–says businessman whose $200M building recently collapsed

WHILE his hopes were dashed by the collapse of the building in which he planned to house his operations, Lethem businessman Frank Satnarine is not giving up on his investment dreams in the Rupununi.

Several days ago, the man’s two-flat concrete building came crashing down during a stormy night at the border town.

Satnarine told the Guyana Chronicle that the building, which was built since 2012 at a cost exceeding $200M, was insured for a sum far less than the cost of construction.

He said that the bank is still to assess the situation, but in the meantime, he will wait out the rest of 2017 before he once again embarks on his ambitious plans for the area.

Satnarine said that in 2009, he left the Coastland for the Rupununi and commenced working on his plans of setting up a business in the area. He said that he applied to the authorities, and was granted permission to build on a plot of land at the commercial area in the town.

He’d initially planned to open a haberdashery store, he said, but with the influx of businesses owned by the Chinese, he resorted to “Plan B”, which was to invest in agro-processing and water purification.
Satnarine noted that since Lethem imports drinking water from neighbouring Brazil, his plan also entailed setting up a water purification plant so he could distill water and resell it.

He said that the region has “great potential” for agro-processing, and as such, he embarked on plans to open a processing facility. “Initially, it was supposed to be a type of one-stop shop, but I changed plans soon after,” Satnarine said, adding:
“In fact, in September the plans were to start off.”

But in spite of all that’s happened, the businessman said, he’s not about to give up on Lethem, as what he has in mind is for the benefit of many people.

“Lethem has a lot of scope for industrialisation,” Satnarine said, adding that peanut-processing is one area he has plans of expending time and energy on.

He said he recently took part in a programme at Radio Lethem, and he was encouraging farmers to “go back to the land”, noting that he envisages a partnership with peanut farmers.

He said that he applied to the Guyana Land and Survey Commission (GL&SC) and was granted permission to plant on several acres of land. “I have a cashew nut plantation in mind,” the businessman said, adding that he wants to start with 10,000 plants, and as time goes by, he will expand the idea.
He said that at least 20 persons would benefit directly from the investment, while the farmers would be the indirect beneficiaries of the venture.

As regards the collapsed building, Satnarine said that he was in Georgetown when it happened, and that it was fortunate that the two workers who were left to mind it had gone to buy food.
What is most unfortunate, he said, is that among the things he lost was the equipment to set up the water purification plant. Satnarine said he will be assessing the entire situation in the coming months and in 2018 he foresees his venture coming into fruition. “I haven’t given up on the investment,” he said.