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Queen’s Atlantic suing Kaieteur News

May 24, 2012 News

 

 

Queens Atlantic Investment Inc. (QAII) yesterday said that it has initiated libel action against Kaieteur News for what it said was a series of misleading articles in recent weeks over the operations of the business entity.
Dr Ranjisinghi Ramroop, the best friend of former President Bharrat Jagdeo, is the head of QAII.
The company said that it has noted with consternation the recent attacks by Kaieteur News on the reputation, management and operation of the group.
“It is clear that the imputations, inferences and conclusions drawn are not only false, erroneous, malicious and misleading but are deliberately calculated to disparage and bring into disrepute the Company’s reputation, goodwill and integrity,” the company stated.
QAII said it is merely a holding company and has no operating revenues of its own.  It said VAT that amounts to hundreds of millions of dollars is being collected and paid by its subsidiaries.
The company claimed that the VAT expense of $38,647 as reported is not the Input, Output, and also not the Net.  Rather, it represents VAT not refunded or disallowed by the GRA on some expenses so this in turn legitimately became the company’s cost.
QAII stated that input VAT collected through revenues is offset against Output VAT from expenditure and the NET, which indeed could be a very small figure, is paid or reclaimed as a refund.
“To juxtapose a correlation between $38,000 VAT paid with the size or worth of the Company is therefore baseless, illogical, and ludicrous,” the company stated.
QAII also stated that at no point in time did the Government ever spend or contribute any monies towards the removal of asbestos from the compound or execute any other restorative or expansion works.
At the time of acquisition of the Sanata Complex in June 2007 by QAII, the entire Complex was in a state of disrepair, the company stated.
“To otherwise suggest that taxpayers’ money in the sum of $400M was spent on removal of asbestos or fixing the property prior to leasing it to QAII, is inaccurate, irresponsible, misconceived, and a gross misrepresentation of the facts,” QAII said in a statement.
The Government of Guyana in 2008 approved the privatization of the Sanata Textiles Complex (Sanata), Industrial Site, Georgetown to QAII for the purpose of establishing a multi-purpose investment complex.

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