Negotiations for outstanding $5M in GTT shares to end by March- NICIL

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After years of back and forth, negotiations for the US$5 Million owed by a Hong Kong company for the Guyana Telephone and Telegraph (GTT) Company shares are expected to be completed by March.

This was disclosed by the National Industrial and Commercial Investments Limited (NICIL) CEO, Horace James who confirmed with this media group that talks were wrapping up.

CEO of NICIL Horace James

While he expressed optimism at the March deadline, James denied that NICIL had collected any money from Hong Kong Golden Telecom Company for the remaining shares.

James also addressed the likelihood of NICIL going to court over the matter.

“We’ll have to see what that will cost us. There’s two things we have to look at. One, the cost for the arbitration, and two, which is even more important to us, if we win the levying part of it. We have to take all those things into consideration…Both parties, we set ourselves by the 15th March for everything to conclude,” he said.

In 2012, NICIL had disposed of its 20 per cent GTT shares in the sale, to the Hong Kong based company, to the tune of US$30 million.

The company made a down payment of US$25 million and the outstanding US$5 million was to be paid by October 22, 2014 but this was never done despite written requests from NICIL.

NICIL has been negotiating with the company, with officials revealing that a part payment was on the table.

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