surprise! Just the tip of the iceberg. Stay tuned more to come. No wonder the PPP is trying so hard to have the election results reversed . No fair or rational person would believe that this information would be in the public domain if they were still running this country, except of course that bunch living on Liberty Avenue and Richmond Hill in Jamaica Queens NY. We know the answer to this question. “Where is these hard working peoples money?” If not in the pocket of someone(s). One can just imagine what shape the national treasury is in. President Granger please do the suffering public a favor. Go after all of these thieving thugs. These hoodlums didn’t even wear masks they just took peoples money. Well the piggy bank is closed. Brave and patriotic Chris Ram deserves a medal. He faced possible danger to expose the likes of these acts of thievery.

  5. Those field workers and their wives have to wake very early. While the husband is preparing for his day’s work, the wife is cooking his lunch. By the time he’s ready to eat his lunch, it would be sour but he eats it because there is no alternative. God will chastise those who take advantage of such people!

  6. Green G can answer your ? Jail them and to hell was the witch hunt,,i said it over and over CRIMINALS,,

  7. MY LORD THOSE POOR PEOPLE! PPP/C’s SLAVE MENTALITY, HAD THESE PEOPLE WORKING FOR ABSOLUTELY NOTHING! THIEVES, AND CROOKS THE LOT OF THEM; NOW WE UNDERSTAND RAMOTAR’s BEHAVIOR, IF HE HAD WON, HE WOULD HAVE BEEN ABLE TO STIFLE THIS, AND NO ONE WOULD HAVE EVER KNOWN ABOUT IT! INVESTIGATE NOW!

  8. Now if you start to jail some people you will hear the APNU/AFC on a witch hunt. Yall is a bunch of #%^&*ng thieves, find the people @#$%^ng people’s money.

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