Source: News Room

In a turn of events as exciting as the World Cup itself, the Chief Justice of Jamaica Mr. Justice B. Sykes has granted E-Networks the rights to broadcast the FIFA games.

In proceedings commenced in Jamaica, the Chief Justice issued an injunction against the St. Lucian based owners of regional sports broadcasting network SportsMax, International Media Content Ltd.,  (i) restraining it for 28 days from terminating a carriage Agreement entered into between E-Networks Inc. and IMC, whereby IMC granted E-Networks Inc. the exclusive cable television rights to broadcast the FIFA world cup, and (ii) ordering IMC to commence provision of the feed to the SportsMax World Cup Channel to E-Networks for 28 days.

The rights to broadcast the FIFA World Cup are held by DIRECTV which issued a memorandum advising that only IMC, in addition to it, could grant exclusive rights to authorize cable broadcasts of the World Cup in Guyana.

E-Networks paid IMC substantial sums to secure the exclusive cable broadcast rights of the World Cup from IMC, only to be told a few days before the scheduled broadcast that IMC may no longer honour its agreement with E-Networks.

After it became apparent that IMC would not give E-Networks access to the world cup feed, E-Networks immediately sought the intervention of the court to prevent IMC from breaching its contracts, resulting in the Court’s order.

E-Networks is represented by  Daniella Silvera, Kathryn Williams and Lisa Williams of Livingston, Alexander & Levy in Jamaica, and is lead locally by Devindra Kissoon and Edward Luckhoo S.C.

See court order here: https://newsroom.gy/wp-content/uploads/2018/06/FORMAL-ORDER.pdf

Source: News Room

The Rotary Club of Georgetown on Friday evening installed its new Board of Directors. The fairly young board, headed by Harrinand Persaud, was officially introduced and announced at an official ceremony at the Rotary Installation Dinner held at the Pegasus Hotel, Georgetown.

With promises to do more for communities across the country and increasing the club’s contributors, the newly elected President told those gathered that he is ready to take up the challenge.

“I am aware that the responsibility to lead this club is no easy task as I have great footsteps to follow. I always welcome a good challenge and an opportunity to grow, and it is my belief that we can continue to build on the solid foundation by combining our passion, altruism, skillset and vocation,” Persaud said.

With over one million members worldwide, through voluntary contributions, Rotary helps to fight various causes in communities and contributes to developing countries.

Under its new slogan: “Rotary- People of Action,” the President committed to working on projects which can be sustained.

“We have to continue to provide clean water, dig wells and distribute water to communities that otherwise would have to depend on rivers and rainfall,” he urged the new board.

The other elected members are: Alvina Rambarran as Vice President, Amanda Persaud as Secretary, Arron Fraser as Treasurer, Natasha Vieira as Club Administrator, Ariane Mangar to oversee projects, Devindra Kissoon as Sergeant-at-arms and Macaela Cameron as Public Relations Director.

Roger Harper, Natasha Backer and Luana Falconner were re-elected to their previous posts of Rotary Foundation, New Generations and Assistant District Governor, respectively.

Other members are Peter Peroune, Ramon Singh – Membership, and District Government- Dominique Venere.

Past President of the Club, Clyde De Haas in his address outlined several projects completed under his tenure, including the completion and launch of the Linden toy library which provides a clean space for children to play and relax, distribution of 50 maternity care hampers and a fun day for children at the Convalescence home among others.

Friday night’s event was also used to award several Rotarians who would have worked tirelessly to make the club’s projects successful over the years.

The club also helped flood-affected communities in Region Seven and Eight with food items and donated close to two containers of flood relief to the CDC to be shipped to Dominica after the devastating hurricane.

Source: Kaieteur News

London House Chambers’ Attorney Devindra Kissoon said the historic US$150M bond secured for the Guyana Sugar Corporation (GuySuCo) represents confidence by investors in Guyana’s economy.

Kissoon represented Republic Bank Limited (RBL) in the transaction.
“This is the first type of transaction of its kind in Guyana. The magnitude of it is certainly unique to Guyana and is one of the largest financial transactions in the Caribbean. What it does show is the confidence of investors to be able to lend money to Guyana with the hope of recouping it,” Kissoon stated.

He stated that the bond was oversubscribed which meant that there were persons dying to put their money into Guyana on the strength of a government guarantee.
“It shows that we have a credible country and credible economy,” Kissoon noted.
The transaction was consummated entirely using Guyanese companies and local legal counsel, Hand-in-Hand Trust Corporation acting as Trustee, Guyana Americas Merchant Bank Inc. as paying agent.

The state-owned National Industrial and Commercial Investments Limited (NICIL) received the first tranche, roughly US$85M which was disbursed on May 24, 2018, with the residual tranche to be issued to NICIL as is needed.

The full bond which was arranged by Republic Bank Limited exclusively through its Investment Banking Division represents Guyana’s aggressive reentry into the capital markets arena.

According to information, the Government guaranteed bond has been issued for a five-year term with a rate of return of 4.75 percent per annum.
NICIL is expected to raise the remaining US$65M within the next few months through a combination of local and regional investors, including those in Trinidad and Jamaica.
Republic Bank was reportedly able to successfully tap the local investor market to raise mutually beneficial financing for the Guyana Government and investing subscribers.
The funds raised are to be used towards GuySuCo’s capital expenditure and general operations.

NICIL’s team lead by Colvin Health-London, the head of the Special Purpose Unit (SPU), structured the bond to recapitalize GuySuCo’s operations.
GuySuCo has struggled to raise the funds needed to revamp its operations and relied heavily on Government bailouts to stay afloat.

The estates have been placed under the SPU which is tasked by Government to execute privatization plans for the Skeldon, Rose Hall, Enmore and Wales Estates that were closed in keeping with Government’s ‘right-sized’ approach for the sugar corporation.

Source: Demerara Waves

The National Industrial and Commercial Investments Limited (NICIL) officially issued a US$ 150 million equivalent bond facility, arranged by Republic Bank Limited exclusively through its Investment Banking Division, the holding company for government’s assets said in a statement.

The local law firm London House Chambers, headed by Devindra Kissoon,  acted as Republic Bank’s transaction attorney.

The bond will be issued in multiple tranches, with the first tranche of roughly G$17 billion or US$85 million equivalent having been issued to local investors on Friday, May 24, 2018.

“With the issue, NICIL becomes the first public issuer to raise debt in the local capital markets in over 10 years. The bond is the largest ever bond facility arranged in Guyana and was oversubscribed by local investor on the first tranche,” NICIL said in a statement said.

The government corporation said the  proceeds of the bond issue will be used towards capital expenditure and general operations for the Guyana Sugar Corporation (Guysuco).

NICIL’s team lead by Colvin Health-London, the head of its Special Purpose Unit, secured the bond to recapitalize the Guysuco’s operations.

“Historically, cash-strapped Guysuco struggled on its own to raise the funds needed to revamp its operations. However, under the management of Mr. Heath-London, funding was secured through the stated-owned entity with the support of the Government of Guyana through a sovereign guarantee,” the Kingston, Georgetown-based NICIL said.

NICIL acts as a holding company for Government owned minority and majority interests, property management which includes the acquisition, disposal and rental of Government owned properties.

In addition, NICIL monitors Government’s equity in other companies, engage in development projects and acts as agents for other Government agencies in the disposal of properties or management of companies.