Several buildings belonging to the DIDCO Trading company have found themselves on the auction block as the company has gone into receivership.
According to an advertisement in the Kaieteur newspaper, the receiver manager is inviting tenders for the purchase of over 9 acres of River front land at Friendship on the East Bank of Demerara. That property includes a wharf with a bond, a two storey factory building, processing plant building, three-storey manager’s residence, livestock feed mill and a poultry processing plant.
All of the buildings that are part of the Friendship property are being sold on an “as is, where is” basis.
The company was forced into receivership after the Guyana Revenue Authority moved in against the owners for taxes not paid. Accoding to GRA documents, the company owed close to $60 Million in Pay As You Earn Taxes and the Friendship Restaurant company which also falls under the DIDCO brand owes over $618 Million in the Value Added Tax.
The Friendship Hotel and Restaurant Company has the franchises for fast food outlets KFC and Pizza Hut in Guyana.
It is unclear when the winding up of the Friendship Hotel and Restaurant company will begin. The Revenue Authority has already been granted the court’s permission to begin the process.
GRA has been trying for a number of years to get the DIDCO company to pay up for taxes owed. A few years back, the Revenue Agency even moved in to cease several pieces of equipment from one of the company’s locations.
The GRA has been moving against several delinquent companies.