The Board of Directors of the Guyana National Newspapers Limited (GNNL) has reported that the company is facing serious financial and professional challenges.
Over $6B is being claimed in lawsuits against the company for matters relating to publications under the APNU+AFC Government.
These lawsuits all relate to” irresponsible reporting, reckless and careless directions from the former Board members, General Manager and Editor-in-Chief,” the Minister within the Office of the Prime Minister, Kwame McCoy said.
In addition to the large sums that are being sought, the company is also faced with the additional burden of the costs associated with having secured legal representation in these matters.
To compound matters, as of August 2, 2020, the GNNL was in a financial deficit with no operating cash flow to meet immediate needs.
From August to now, the new management team and Board of Directors have started to put cost-recovery measures in place that will hopefully soon realise self-sufficiency. The Editorial team is also being evaluated and changed to restore professionalism in the GNNL and pride in its service to the people of Guyana, the Minister said.
“It is clear that the former general managers of the company, the likes of which include Ganesh Mahipaul and Sherod Duncan, have endangered not only the viability of the company but also the livelihood of the employees of GNNL,” McCoy said.