Latest update January 19th, 2025 7:10 AM
Sep 19, 2013 News
…Barbados, Republic Bank option also being pursued – Ramjattan
Leader of the Alliance for Change (AFC), Khemraj Ramjattan, is maintaining that the people behind the Marriott Hotel, specifically Winston Brassington, former President Bharrat Jagdeo and the Finance Minister Dr Ashni Singh are in talks with a British Virgin Islands (BVI) Incorporated investor for the purchase of two-thirds of the Marriott Hotel.
Ramjattan yesterday named the investor as Ace Square Investment Inc registered in the BVI.
Under BVI law, there is difficulty in accessing information as to shareholders and directors of companies, according to Ramjattan, hence there are no names behind the company as yet.
The AFC leader further pointed out that recently, the law firm of Pollonais and De La Bastide out of Trinidad and Tobago (T&T), was asked to, and did prepare a ‘Guarantee’ to be signed by Ace Square Investment Inc.
That document however has not been signed as yet.
Chairman of Atlantic Hotel Inc (AHI), Winston Brassington, when asked about the transaction yesterday, told this publication, “no comment.”
The AFC Leader said, too, that there are other strategies being pursued by the architects of the project.
He said that Republic Bank in Trinidad and Tobago has set up a subsidiary in that country to solicit investors to raise the US$27M to see the completion of the project.
According to Ramjattan, “Brassington, Ashni and Jagdeo have been urging Republic Bank T&T, to fast-track the process in view of the money running out and the hotel being left half-way…They are pleading that it is making them look embarrassing!”
Ramjattan said that one of the syndicates showing an interest in investing in the project is SAGICOR Barbados.
He says however that SAGICOR wants a due diligence on the entire project to determine “whether it is feasible and economically viable.”
Another option being pursued by AHI, according to Ramjattan, is to issue bonds to be purchased by proposed investors to raise the US$27M.
He said that in pursuing this method of financing, should there be a shortfall, then Republic Bank T&T will take up the slack in the form of a loan.
Ramjattan said that in order to secure itself, Republic Bank T&T, will execute a debenture over all of the assets of AHI, including the land and building, which would be inclusive of Guyanese taxpayer’s $2B already spent.
He said that should Republic Bank have to issue the loan, it would also look to secure the casino license for the Marriott Hotel.
The AFC Leader said that based on information that the party has managed to uncover, the National Industrial and Commercial Investments Limited (NICIL) has already arranged to assign its shares in AHI, to Republic Bank.
According to Ramjattan, “Having come by these recent developments, the AFC is now convinced that this whole project is born of fraud and will suffer even worse ignominy (humiliation/embarrassment) if allowed to continue in its present configuration.
He said that the AFC definitely will not be bound by the terms of such a transaction as is presently being conjured up “to complete this unhappily disgraced Marriot.”
Ramjattan says that he is hopeful that other Opposition forces in and out of Parliament will take up this stance.
He says that support for the project will only come if there is a forensic audit done immediately, “to investigate among so many things, all the players involved including Jagdeo and Brassington!”
Brassington has this past week denied that there was any negotiation with a BVI Incorporated investor on the Marriott hotel.
He did indicate that the company is in the closing stages of a deal with a foreign investor and that the name of this investor will be announced when there is financial closure which is expected before the end of the year.
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Jan 19, 2025
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Amazing indeed that these three, good-for-nothings, do they not yet realize that the whole planet is watching their devolution from lower mammalian species to repulsive reptilian breed.
we have been swimming in dangerous waters ever since these creatures took power. back then we had nincompoops for opposition. today it is different, if these people had it their ways trust me this country – the entire 83,000sq miles will be sold out, this is the intention of these vagabonds. For them it is all about there pocket, but cat don’t know the world does turn until he put his head in sardine tin. These fat cats Guyana have will soon know how there world will turn. It is just embarrassing for Guyana, these people have no regards for anything nor anyone in this country period.
But they, the PPP said BVI is not the buyers
Look like more secret deal again KN.
The Opposition needs to send a strong message to Republic Bank that any kind of underhand dealings and shady deals with the PPP will not be taken lightly by the parliament of this country and the opposition could take serious action against Republic Bank.
Republic Bank should take queue from Sithe Global and the AFC’s recent troubles due to amalia falls and getting involved in fraudulent deals with the PPP that impacts the Guyanese tax payers.
Republic Bank you and Jagdeo are not beyond reproach by the people of Guyana.
Republic Bank should hire Nigel Hughes as company secretary and get a competent PRO firm in Guyana that can handle such a mega client.
As I read this, I am wondering… do they have the name for this company correct? I am well aware of the BVI and have lived there for some years now. And there is no financial or trust company that carries this name, rather its:
http://acefundsbvi.com/
OR
http://bviyp.com/british-virgin-islands/Ace-Fund-Services-Inc/profile
I am waiting to see the development of this story and possible revelation.
