The Government of Guyana announced on Wednesday afternoon that it has fired the Chief Executive Officer of the Guyana Sugar Corporation (GuySuCo) Dr. Raj Singh. He received his letter of dismissal this afternoon.
Agriculture Minister Noel Holder issued the letter of dismissal to Dr. Singh on the advice of cabinet and the dismissal took immediate effect.
According to a statement from the government, the rest of the Guysuco Board of Directors has been asked to tender their resignations.
“GuySuCo has been suffering increased losses over the years. In 2014, the sugar corporation received a $6 Billion bailout. For this year, the corporation has requested a $16 Billion bailout package”, the government said in a statement.
The government which took office just over two weeks ago and promised a comprehensive turn around plan for the sugar industry, said over the years GuySuCo has been sinking further into debt due to ineffective operations both at the financial and production levels.
The statement added that to ensure that the Corporation continues to survive, the Government will be putting in place an Interim Management Committee that will take effect from June 4, 2015 and which will oversee the Corporation for at least six months.
“Before the end of this month, the Government will establish a Commission of Inquiry to look in to the operations of GuySuCo and chart a way forward.The Government wishes to assure workers of GuySuCo that they will be paid and there will be no closing of the Sugar Corporation”, the statement concluded.