GuySuCo pays NIS $123M but still owes $475M

The Guyana Sugar Corporation (GuySuCo), under the new leadership of Sasenarine Singh as the Chief Executive Officer (ag), has begun to service its debts.

GuySuCo on Monday made paid a payment of $123 million to the National Insurance Scheme (NIS), reflecting payment for two months of outstanding contributions that were not made.

Singh says the corporation intends to pay every month for two outstanding months to get rid of the backlog by June 2021. GuySuCo still has a remaining $475 million left to pay to NIS.

The NIS had threatened to take GuySuCo to court over the outstanding debt. The corporation is also swamped in debt to local and regional banks and the Guyana Revenue Authority (GRA).

The CEO said that the corporation is seeking to ensure all its stakeholders receive monies owed to them. Mr. Singh said the corporation’s debt stands at over $50 billion.

“Between September to now GuySuCo has paid off its 60 to 90 days portion debt and we are now working on the 30 to 60 days portion. We are trying to catch up with NIS, because it is extremely important that GuySuCo be up to date with the Scheme, because of the implication with the work force,” the CEO added.

The CEO made it clear that the monies paid are from GuySuCo’s earnings. While the CEO could not provide the grand amount still owed to the stakeholders, he has since promised to make that amount available to the media.