Source: News Room

The National Industrial and Commercial Investments Limited (NICIL) expects to raise US$65,000,000 within the next few months through a combination of local and regional investors, including those in Trinidad and Jamaica.

News Room learnt that the funds raised are to be used towards GuySuCo’s capital expenditure and general operations.

Also, a targeted roadshow is expected to be launched within the coming weeks to raise the remaining amounts.

Guyana aggressively reentered the capital markets arena with NICIL issuing the first tranche of a US$150,000,000 bond arranged by Republic Bank Limited exclusively through its Investment Banking Division. This transaction of roughly G$17 billion or US$85,000,000 equivalent is being disbursed on May 24, 2018, with the residual tranche to be issued to NICIL as is needed.

The Government Guaranteed bond has been issued for a five-year term with a rate of return of 4.75 percent per annum. NICIL’s team led by Colvin Health London, the head of its Special Purpose Unit (SPU), structured the bond to recapitalize GuySuCo’s operations.

The SPU was created to divest GuySuCo’s resources.

Historically, GuySuCo on its own has struggled to raise the funds needed to revamp its operations. However, under the stewardship of Mr. Heath-London, the transaction was crafted so that NICIL, through the support of the Government of Guyana, issued the facility, avoiding the pitfalls associated with investors’ reluctance to support a poorly managed Guysuco.

The bond was oversubscribed by the Guyana local investor market shortly after its announcement.

Even more impressive is that through the Government’s local content mandate, 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 Attorney General representing the Government of Guyana, NICIL represented by its In House counsel A. Mclean, the Ministry of Finance through its debt management team, and Republic Bank Limited represented by Devindra Kissoon of London House Chambers, demonstrating the capacity of Guyanese to handle these sophisticated transactions, a positive sign of things to come.

Republic Bank was able to successfully tap the local investor market to raise mutually beneficial financing for the Guyana Government and investing subscribers.

London House Chambers founding partner Devindra Kissoon has again been ranked by Chambers and Partners. In rating Kissoon, Chambers stated: “Devindra Kissoon of London House Chambers is praised by sources as a “very, very intelligent” lawyer who produces “excellent work.” His practice covers commercial and constitutional law, with notable experience in matters relating to the mining and telecoms sectors. His highlights include defending the Guyana Revenue Authority in a taxpayer constitutional challenge relating to a tax assessment valued at USD13 million.”

Source: Kaieteur News

In a scathing ruling issued on January 30, 2018, Chief Justice (ag) Roxane George, S.C. deemed Food and Drugs Director, Marlan Cole’s refusal to grant registration of several life-saving drugs to Dr. Balwant Singh’s Hospital, arbitrary, capricious and unlawful, making a previous order nisi being granted absolute.

Balwant Singh’s Hospital, through attorney Devindra Kissoon, filed an application to quash Cole’s refusal to issue an import licence for 18 lifesaving drugs. The application was also to compel the regulator to reconsider those licence applications and for him to provide a list of all new drugs currently being sold in Guyana along with the names of those persons authorised to sell those drugs.

Cole, according to court documents filed by the hospital last August, refused to register the drugs.

The director, the court documents said, indicated he would not register any drugs manufactured in India. He had also initially failed to provide the hospital with the requested list of drugs.

Cole had also rejected all attempts by the hospital to settle the matter without court intervention. Kissoon, a leading commercial lawyer and founding partner of London House Chambers, argued that Cole’s failure to approve the licences or provide the applicant (the hospital) with the list, created an untenable situation. This is because as a major public health provider, it is unable to import drugs necessary for the treatment of its patients.

Worse yet, by its refusal of a list that may be available for sale by licensed importers, the Food and Drug Analyst endangered the well-being of its patients and the applicant’s business operation.

Kissoon argued that the hospital had routinely been provided with lists in the past and issued licences for drugs manufactured in India pursuant to Section 78(2)(k)(v) of the Food and Drug Regulations.

Cole argued that the Food and Drug Administration entered into a Memorandum of Understanding (MoU) with Caribbean Public Health Agency (CARPHA) which implemented a new Caribbean Regulatory System in Guyana, and since those drugs for which applications were submitted were not registered with CARPHA, licences could not be issued.

Cole also argued that he was concerned about consumer safety and stated that he had provided the hospital with the requested list of drugs.

