IT is with some consternation that one reads that Movie Towne investor Derek Chin is complaining about having to wait six weeks for a connection from GPL. After all, he signed an MOU with the University of Guyana to set up a solar farm that would not only power the cinema complex, but also the UG campus by December 2017. No need for GPL right? To date there is no sign of this nor any plans for him to build a new housing complex for students. Beware the investor with empty promises.
And while he complains about delays of months, the same Chin said in 2011, the entire cinema complex is expected to be completed in under two years, most likely in 2013. That was a full five years ago. Could he give us a reason why he waited so long to start construction?
The sad part is that the sale of the land to Chin has in fact cost the government some $1.5B, since NICIL sold part of it to Chin for $187M in 2011, only for them to be successfully sued by the actual owners Toolsie Persaud Ltd for $1.7B. This is another example of how crony capitalist deals under the PPP/C are coming back to cost the taxpayer.