Source: High Court Orders GNIC to vacate Charlestown wharf, enforces NICIL’s ownership

The High  Court has ruled in favour of the National Industrial and Commercial Investments Lim-ited (NICIL) in its long-running property dispute with the Guyana National Industrial Company Inc (GNIC) and International Fishing Investment Company Limited (IFI). The judgement, deliv-ered on December 10, 2025, by Justice Fidela Corbin-Lincoln, addressed claims for possession, trespass, and damages related to properties situated at Area “X”, Charlestown, Georgetown.

NICIL’s claim arose from a lease agreement originally executed between the Guyana National Engineering Company (GNEC) and GNIC in 1995, later assigned to NICIL through a supplemental lease agreement in 2002. The lease stipulated a 15-year term with an option for renewal and an annual rent of $70.5 million. NICIL alleged that GNIC failed to deliver possession of the property after the lease expired on November 1, 2010, and that IFI had unlawfully occupied part of the property since 1996.

GNIC argued that it had properly exercised the lease renewal option in 2009 and claimed NICIL was estopped from asserting the lease had expired, citing substantial improvements made to the property at its own cost. The company also contended that any arrears of rent prior to Jan-uary 2019 were statute-barred.

In its defence, NICIL maintained that GNIC was in breach of lease conditions at the time it sought to exercise the renewal option. Breaches included failure to pay rent and arbitration awards, unauthorised subletting of portions of the property, and non-payment of insurance premiums. NICIL argued that these breaches invalidated GNIC’s request to extend the lease and that the company was required to vacate the premises upon the lease’s expiration.

Justice Corbin-Lincoln ruled that GNIC had failed to meet the conditions precedent for renewing the lease. Specifically, the  court found that GNIC was in subsisting breach of its obligations to pay rent and not to sublet without NICIL’s consent. As a result, the court determined that the lease ended on November 1, 2010, and that GNIC thereafter held the property as a statutory tenant under the Rent Restriction Act.

Regarding NICIL’s request for possession, the court ordered GNIC to deliver up possession of the property by June 12, 2026. The court also clarified that GNIC’s claim for mesne profits failed, as statutory tenants are not considered trespassers. Claims for an accounting of  rental income from subletting were dismissed due to insufficient evidence of a fiduciary relationship or con-tractual obligation.

In relation to IFI, the court found that the company had occupied the Sussex Street Wharf por-tion of the property without NICIL’s consent since 1996 and had failed to provide evidence of lawful tenancy. IFI was declared a trespasser and ordered to vacate the property by February 27, 2026. The court awarded NICIL damages for trespass at a rate of $2 million per year from 1996 to 2025, totalling $58 million, with continued damages accruing at the same rate until possession is delivered.

Cost orders were also made. GNIC was ordered to pay prescribed costs of $10 million, while IFI was ordered to pay discretionary costs of $250,000. NICIL is required to serve the order on IFI by December 19, 2025.

NICIL was represented by attorneys Devindra Kissoon, Natasha Vieira and Abhimanyu Dev, while GNIC was represented by Neil Boston, SC; Roysdale Forde, SC; and Olayne Joseph.

Source: GYSBI Wins Withholding Tax Appeal

Chancellor Roxane George today granted a tax appeal filed by Guyana Shore Base Inc (GYSBI) in 2021 against the Guyana Revenue Authority (GRA), setting aside the GRA’s decision to impose withholding tax against GYSBI on payments for management and professional services made to three foreign contractors, Pacific Rim Constructors Singapore, LED Offshore Ltd and LEAD Engineering Inc.

The GRA assessed withholding tax in the amount of G$35,496,147 against GYSBY for 2018 and 2019 years of assessment pursuant to Section 39(1) of the Income Tax Act. GYSBI’s attorney, Mr. Devindra Kissoon of London House Chambers, submitted to the Court, that no withholding tax was payable since these companies were all overseas based, had no offices or personnel based in Guyana, and that the payments arose overseas since they were made overseas for services executed or rendered overseas. GYSBI argued therefore that pursuant to the provisions of Section 39 (1)(b) of the Income Tax Act, no withholding tax was payable in relation to payments made to the foregoing companies.

