News Room Guyana Reports : The main opposition party, the People’s National Congress (PNC), has sold $83 million worth of its shares in Republic Bank (Guyana) to Maritime Life (Caribbean) Limited, a Trinidad-based company, as it grapples with financing its election campaign under the APNU coalition banner. This sale is part of a broader challenge the PNC faces, having reportedly accumulated half a billion dollars in shares with the Trinidad-owned bank.
Sources indicate that the PNC is in a desperate need to raise funds for its electoral efforts, struggling to attract campaign financing and witnessing low attendance at rallies, even in regions where it previously held significant support.
Maritime Life (Caribbean) Limited, the purchasing company, is an insurance firm expanding its footprint in the Caribbean financial sector. While the exact terms of the sale remain undisclosed, there are concerns regarding possible incentives offered to Maritime by the PNC, such as future business opportunities or policy favors should the party regain power.
Senior PNC members have voiced apprehension about the accountability surrounding this sale, particularly given that it involves a substantial portion of the party’s financial assets. These concerns are heightened by recent events in which the PNC treasurer resigned, alleging that he was pressured to sign blank cheques by party leadership.
The transaction has sparked discussions about the PNC’s financial management and transparency, raising questions about the implications of selling such a significant asset during a critical election period. As the party navigates these challenges, the focus remains on how it will regroup and secure the necessary resources for its campaign efforts.
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