The Guyana media including state media have reported that BK bought a valuable piece of property worth 5 Billion for 20 Million by improper means.
It is completely false.
The response from a former Director on the Privatization Board that top Guyanese businessman, Brian Tiwarie, used political connections to enrich himself prior to the March 2, 2020 general elections in Guyana.
Reports in some sectors of the Guyana press have tried to link the past APNU government to a deal inked by Tiwari which saw him buy valuable waterfront property, suggesting that the deal is somehow suspicious. But the National Industrial and Commercial Investments Limited (NICIL) document on the deal in detail 2006- 14 years ago proves that the deal was sealed by NICIL since 2006.
Also adding his version of the events is Lincoln Lewis, the former Trade Union representative on the board.
NICIL confirmed that a lease agreement was subsequently entered into between NICIL and BK International Company Inc. with an option to purchase.
NICIL was keen to point out that this Agreement was signed by former Head of NICIL, Winston Brassington, a key player in the previous PPP government.
BK International Inc. submitted an offer to purchase based on the terms and conditions of the 2006 deal on November 19, 2009. It was explained that this offer was under active consideration by the then Head and Board of NICIL Eventually. NICIL subsequently began legal proceedings against BK. in June 2013 to recover rental arrears owed.
This action was later set aside instead and the judge ordered that the dispute be settled by arbitration as provided for in the agreement. He also ordered that certain arrears of payments be made this was done immediately. NICIL said it then made an updated calculation that included rental arrears, all outstanding rent and accrued interest.
BK accepted the updated calculation in October 2017, and the approval for transfer by sale was submitted to cabinet for approval once again.
In late 2019, NICIL resubmitted its request for approval for transfer of sale. Cabinet returned its approval and NICIL and BK Inc completed the transaction just days before the March elections. This execution of sale was gazetted on March 28, last using the option price of $110 Million as set out in the 2006 deal as per the price for the property.
Lincoln Lewis, who was a representative on the NCIL’s Privatization Board during the previous PPP government under Bharrat Jagdeo, confirmed that.
He states that ‘’the entire board, appointed by the PPP/C government, agreed to recommend to Cabinet for the property to go to BK.”
Lewis said he did not at the time know BK at all.
The aim of the PPP now is to attempt to embarrass BK by claiming somehow that the APNU transferred the property to BK by improper means.
The bottom line is that the deal was done since 2006 during the PPP Administration and finalized during APNU.
BK should defend itself with a lot of energy and all those involved in the deal in 2006 will have an opportunity to explain to the judge how the deal went down in 2006.
It is my opinion the efforts by the current administration to embarrass BK will fail.
Yours Respectfully,
……………………………..
Ramon Gaskin.
