Georgetown, Guyana — Chief executive officer of the Guyana Sugar Corporation (GuySuCo) Dr Raj Singh has been dismissed. GuySuCo has been suffering increased losses over the years. In 2014, the sugar corporation received a $6 billion (US$29 million) bailout. For this year, the corporation has requested a $16 billion bailout package.
On the directive of Cabinet, Agriculture Minister Noel Holder issued the letter of dismissal to Dr Singh and it takes immediate effect.
In addition, members of GuySuCo’s board of directors have been instructed to send in letters of resignation with immediate effect.
Over the years GuySuCo has been sinking further into debt due to ineffective operations both at the financial and production levels.
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 assured GuySuCo workers that they will be paid and there will be no closing of the Sugar Corporation.