Currect me if I’m wrong …. the first website is a blank page (set up in 2012?) with the words ”
ACE FUND BVI British Virgin Islands ACE FUND BVI British Virgin Islands Palm Chambers, 197 Main Street P.O. Box 3174, Road Town, Tortola British Virgin Islands, VG 1110 ACE FUND BVI British Virgin Islands Tel.: +1 284 494 2590 Fax: +1 284 494 2589 all rights reserved © 2012 E Sinnos S.A. esinnos.com ”
What am I missing here? It doesn’t look like a professional website, but one that was hurriedly set up or is currently under construction.
Now I could be doing something wrong … someone please advise how the website can be raised!
Roger, perhaps there might be something wrong with your browser and connection to the webpage. But viewing this website from my Safari on Mac I can see a full structured website with all useful links and info for the entire enterprise.
And yes, it is a professional website… I even called them just today to confirm authenticity.
The AFC took its time to becoming “… convinced that this whole project is born of fraud and will suffer even worse
ignominy (humiliation/embarrassment) if allowed to continue in its present configuration….” but better late than never. we should refer its principals … and the potential “investors” … to Kaieteur News’s “Connecting the Dots: The Marriott Puzzle” in two online pages ( https://www.kaieteurnewsonline.com/images/2013/08/marriot-puzzle-pg-10-aug-18-a.jpg ; https://www.kaieteurnewsonline.com/images/2013/08/THE-MARRIOT-PUZZLE-PG-b.jpg ). The material was available since August 18, 2013.
With due regard to the “search” for US$27 Million to “finish” the project, we should point out to the investors that that amount is THREE TIMES the total amount needed to build the Princess hotel on the East Bank, and so there is a clear and obvious indication that considerations of money laundering are still very real. A forensic audit of the amounts already spent would be … revealing!
Why the “Marriott” (Can they still call it that after the Marriott Chain has declared it will not participate?) had to cost about 6 timed the cost of the Princess Hotel still begs answering.
SAGICOR’s request for due diligence is probably the best approach. Some person or persons unknown may still be hoping to play Republic Bank for a patsy and run away with its US$27 Million. Buyer beware!
The AFC should realize that we have long since moved from rationalizing the obvious in the language of political correctness and must now occupy ourselves with corrective action involving the Attorney-General and the Commissioner of Police. The real question may yet be found in the online articles “Bharat Jagdeo, Winston Brassington and Amaila Hydro: Who’s Going to Jail for This?” ( http://www.scribd.com/doc/164966357/Bharat-Jagdeo-Winston-Brassington-and-Amaila-Hydro-Who%E2%80%99s-going-to-jail-for-this ).
Kean Gibson’s idea of “corruption that is ruinous to the state” … posited in 2004 … is now coming into horrifying light and focus. I suspect that none of her detractors can look her in the face today.
Not one!
The AFC took its time to becoming “… convinced that this whole project is born of fraud and will suffer even worse ignominy if allowed to continue in its present configuration….” but better late than never. We should refer its principals … and the potential “investors” … to Kaieteur News’s “Connecting the Dots: The Marriott Puzzle” in two online pages (
https://www.kaieteurnewsonline.com/images/2013/08/marriot-puzzle-pg-10-aug-18-a.jpg ; https://www.kaieteurnewsonline.com/images/2013/08/THE-MARRIOT-PUZZLE-PG-b.jpg
). The material was available since August 18, 2013.
With due regard to the “search” for US$27 Million to
“finish” the project, we should point out to the investors that that amount is THREE TIMES the total amount needed to build the Princess hotel on the East Bank, and so there is a clear and obvious indication that considerations of money laundering are still very real.
A forensic audit of the amounts already spent would be … revealing!
Why the “Marriott” (Can they still call it that after the Marriott
Chain has declared it will not participate?) had to cost about 6 timed the cost of the Princess Hotel still beg answering.
SAGICOR’s request for due diligence is probably the best approach. Some person or persons unknown may still be hoping to play Republic Bank for a patsy and run away with its US$27 Million. Buyer beware!
The AFC should realize that we have long since moved from rationalizing the obvious in the language of political correctness and must now occupy ourselves with corrective action involving the Attorney-General and the Commissioner of
Police. The real question may yet be found in the online articles “Bharat Jagdeo, Winston Brassington and Amaila Hydro: Who’s Going to Jail for This?” (
http://www.scribd.com/doc/164966357/Bharat-Jagdeo-Winston-Brassington-and-Amaila-Hydro-Who%E2%80%99s-going-to-jail-for-this ).
Kean Gibson’s idea of “corruption that is ruinous to the state” … posited in 2004 … is now coming into horrifying light and focus. I suspect that none of her detractors can look her in the face today.
Not one!