BEFORE Justice Roxanne George at the High Court yesterday, Royal Investments Limited (RIL) submitted a proposal to purchase NICIL’s shareholdings in Guyana Stores Limited (GSL), and this proposal was subsequently accepted.

On October 4, 2000, a Share Sale and Purchase Agreement was entered into among the Government of Guyana (GoG), NICIL and RIL for the purchase of the NICIL-held shares in the GSL. The agreed purchase price was US$6M, of which RIL paid NICIL US$1M on each of the following dates: November 1, 1999; November 5, 1999, and July 10, 2000. A further sum, being US$1M, was paid in both cash and cheques.
The balance of the purchase price, being US$2M was to be paid on or before September 30, 2002. RIL has since refused to/neglected to pay the balance.
RIL is claiming that the plaintiffs mislead and misrepresented the nature of the business and the associated agencies and state of encumbrances of the assets of the business. The plaintiffs’ claim is for the non-payment of a debt for the provision of goods (in this case shares).