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New estates’ owners may get property debt free

first_img$30B GuySuCo bond– Former minister says cronies lined up to purchaseAs the controversy surrounding the $30 billion Guyana Sugar Corporation (GuySuCo) bond continues to take centre stage in the debate about the sugar industry, former Minister Anil Nandall has added his voice by saying the next owners of these closed sugar estates would get them debt free.Nandall strongly feels the bond was particularly acquired so as to liquidate the debts of the Corporation, because there is a list of “cronies” who are ready to purchase the estates.“What they are doing is to liquidate the indebtedness of GuySuCo, so that the cronies whom they have put to buy the industry will buy it loan free,” he stated.The former minister said his party, the People’s Progressive Party (PPP), through Opposition Leader Bharrat Jagdeo, has long questioned the reason behind theFormer Attorney General Anil Nandlall$30 billion bond.He said many questions remain unanswered as the Corporation and the Unit seem to be at loggerheads over the spending of the bond and the plans for its repayment.Nandlall recalled that President David Granger had stated that over $32 billion had been spent to service the sugar industry in the last two and a half years since the coalition had taken up office; but he said there is nothing to show for it, because the industry has been significantly downsized and thousands of sugar workers are still owed their severance.“When we (PPP) were in Government, we spent about $4.5 billion per year in subsidies over 2-3 years. We kept all the estates grinding, and not a single person was sent home,” he explained.Jagdeo has said he had managed to raise this issue with the President during a recent meeting, and he had warned the President about the extra burden the nation would have to shoulder in less than two years, all because of a bond whose purpose the authorities seem indecisive about.“Granger is still sleeping, because I told him this in my conversation with him. In the meeting that I had with him, I said, ‘You are going to pay over $2B in a year and a half for not using the money,” Jagdeo said he told the President it is unwise to have the money gaining interest.“We calculated the interest it (the bond) will accumulate in a year and a half, because I am saying that that is how long it might take, even if you move fast to get a long-term project,” he said.Jagdeo said it would take that time to go through the feasibility study: the design, the contracting, the design of a cogeneration plan etc.“I told them that taking all the money at once and sitting on it for a year and a half at 4.75 per ent interest will be over $2.2 billion,” Jagdeo added.But the SPU has responded to the criticisms which seek to suggest that the bond would be wasted, and that it was acquired at an unreasonable rate.According to the SPU, the terms of the bond are five years, since it is expected that the proceeds of the land sale for GuySuCo would be used to repay the facility, and the National Industrial and Commercial Investments Limited (NICIL) wanted to secure the lowest possible interest rate.“It is therefore important to correct several inaccurate statements being made by the former President of Guyana, Bharrat Jagdeo, regarding the bond,” a statement from the SPU has said.NICIL has said it had released over $2 billion to GuySuCo, but there are strict rules how the monies are to be spent. The money was supposed to buy two co-generation plants, upgrade the three factories — Albion, Blairmont and Uitvlugt — to produce plantation white sugar, contribute two years of general ongoing operational costs, and expand storage and packaging facilities.The banks that loaned GuySuCo the bond have objected to GuySuCo misusing the funds it received to pay a debt at another bank that did not even participate in the bond deal.last_img read more

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REFUSE BOSS FINED €12,000 AND GETS SUSPENDED JAIL SENTENCE FOR ILLEGAL DUMPING

