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Effort to prevent funds going to NICIL – 8th Feb 2013

shot0017To the courts again, over whether the money collected by NICIL ought not to be paid into the Consolidated Fund. Political activist and Member of Parliament, Desmond Trotman, wants the Court to decide the Constitutional question on where funds collected from NICIL should go. He has filed an originating summons through his attorneys for the court to declare that the funds from the sale of GTT Shares (some 25 Million USD) and the dividends derived from that company should be placed into the Consolidated Fund as NICIL is but an agent of the Government.

For years the opposition parties have maintained that NICIL is merely a holding company and funds must be placed into the Consolidated Fund as required by the Constitution for all revenue coming to the Government. A former Auditor General of Guyana has taken the same position on where the moneys should go. The Government is adamant that the money can go to a Development Fund.

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