The GRA argued that withholding tax was payable since GYSBI’s income was derived from its Haliburton project and other projects within Guyana, withholding tax was payable. The GRA also argued that since the payments arose in Guyana withholding tax was payable.

The Court disagreed with the GRA’s submissions, labelling them as “erroneous”, stating not only is the origin of the payment irrelevant, but the fact that the payments were made from Guyana was not determinative.

The Court, in agreeing with Mr. Kissoon’s argument, found that for withholding tax to be charged, the payment cannot relate to income that is derived outside of Guyana and that the tax can only be applied to income payable in Guyana which derived from business engagements or activities within Guyana. The found that the GRA submitted no evidence that the companies were conducting activities within Guyana, and in relying on the evidence submitted by GYSBI through its corporate secretary Ms. Yolander Persaud, adjudicated that withholding tax was payable.

The Court ordered that the GRA repay GYSBI the sum of G$35,496,147, plus interest at the rate of 12% per annum forthwith, and ordered costs against the GRA in the amount of G$1,000,000 to be paid on or before December 29, 2025. Section 86(10) of the Income Tax Act renders the decision final and therefore unappealable. A copy of the judgment is attached.

Source: Zijin Gold seeks $3.2 billion in Hong Kong IPO as demand for the precious metal soars

Sept 19 (Reuters) – China’s Zijin Gold International, keen to make the most of bullish sentiment for the precious metal, is aiming to raise $3.2 billion in a Hong Kong IPO that is set to be the city’s largest in four years.

Adding to a strong recovery for Hong Kong’s equity capital market, the offering could garner as much as HK$28.7 billion ($3.7 billion) at a valuation of $24.6 billion if an overallotment of shares is fully exercised.

Gold, which tends to perform well during periods of uncertainty and in low-interest rate environments, has gained nearly 39% so far this year.

“A $24 billion market cap for Zijin Gold is reasonable,” said David Blennerhassett, a strategist of Ballingal Investment Advisors, who publishes on SmartKarma, in a Friday research note.

“This is a total bull market for gold plays. Momentum is strong. You have long-only support,” he said.

Zijin Gold, a wholly owned unit of China’s Zijin Mining (601899.SS), opens new tab that operates all of the group’s gold mines outside China, is selling 349 million shares at HK$71.59 apiece, its prospectus showed on Friday.

Trading is set to commence September 29.

It would be the largest IPO in Hong Kong since JD Logistics’ (2618.HK), opens new tab May 2021 float which raised $3.6 billion, Dealogic data showed. If the overallotment is exercised it would be the largest since Kuaishou Technology (1024.HK), opens new tab raised $6.2 billion in January 2021.

Its offering follows one from automaker Chery this week that aims to raise up to $1.2 billion.

Hong Kong has seen total funds raised from new listings reach $18.5 billion so far this year, exceeding 2024’s full-year figure of $11.3 billion, Dealogic data showed. Booming demand for Chinese AI and tech stocks has seen a raft of Chinese companies listed in the mainland also sell shares in Hong Kong.

Zijin Gold said in the prospectus that it is planning to use the proceeds over the next five years to upgrade existing mines.

It added that it expects global gold demand to grow steadily at a compound annual growth rate of 3.2% from 2024 to 2030.

Cornerstone investors have subscribed to about $1.6 billion worth of shares, according to the prospectus.

Singapore wealth fund GIC (GIC.UL) and private equity firm Hillhouse will each buy $150 million worth of shares while asset managers BlackRock (BLK.N), opens new tab and Schroders (SDR.L), opens new tab will each take $120 million worth.

A wholly owned unit of industry peer Zhaojin Mining (1818.HK), opens new tab has also subscribed to $30 million worth of shares.

Morgan Stanley and CITIC Securities are the joint sponsors of the offering.
Zijin Mining’s shares in Shenzhen rose 0.8% while its shares in Hong Kong rose 0.5% in Friday afternoon trade.

LHC Ranked For 10th Consecutive Year