Shareholders question Lall, Yassin conduct as GSL directors

Owner of the Kaieteur News, Mohan Lall also known as Glenn Lall, has again come under the microscope, this time for his involvement in the mishandling of the operations of the Guyana Stores Limited(GSL).

Shareholders have raised questions as it relates to the operation of that company under the stewardship of Lall and his close family friend, Tony Yassin.

Yassin controls Royal Investments Inc (RII).

It is not clear whether GSL has been struck off the Register of Companies for its lack of compliance.

Extending from the above, concerns have been raised on related party transactions between the directors of GSL, and whether GSL is being used as a source of funding of the various business interests of Lall, including defending the many legal actions being brought against Kaieteur News.

The lack of disclosure of the true state of affairs of GSL raises considerable concerns about what will be left to the minority shareholders and the chances of dividends. It also raises questions on whether the company’s affairs are being managed in the interest of all shareholders, or for the benefit of a few directors.

“Governance is totally out of the window and no-one seems to care about it,” a minority shareholder stated, who asked to remain unnamed.

Another concern is whether GSL had paid its taxes. “With companies in trouble with the GRA, we could wake up and find out that GSL had not paid its taxes to the GRA, and end up losing the company.”

GSL, at minimum is liable for turnover tax and property tax in any given year. Other taxes are also applicable. Additionally, “We know that GSL owed substantial taxes to the GRA since privatisation; have these been paid? What about interest and penalties imposed by the GRA”? the shareholder asked.

Some months ago, several media houses reported that the government was instituting legal action to recover unpaid sums and property from Tony Yassin of GSL and Royal Investments, and the long period it takes for such cases to be determined.
The shareholder who complained posed the following questions:

* Has GSL paid any taxes since privatisation; if so, how much and
is it in compliance with its obligations to the GRA?

* How much has been paid in turnover tax, property tax, VAT, duty, PAYE, NIS, and other taxes over the last decade?

* Has GSL remitted its NIS and PAYE deductions?

* What is the securities council doing to ensure that GSL complies with the law?

* What is the Registrar of Companies doing on GSL’s lack of compliance with the statutory filing of its annual return?

* Who are the directors of GSL apart from Tony Yassin and Glenn Lall?

* How much monies have been paid by GSL to these persons (or any of their companies or affiliates) and for what purposes?

* What is the total value of all transactions that are related party transactions?

* Is GSL bankrupt given the many legal actions being brought against it by government?

* When will GSL publish its audited accounts for the last decade? * Who are its auditors?

* Has GSL been making a profit?

* Has GSL borrowed any monies in the last 10 years, and if so, what are the terms of these borrowings?

* What was the cost of the renovations done at GSL Universal building?

* And, is Tony Yassin related to Glenn Lall? Shareholders are calling on GSL and its directors to publish the above information, and to make public its audited accounts.