first_imgBREAKING NEWS: A leading Donegal waste disposal company boss has been fined €12,000 and received a suspended jail sentence of six months after being found guilty of illegal dumping.Ferrys is a major employer in Donegal.Jim Ferry, owner of Ferry Refuse, was also ordered to pay Donegal County Council a total of €30,750 in costs. Ferry, 55, was found guilty by Judge Paul Kelly after a three day trial at Letterkenny District Court.The case followed an extensive undercover investigation into Ferry’s illegal dumping activities at lands he owned at Deryreel in Falcarragh.The court heard that the father-of-six, who employs 60 people, has previous convictions for illegal dumping.Letterkenny District Court heard how officers from the council along with Gardai carried out a surveillance operation on lands belonging to Ferry.On June 10th, 2010, a large Ferry’s Refuse truck was seen dumping a large volume of waste into an open crater.Upon investigation it was found that more than 1,000 cupid metres of waste had been illegally dumped at the site.Dearn McClintock, Waste Regulation Officer with Donegal County Council, led the extensive investigation into the incident.It followed an anonymous tip-off by a member of the public who pin-pointed the dumping location to waste management officers.The court heard that at 5am Mr McClintock and other officers came across two men dumping household waste into a crater.When they identified themselves, two men in hi-viz jackets with the ‘Ferry Refuse’ on it, ran off into the distance and were not apprehended.Tis evidence was backed up by various other litter wardens on scene who were employed by Donegal County Council.The court was also shown a video which showed two men wearing hi-viz Ferry Waste jackets digging holes with a track digger and then dumping rubbish into them before covering them over.Later that day, another employee of Ferry’s Refuse, Paul Gallagher, approached council officials asking to have the vehicles back.The court also heard that Ferry, of Rossbracken, Manorcunningham, ignored an order to remove the remaining waste from the site and that it is still present there.The case was interrupted when a man entered the court and handed a letter to barrister for Mr Ferry, Sean Gillane, SC.The letter alleged that the man, an unnamed employee of Mr Ferry, was behind the illegal dumping and claimed he had been paid to do so by a competitor of the accused.The author of the letter was Marty McDermott who later gave evidence in court.McDermott claimed he was paid €5,000 to dump illegal waste on the lands of waste disposal boss Jim Ferry.Marty McDermott, 30, claims he took Ferry Refuse trucks on three different occasions to dump at Derryreel, Falcarragh in the summer of 2010.McDermott said he took the money to pay off debts €500,000 which he built up partially through gambling.McDermott was giving evidence in the trial of Jim Ferry who is charged with eight different offences of dumping illegal household waste.This is the third day of the trial.At the end of the first day before Judge Paul Kelly, a mystery man walked into court and handed in a letter saying he was responsible for the dumping.That man has turned out to be McDermott who was working as a rubbish lifter at the time for Mr Ferry.McDermott gave evidence today to say that he was the man behind the dumping.He claimed he was approached by a man saying he would receive €5,000 if he dumped a load of rubbish at Derryreel.He said he had been ordered to meet another man at a crossroads in Creeslough but that two men turned up.Between the three of them they dumped two loads of waste on the land at Derryreel.Richard Lyons, barrister for Donegal County Council, asked why he had waited until now to come forward.McDermott said he had been wracked with guilt and went to a priest who told him to go and see a solicitor.He did this but claimed the solicitor told him to steer clear of giving any evidence in the case.McDermott said he has never seen his accomplices since.“I have never seen those men since. I didn’t ask them their names. It’s not what you do. You don’t ask a man’s life story when you were doing what I was doing,” he said.Barrister Lyons asked McDermott why did he think he was offered such money to do this by the unidentified man.“He said he wanted leverage in Gaoth Dobhair …..to keep Jim out of his area. He said he wanted photos to get him out of that country,” said McDermott.The letter which McDermott left into court was red out by barrister Lyons.It explained how he had been supported by Ferry since he was a young man and couldn’t believe what he did.He explained how he went to see the priest and that solicitor Kieran O’Gorman told him to stay well away from the courts.“I never thought in my wildest dreams it would come to this. The solicitor told me I would have to pack my bags and leave town and the county because I am sol well known.“If you think this letter helps and saves my friends jobs,” the letter read.He denied claims put to him by Mr Lyons that Mr Ferry paid him the money.“He didn’t pay me,” said McDermott.Mr Lyons asked if it did not concern him that he was dumping a load of waste directly across the road form Mr Ferry’s mother’s home in broad daylight with plenty of noise going on.“No. I was just thinking of the money,” answered McDermott.Judge Paul Kelly retired to consider his verdict and returned to say he was satisfied that he believed Ferry was guilty of all eight charges.He said he found McDermott’s claims vague and unconvincing and that he did not believe him.He said he had considered sending Mr Ferry to jail considering he has previous convictions for similar offences but was conscious of his age and the fact that he was a major employer in the area.He fined Ferry a total of €12,000 for four different offences and also sentenced him to two consecutive terms of six months in prison but suspended each for a period of two years.REFUSE BOSS FINED €12,000 AND GETS SUSPENDED JAIL SENTENCE FOR ILLEGAL DUMPING was last modified: October 2nd, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Ferry Refuseillegal dumpingjailjim ferryJudge Peter Kellylast_img read more