NIS re-examining investment in Berbice Bridge

Having recorded a deficit over the past years, the National Insurance Scheme (NIS) is re-examining its investment in the Berbice Bridge Corporation.

The NIS has $950 million in preferred shares in the Berbice Bridge, which was commissioned in 2008 and according to the 2015 forensic audit into the Insurance agency, it has been receiving returns at $59,388, 104,500 and 114,000 for 2012, 2013 and 2014 respectively.

The company has an additional $80 million in ordinary shares.

During an interview at NIS’s Brickdam, Georgetown office on Thursday morning, General Manager of the agency, Holly Greaves confirmed that the company is still not receiving good returns.

“The NIS has not been able to gain the amount of money we expect from Berbice Bridge but we’re presently examining that investment and very soon we’ll speak on it,” Greaves said.

She added that “it is indeed having a negative impact on the NIS but our board is currently examining that investment and the way forward…the future of our investment in the Berbice Bridge.”

Further questioned on whether the NIS will be pulling out of the deal, Greaves offered “no comments.”

While the insurance body had predicted a surplus at the end of 2017, the General Manager said the company again reached a deficit.

As it relates to other ways to garner revenue, she told media operatives that self-employed persons are being targeted to make their payments.

This year, Greaves said an enforcement unit was established at the agency and a lawyer was hired to go after defaulters.

In December of 2016, NIS recorded a deficit of $238,163,000.