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Stabroek News

Bad cement, banks and the private sector
published: Tuesday | May 9, 2006


Devon Dick

THE HARDWARE Merchants Association has called for an investigation into the allegation that bad cement was being re-cycled. This followed a similar allegation made in Parliament by Opposition Leader Bruce Golding and which, in response, Minister Philip Paulwell claimed was thwarted by the Bureau of Standards. This is a most serious allegation that needs independent inquiry.

The first response to the mayhem caused by the distribution of poor quality cement on the market was inadequate. The occurrence is no small matter.

COSTS, EMPLOYMENT AND DELAYED SCHEDULES

It affected costs, employment and delayed schedules, therefore, it was surprising that the CEO only said sorry. One had expected that the embarrassment would be so great and the contrition so deep that it would have required, at least, the resignation or re-assignment of the general manager.

Furthermore, importers of cement were raising questions about the operation and capability of the Cement Company from last year. Because my sympathies lie with manufacturers and I was at the launch of Cement Plus, I told a member of the management of the Cement Company to counteract what the importers were saying. But it seems now that the importers had a point.

Too often some private sector companies behave as though they are a law unto themselves.

The private sector has done a public relations job on the unsuspecting public by attaching the word 'private' to its operations hence there is the feeling that whatever is done is 'private business'. However, these so-called 'private' companies do business with the public. They employ people.

They pay taxes. They have a responsibility to their shareholders and also to the community.

In any case, a proper understanding of the sovereignty of God and that we are stewards of God's resources would debunk the myth of private and one being able to do whatever one likes with a company.

Even worse, companies that are publicly listed are behaving as 'private'.

One notices the difference with how the media treat political parties and business interests. Take for example, the story in the Financial Gleaner of April 7, which was promoted as 'corporate musical chairs' and headlined as 'Financial sector shuffle'. I had expected to read about persons moving to other jobs. But the first part of the story was about two leading female bankers, one holding the position of vice-president marketing and executive director of the foundation and the other, another vice-president and general manager of the investments portfolio. Both with ten years experience and both resigned and no hint of going anywhere. But no indication that either the resignees or company were contacted to get some reason for the resignations.

However, when two members of Parliament resigned from the JLP it was subjected to great scrutiny.

SETTLEMENT

Do you recall how the other leading bank paid out about $250m as settlement to its former CEO? Can you imagine if the Government had done that?

However, this publicly listed company is seen as 'private' so any amount is fair game. This is a bank with long lines and empty teller spaces. This is a bank that, last year, had one of its downtown branches close its doors and allowed customers to enter by instalments. Donkey sey the world not level.

Clergy, laity and civil society need to attend AGMs of publicly listed companies and ask searching questions. Make recommendations to assist with arresting corruption; providing better customer service and to share the prosperity.


Rev Devon Dick is pastor of Boulevard Baptist Church and author of 'Rebellion to Riot: the Church in Nation Building'

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