Rambarran seeks to try case in court of public opinion –Keith Burrowes

Dec 24, 2009 News

General Manager of the Guyana National Cooperative Bank (GNCB), Keith Burrowes, has responded to the claims by Wilfred Rambarran as it relates to the $10M cheque he handed over to that bank prior to the sale agreement with George Lord.
Rambarran eventually entered into an agreement with Lord for the purchase of Ocean View International Hotel.
According to Burrowes the receipt Rambarran furnished this publication represents a payment as an equity partner towards the loans that were in arrears by Ocean View which the Bank demanded as a prerequisite to opening the negotiations.
“This was unconnected to any Agreement of Sale between Rambarran and Lord, which the Bank only incidentally discovered,” according to Burrowes.
Burrowes says that GNCB had been seeking to facilitate the previous owner of Ocean View, Lord, for ten years prior to him selling 100 percent of the shares of the hotel to Mr. Rambarran by way of an Agreement of Sale in January 2008. “This was a transaction which GNCB maintains that it learned of only after the fact.”
According to Burrowes, at the time of the filing of the writ by Rambarran in the High Court, GNCB and Rambarran had come to an agreement to settle the Ocean View debt to GNCB and to deal with the other creditors.
“We would reiterate that any disagreement between GNCB and the Company came as a consequence of the filing of the writ, since Rambarran had enjoyed cordial relations with management throughout most of the relationship…The writ represents an effective reneging on his agreement.”
Burrowes said that conditional to that agreement was the advertisement of the hotel for sale, in an attempt to secure the highest possible price, which would have provided maximum benefit to Lord, Rambarran as an investor, the property’s other creditors and the shareholders of GNCB among others.
He added that Rambarran was given, in consideration of his investment in servicing the property’s considerable debt, the privilege of first option to buy and at no point was Mr. Rambarran’s investment in jeopardy.
“This entity (GNCB) has been working with several other large clients, and has a reputation of being fair and open, which could be validated by any one of those clients…We don’t have a hostile relationship with Rambarran, and had facilitated concessions during the negotiation process.”
Burrowes said that if it is that Rambarran had any confidence in the strength of the legality of his arguments, then “it is puzzling that he should choose to continue to pander to the court of public opinion, with the presentation of misleading ‘evidence’.”
He said that in any case the matter is before the courts and that GNCB would refrain from any further comments on the matter.

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Rambarran seeks to try case in court of public opinion –Keith Burrowes

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