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– selling more cane lands to raise cashGuySuCo’s CEO, Dr. Raj SinghUnion officials have accused the Board of Directors and management of the Guyana Sugar Corporation (GuySuCo) of causing the industry to lose over $14B because of its rejection to enter a three-year contract with its European customer, Tate and Lyle.At the end of 2012, GuySuCo,Ross Cockrell Steelers Jersey UK, as the prices for sugar went over US$700 per tonne, was offered a contract. However, according to union officials, the Corporation rejected the offer with the hope that the price would even increase more. Unfortunately,Mel Blount Steelers Jersey UK, the prices started sliding.In 2013, GuySuCo reportedly was offered another contract,Robert Alford Falcons Jersey UK, this time for US$500 per tonne. This again was rejected.“Because of that rejection in 2012 and that one in 2013, we estimate that almost $14B was lost to GuySuCo. The Board of Directors and management inexplicably took a decision not to go with the contract,” a senior union official said yesterday.The year 2014 ended with sugar being bought for US$350 per tonne. It is unlikely anytime soon that prices will go up as there is a glut on the market with producers raising production levels.Earlier this week, in one of its strongest condemnation yet of the state of affairs at GuySuCo, the National Association of Agricultural,Lynn Swann Steelers Jersey UK, Commercial and Industrial Employees (NAACIE),Jerome Bettis Steelers Jersey UK, said that it can no longer tolerate the situation which has seen one bad decision after another by the Board and management.The union said that GuySuCo’s management has made a “fundamentally flawed”, “unprofessional economic” decision to reject the three year contract from Tate and Lyle, in late 2012.GuySuCo settled for a mere one year agreement “resulting in significant financial loss to the sugar corporation for 2013 to 2015 inclusive.”NAACIE, which represents office staffers of the 16,000-plus workers’ industry, said it is of the view that the industry is besieged and under siege by the “atrocious decisions” by both the Board of Directors and its management.That $14B, according to the union official,Steve Bartkowski Falcons Jersey UK, would have gone a long way in helping GuySuCo with its financial problems.The union echoed calls by the largest negotiating body, Guyana Agricultural and General Workers Union, for an independent Commission of Inquiry to be conducted.The union, which represents mainly office workers at the corporation, said 2014 was the year with the second lowest production in the last 24 years.NAACIE identified GuySuCo’s decision to pre-harvest “pre-ripened cane” as one of the major causes of poor quality production. This is now threatening to compromise quality and production potential of the first crop of this year.NAACIE was also highly critical over the manner in which GuySuCo goes about planting canes. “There is woefully inadequate expert management monitoring of the husbandry in the fields. The results are poor plant nurturing, poor roads, poor punts maintenance all resulting in poor quality product.”NAACIE accused the Board of Directors, led by former Education Minister, Shaik Baksh,Chris Hogan Patriots Jersey UK, of making continuous blunders with inquiry into their decisions.“The Guysuco Board,Ty Montgomery Packers Jersey UK, never by itself, seems to enquire into its own stewardship.This is apparent from the repetitive policy and management blunders yearly. The sectors, employees, suppliers and our general population then feel the economic squeeze. How long must we merely mouth that sugar is too big to fail?”The $14B loss would lend fuel to an angry Opposition which has been criticizing the way Government has handled the industry.The National Assembly has been called upon to approve cash bailouts. Last year, the amount was $6B.GuySuCo has also been forced to sell lands and properties to raise cash. It sold several plots of lands on East Bank Demerara for housing schemes stretching from Eccles to Grove.The Corporation is also, reportedly, currently in the process of selling a large portion of land to Government for housing to among other things, help pay off its almost $1B in debt to the National Insurance Scheme.The industry, as at June last year, owed more than $58B in debts to suppliers, and to local and international banks. Suppliers have been demanding cash up front.Government was forced to step in and to make payments on its US$100M-plus loan that it owes on the US$200M Skeldon modernization project which included a new factory that faced problems from day one.Last year,Javon Hargrave Steelers Jersey UK, the efficiency issues of the factory came to fore after it was revealed that it took 28 tonnes of cane to produce one tonne of sugar, more than double the industry’s average.The industry is also losing big time, producing for more than US$0.30 but selling around US$0.18 per pound.There have been calls for Government to reverse the fortunes but few answers.GuySuCo has remained a touchy subject for the three main political parties for one simple reason…many of the supporters or their families are working in the industry. GuySuCo and the Government have both remained largely silent on the state of affairs.