Vickram Oditt, who is to exit as chairman of Guysuco at the end of this month, dismisses suggestions his resignation has anything to do with a letter campaign against him.

He said he needed to spend more time on his own private businesses which he said had been neglected because of his obligations to Guysuco.

“My businesses have not been doing well....they have missed me and I need to focus on them again. I need to get back,” Oditt told reporters at Herdmanston House yesterday, as he sought to quell speculation over his resignation and to review the progress of Guysuco in the last ten years. He said he was quite taken aback by the stir his resignation had caused and had thought that it would have just been a footnote in the media.

Oditt’s resignation came suddenly as the corporation continues on a massive US$110M-plus expansion programme, but he refuted questions suggesting he was asked to resign. “No, I was not asked to resign.”

He said his resignation was not “sudden” as he had planned to leave five years ago to pursue his own business interests but was asked to stay on until a successor was identified. His departure as the chairman, he said, should not affect the future prosperity of the industry.

Oditt said that he had functioned as a non-executive chairman of Guysuco, which had required a once a month commitment. However, he said he had found that he was devoting about 70% of his time to the corporation and issues relating to sugar.

“It would never ever be a good time to leave as the challenges would always be there...but I have made the decision in the best interest of the needs of my companies,” Oditt asserted. He hopes that the government would identify someone early to allow for a smooth transition.

Oditt was asked by one broadcast-media house whether his resignation had anything to do with the publication in the Stabroek News of his director’s fees and expenses moving from $3.9M in 2001 to $10.4M in 2002, of which his fees were $108,000. He said he had no intention of hiding anything which pertained to the corporation as the accounts were tabled in parliament.

He said the issue of the $10.29M had to do with the very unusual year of 2002 for the sugar industry as it necessitated several trips abroad to discuss and settle issues related to marketing.

“The fees that actually come into my pocket are $108,000 per year or $9,000 per month,” Oditt said. He said his entertainment expenses for 2002 were $85,000.

Asked which business he would be concentrating on given that Vinelli has been in receivership and Lidco has had its share of problems, Oditt said Vinelli had an exclusive interest in other areas which were not under receivership while Lidco was still operating.

Some of Vinelli’s assets were to be sold off to repay a $400M debt to the National Bank of Industry and Commerce.

He is looking at possibly going into tilapia farming and to add cattle to Lidco’s stock. He feels investment opportunities are available and a businessman just has to find a niche market and exploit it.

He also told reporters that he was unaware of the source of the letters circulating about him, but said their basis was political and aimed at hitting the corporation which was progressing nevertheless.