| – Brassington to be re-examined on the adjourned date A new witness, Leslie Veerasammy, an auditor attached to Nizam Ali and Company, testified in the High Court on Tuesday, when the legal issue between Guyana Stores Limited (GSL) and the National Industrial and Commercial Investments (NICIL), continued.NICIL and the Government of Guyana are suing the Guyana Stores Limited (GSL) majority shareholder,NFL Jerseys From China, Royal Investments Inc, to recoup monies claimed following the privatisation of the company.NICIL/the Privatisation Unit moved upon claims that GSL failed to pay an outstanding balance of US$2 million of the purchase price of US$6 million for the acquisition of GSL. The matter was subsequently called up before the High Court in the latter part of 2010.According to NICIL, under the terms of the privatisation agreement, the balance was due by September 2002; however, Royal Investments Inc, (GSL) which acquired 70 per cent of the company shares in the sale, failed to make this payment. In June 2004, NICIL, the government holding company, initiated legal action against Royal Investments Inc for the recovery of the US$2 million plus interest.When the trial continued on Tuesday before Justice Roxanne George-Wiltshire, Veerasammy testified that he is a certified accountant and holds the position of partner at Nizam Ali and Company.During this period of 1999-2000,NFL Jerseys Cheap, the witness claimed that the firm with which he has been employed for the past 15 years was chartered to conduct audits on behalf of Guyana Stores Limited. At the time, Veerasammy claimed that he was the audit manager of the company.He testified to having knowledge of the net current assets of the Company at the time it was taken over by Royal investments. Several financial documents were produced in court and shown to the witness, which he recognized.The witness was shown the financial records of GSL for the years 1998,Artemi Panarin Jersey, 1999, and 2000.As Veerasammy continued his testimony, it transpired that while there were profits for the aforementioned years there was a noteworthy loss. Several documents were also shown to NICIL’s Attorney, Rafiq Turhan Khan.The witness was then cross-examined by Senior Counsel Edward Luckhoo, who in association with Senior Counsel Rex Mckay, represent Royal Investment Inc.However under cross examination, the witness was unable to say whether the company had borrowed money for the purpose of dividends as suggested to him by senior counsel, Edward Luckhoo.During the cross-examination the witness was required to answer questions regarding the financial records of the years 1998, 1999, and 2000.At the conclusion of cross examination of the auditor, NICIL’s Attorney Khan indicated that he would like to re-examine Executive Director and Head of the Privatisation Unit NICIL, Winston Brassington.Brassington, as Executive Secretary of the Privatisation Unit,Cheap Jerseys Free, managed the privatization of Guyana Stores in October 2000.In the information pack for investors,Cheap Sports Jerseys, Brassington had listed a number of agencies and distributorships which formed part of the business of Guyana Stores.On the last occasion the court received a series of tentative answers from the executive director.In response to a list of questions posed by the senior counsel about the subsidiaries of Guyana Stores Limited (GSL) in which Royal Investments was interested, Brassington stated he simply didn’t know.The Senior Counsel nevertheless, informed the court that Senior Counsel Rex McKay,Wholesale Authentic Jerseys, who was absent, may wish to further cross-examine Brassington, who negotiated the privatisation of GSL and was under cross-examination by Luckhoo.Brassington is expected to return to the stand today. |
