$83M deal with T&T company: PNC should have offered to sell Republic Bank shares to Guyanese – VP

Vice President Bharrat Jagdeo has sharply criticised the main Opposition People’s National Congress (PNC) for what he described as a failure to prioritise Guyanese interests when offloading the party’s shares in Republic Bank.
Speaking at his weekly press conference on Thursday, Jagdeo addressed reports that the Opposition party sold $83 million in Republic Bank (Guyana) shares to a Trinidadian company – igniting fresh controversy over foreign financial influence, party transparency, and lost local investment opportunities.
The Vice President argued that the sale represented a missed opportunity to empower local investors and build national wealth, especially as Republic Bank continues to see strong performance in the financial sector.
“I didn’t realise that PNC is so rich. They own nearly half a billion dollars of shares in Republic Bank. It’s a rich party…Legitimately, I don’t know how they got the shares – but I don’t want to explore that too much here  – but if you’re selling your shares, you should offer it to Guyanese first, because you want Guyanese to invest in this company, the Republic Bank, if it’s doing well,” Jagdeo remarked.
The share sale was reportedly executed quietly, with no known public offer or bidding process, further intensifying suspicions about the intent and beneficiaries of the deal.
Jagdeo zeroed in on what he described as a shocking lack of national consideration in the deal, which was reportedly executed with Maritime Life (Caribbean) Limited, an insurance giant based in Trinidad and Tobago.
But the Vice President did not stop there. He raised questions about accountability and transparency within the PNC, throwing shade at PNC leader Aubrey Norton, whom he accused of having a “proclivity for blank cheque”.
“So, they sold it to a Trinidadian company and then I’ve had concerns raised by a number of people. Would this resource be paid into the party coffers or would Norton have about 10 blank cheque written for the whole sum? You know, Norton is a very –  he has a strong proclivity towards blank cheques. I see him talking about corruption too. He has not dealt with that matter as yet. The blank cheques that he directed the treasurer of the PNC to sign for him,” he added.
Jagdeo’s remarks ahead of the September 1 General and Regional Elections, hinted at alleged financial mismanagement inside the PNC and possible misuse of funds. The party has been struggling to raise campaign financing, with sources confirming dwindling attendance at rallies, even in traditional strongholds.

Cash-strapped
Last week, Opposition Leader Norton had confirmed that the A Partnership for National Unity (APNU) is deliberately rationing resources during the 2025 election season, choosing what he described as “strategy over spectacle”.
The APNU on July 6 officially launched its campaign, an event that has since been described as “lukewarm” and lacking in attendance, especially among the youth population.
Since then, the party has held several rallies and public meetings, including in Bartica, Region Seven (Cuyuni-Mazaruni), and in Melanie, on the East Coast of Demerara.
However, in a recent appearance on the GlobeSpan24X7 programme, Norton addressed growing public concern over APNU’s low visual and ground presence in traditional PPP strongholds. The long-time politician brushed off claims of campaign weakness, asserting, “We don’t have the resources like PPP, but we are campaigning, just strategically.”
“If you peak too early in an election and you don’t have the resources your opponents have, then they will come back and counter,” Norton stated. “So, you have to time it and ensure you go straight through and impact as you move along.”