Fate of “insolvent” Guysuco to be known later this month

Last Updated on Friday, 2 October 2015, 14:30 by GxMedia

Chairman of the Guysuco Commission of Inquiry, Vibert Parvattan.

The Chairman of the Commission of Inquiry into the state and future of the bankrupt of Guyana Sugar Corporation (Guysuco) says the probe team is trying to find the best option for the industry.

Mr. Vibert Parvattan says the final report will be presented to the Minister of Agriculture on October 17, 2015.

He declined to divulge whether or not all of the estates will be retained.

Mr. Vibert Parvattan says the Sub-committees’ reports were submitted this week and each is being placed before the commission for presentations and discussions.

He said next week the final report would be finalised. “We are trying to find a path that will be in the interest of the industry and Guyanese,” he said.

Parvattan said several proposals could not be recommended because they are impracticable.

The Commission of Inquiry lamented the state of the industry whose production had peaked to about 300,000 tons in the 1970s to the early 2000s.

“It is no secret that Guysuco is in a very very critical situation,” he said. Parvattan said Guysuco was currently finding it hard to produce 220,000 tons annually.

Guysuco currently produces sugar at 45

US cents per pound compared 13 US cents per pound.

He said every estate is operating at a loss. Last year the corporation’s loss climbed to GUY$17 billion.