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Brian Gionta Jersey “the Bridge

…dividends from preferred shares outstanding for 2014 and 2015Rita Scotland, Finance Controller at the National Insurance Scheme (NIS),Cheap Jerseys From China, revealed that the entity is yet to receive any money in return for its investment in ordinary shares in the Berbice Bridge.She said that the Berbice Bridge Company Inc. (BBCI) is yet to declare any dividends for ordinary shares, so NIS is not alone in this regard.The investment by NIS was done in different forms. As it relates to corporate bonds, $1.06B was invested; Subordinated Loan totalled $500M, which is a debt that ranks after other debts in the event that a company falls into liquidation. Additionally, there were purchases of $950M in preference shares, and common shares for $80M.At the NIS end of year press conference,NFL Jerseys China, Scotland told the media that there have been payments made for preferred shares. But, even dividends for preferred shares for the years 2014 and 2015 are outstanding to NIS.She said that under the contractual arrangement the Scheme is supposed to earn 10 percent a year on the $950M it invested in preferential shares.Scotland expressed optimism that NIS may be in a better position moving forward as a result of the fact that its Board Chairman has been appointed Chairman of BBCI Board. Scotland also noted that NIS has two other members on the Board. “Then there is the contractual agreement that ties the bridge to repay the NIS. So we are waiting to see what is going to happen.”The Finance Controller said that according to the contractual agreement, “the Bridge (company) is supposed to pay 10 percent per year and we are allowed to accrue for that income that is outstanding plus a one percent. So we have been doing that.”Scotland also told the media, “At some point in time the NIS will have to revisit what is happening with the bridge but for now we are working along with the contractual arrangement.”At NIS’s most recent anniversary, Dr. Persaud said,China NFL Jerseys, “What happened with the Berbice Bridge was that the monies that were given to them were given with a promise of a rate of return that was not sustainable.”He said that at present the Bridge is in a position where it is unable to satisfy its debt. Persaud said that now the NIS is leading the bridge management through a restructuring process.An audit into the Berbice Bridge done by HLB R. Seebarran & Co. had recommended that NIS needs to have proper representation on the BBCI’s board since it is the largest investor in the company.In their opinion, the scheme should have a minimum of two representatives on the board -—one of whom should be the Chairman/Chairperson.Persaud said that hopefully during the first quarter of next year the NIS can begin to receive the funds from its investments.The NIS is the largest single investor in the bridge whereby it invested $2.6B. A forensic audit into NIS showed that the entity had accumulated losses totalling $1.5B as of 2014.Despite being the biggest investor,Cheap NFL Jerseys Authentic, the New GPC and Ramroop Group through an equity arrangement had 40 per cent control of the bridge company.These companies are said to be owned by close friends of former President Bharrat Jagdeo. Two Directors representing the Ramroop Group have since resigned.With the restructuring of the “Concessions Agreement” NIS is now allowed to have a more dominant role in the management of the company which is correspondent with its shareholdings. The auditors reported that this agreement should come to an end in June 2027, after which the company will be required to hand over the bridge to the Minister responsible.According to the report,Cheap NFL Jerseys From China, the previous Board of Directors had made several appointments but no position was taken as to the representation of the scheme’s interest. This was evident in the minutes of the board meetings over the last four years.In 2014, BBCI informed NIS that it would not be able to pay its dividends since enough traffic was not crossing the Berbice River and there was barely money available to pay overhead costs and meet loan commitments.It was also recommended that the NIS board carry out its own investigation to determine the value of the bridge which was reported at $6.28B net or US$29.9M at December 31,Carlton Fisk Jersey, 2014 in the audited financial statements.
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