…seeking to recover through the courts $2.7B from QAII, GBTI $274M

THE State Asset Recovery Agency (SARA), on Thursday, filed proceedings in the High Court seeking Civil Recovery Orders against Queens Atlantic Investment Inc. (QAII) by way of Fixed Date Application, and against Guyana Bank for Trade and Industry (GBTI) by Statement of Claim.

Both claims are made under the State Assets Recovery Act 2017 and are for the recovery of GY$2,701,619,960 and GY$274,117,404 respectively, including interest, the agency said in a release.

QAII, owned by Bobby Ramroop, best friend of Opposition Leader, Bharrat Jagdeo was leasing the Sanata complex and entered negotiations for its purchase. SARA said in its release the PPP Cabinet had approved a formula for the terms of the sale that required a US$27M investment over three years and a sum of money reflecting a valuation of the property. The Winston Brassington-led NICIL however at the time concluded the sale based on a formula suggested by the purchaser, resulting in an investment of just US$21M being accepted and QAII paying some GY$344.5M less than would have been payable further to the formula approved by Cabinet.

For its part SARA says GBTI had submitted only the 4th highest of 14 bids in a tendering process, but was awarded the right to purchase the property that is now its headquarters outside the Pegasus Hotel in Kington for GY$224M less than the most recent valuation of the property at that time. Again, SARA said the PPP Cabinet had determined that the valuation would be the basis of the floor price in the event of a sale of that property.

Meanwhile, in a statement GBTI said it has taken note of the “spurious allegations engineered to further attack GBTI in a gross and unconscionable manner. And that the use of such legislation after so many years is inimical to the interests of justice and smacks of intimidation.” The Bank said it intends to commence appropriate legal action to vigorously defend itself against these malicious claims. “GBTI has full confidence in the judicial system, and that it will be fully vindicated as per recent false charges which were duly dismissed.

The Bank has been serving Guyana for over 180 years and is regarded as one of the most trusted and loyal banks in the country; the largest indigenous bank in Guyana. In all its dealings with its many stakeholders, GBTI has always discharged its responsibilities with professionalism and integrity as we continue to hold our tagline with the highest level of standards as “We See Guyana though your eyes”.

The State Assets Recovery Act (SARA) mandates the Agency to recover, through civil proceedings, State property unlawfully acquired by a public official or any other person.

The Act provides for investigations leading to the granting by the High Court of Restraint and Civil Recovery Orders in respect of unlawfully acquired property. The Act also allows SARA to engage in international cooperation in the recovery of stolen assets of State that are outside of Guyana. The State Assets Recovery Act of 2017 was passed in Parliament on April 13, 2017 and assented to by President David Granger on Thursday, May 4, 2017.

The Act created the State Assets Recovery Agency (SARA) in consonance with the United Nations Convention against Corruption (UNCAC) of 2005. Guyana is one of 140 signatories to UNCAC which is a multilateral treaty negotiated by member states of the United Nations (UN) and promoted by the UN Office on Drugs and Crime (UNODC).

It is one of several legally-binding international anti-corruption agreements. UNCAC requires state parties to the treaty to implement several anti-corruption measures that focus on five main areas: prevention, law enforcement, international cooperation, asset recovery, technical assistance and information exchange. The State Assets Recovery Act is part of the Guyana government’s efforts to fight corruption.