Shareholders in the Berbice Bridge Company Inc. (BBCI) had recovered their investment and received dividends before the facility was handed back to the government, according to former board chairman Paul Cheong.

Speaking to Ignite News on Thursday, Cheong said the transfer of the Berbice River Bridge for GY$400 million was part of the original arrangement under which BBCI operated the facility.

"It was always part of the arrangement to transfer it back to the government," Cheong said.

"It was a public-private partnership project. It was under a 'BOOT' arrangement, right. 'BOOT' means Build, Own, Operate and Transfer, for a limited timespan. It takes us twenty-one years that the owners had. The bridge always had to be transferred back…," he added.

Cheong also noted that the company left no outstanding financial obligations when it ceased operations.

"We have no outstanding debts," he said, adding that the bridge was "managed properly" before being handed over to the government along with assets acquired during the company's lifespan.

The 1.57-kilometre bridge was constructed at a reported cost of about GY$8 billion and began operations in 2008, with the National Insurance Scheme among its major shareholders.

The Ministry of Public Works is now expected to assume responsibility for the bridge's operation and maintenance, with former BBCI staff reportedly continuing in those roles. Cheong said BBCI no longer has a role in the bridge but expressed satisfaction with the management and directors who maintained the facility and provided services over the years.