However, in response, Kissoon argued that Cole was deliberately misleading the Court, stating that “list supplied by Mr. Cole is woefully incomplete, in not containing the name of the local suppliers, registration numbers, date of registration, and manufacturer of the registered drugs.”

Kissoon argued that without knowing where to buy lifesaving drugs, the hospital’s patients were at risk.

He gave the example of Naloxone, an opioid antagonist which is used to save the lives of babies who are born with little or no vitals.

Kissoon argued that “to be unable to know where to obtain that drug in Guyana is simply absurd”.

He insisted that this information was routinely provided to the hospital in the past.
The lawyer argued that the CARPHA MOU did not repeal Section 78(2)(k)(v) of the Act, and had no bearing on the matters before the Court. In fact, the MOU stated that it was non-binding.

Kissoon demonstrated to the court not only that the  drugs sought, to be registered manufactured by two of India’s largest and well established pharmaceutical companies (Bharat Serums and VHB Medisciences Limited, and Merck Serono, a multinational company established in 1668 and headquartered in Germany focused on bio pharmaceuticals), but all of the applications contained evidence of safety to human beings and evidence that certification was issued only after documentation was produced about bio availability, bio equivalence and stability.

Kissoon argued that “the Applicant is simply applying for registration of drugs that have already been developed and approved in other various countries. Clinical trials of these drugs have already been completed and approved in the development stage, which may take up to 12 to 15 years for development.

“The applicant is not trying to register experimental drugs or any drug which has not been approved for human use, nor is there any evidence of this in the defence.”
The hospital also alleged that the “respondent continues to arbitrarily and capriciously apply the applicable laws differently to different importers, effectively discriminating against Dr. Balwant Singh’s Hospital.

For example, as evidenced in the attached report published by the Public Procurement Commission in August 2017, the respondent allowed Ansa McAl to import drugs without satisfying the requirements of the applicable laws.”

The Chief Justice (ag) sided with Kissoon, making the orders previously granted absolute, deciding that there has been no repeal of Section 78(2)(k)(v)  and that the CARPHA MOU could not and does not repeal that regulation.

She held that the hospital not only had a legitimate expectation to a licence, but to deny the licence was unlawful. The Court stated that there was no evidence of danger to human life and that the requested lists complete with the requested information must be provided, since the list is a publication within the public’s interest.

She stated that Cole acted unlawfully, unreasonably and capriciously, awarded $200,000 in costs, and ordered compliance within 60 days.

In recent times, there have been accusations of abuse of authority against Cole by not only medicine importers, but food and drinks suppliers.

Kaieteur News was told that the list is “being eagerly awaited” as it would indicate the extent of abuse by the FDA.

Source: Kaieteur News

After almost two years without one, Guyana has reconstituted the Legal Practitioners Committee (LPC).

The committee is critical for persons who want to make complaints against lawyers who they believe would have breached regulations or acted in a manner that is unethical to the profession.

According to a statement of the Bar Association of Guyana, the appointments were made by Chancellor (ag.), Justice Yonette Cummings-Edwards, of 12 attorneys-at-law as members.

The appointments came after consultations with the Bar Association, it was disclosed.
There have been a number of statements over the non-functioning of the LPC.
The twelve appointed members of the committee are Robin Stoby, S.C.; Rafiq Khan, S.C.; Emily Dodson; Andrew Pollard; Teni Housty; Tracy Gibson; Moenudin Mc Doom; Narendra Singh; Devindra Kissoon; Dionne McCammon; Mandisa Breedy and Faye Barker-Meredith.

The Attorney General, Basil Williams, and the Solicitor General, Kim Kyte-Thomas are ex officio members of the committee.

The members of the Committee will hold office for three years.
According to the Bar Association, the committee will sit in two divisions of seven members each. Division 1 will be chaired by Stoby, S.C. while Division 2 will be headed by Pollard.

The LPC is the body established under the Legal Practitioners Act, Chapter 4:01 which is charged with hearing and determining complaints against attorneys-at-law. The committee has disciplinary powers.

In brief comments to the committee yesterday at the Court of Appeal, attended also by Kamal Ramkarran, President of the Bar Association and Pauline Chase, Secretary of the Bar Association, Justice Cummings-Edwards encouraged the lawyers to make recommendations for the strengthening of disciplinary powers.

Persons who feel aggrieved against an attorney-at-law can lodge a complaint with the Secretary of the LPC, Jewel Campbell, at the Court of Appeal in Kingston, Georgetown.