NICIL going after New GPC for $5.7M

The National Industrial & Commercial Investments Limited (NICIL) will be going after the New Guyana Pharmaceutical Company ( New GPC) for monies owed to the body from dividends on its 10 percent shares in that company.

NICIL’s Officer-in- Charge, Horace James said the body has written to the New GPC in very strong terms about the outstanding dividends declared but not paid to NICIL for the years 2012 to 2014.

According to him the funds has accumulated to some $5.7M over the years.

However, New GPC is using the argument that government owes them a lot of monies and the company is experiencing some cash flow problems at the moment.

James said NICIL’s board is not pleased with the posture of the company and is hoping that they will pay early next year since it will be going after the funds even if it means taking them to court.

“When we raise it at the meeting they said that because the cash flow was a little low now because of the problem where they say Government owe dem a lot of money and they say as soon as they get that money from Government which is overdue they said we will get our dividend,” he said.

James affirmed that “we haven’t given up the money, we will be going after it…it might end up in court…and once somebody owe you and they don’t pay it will eventually end up in Court, there isn’t any reason we can’t take it to Court.”