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Young executive took $50M loan to buy $52M house

May 24, 2015 News

Serious questions are likely to be asked soon of a top official of the Central Housing and Planning Authority (CH&PA) who acquired a $52M property.
The official who is involved in the management of a number of projects in the housing sector, and who is said to be still in his early 30s, is alleged to have bought the property located in the upscale Lamaha Gardens after only working for a few years at the CH&PA.
This purchase has raised eyebrows, with questions being asked about such a young man working for such a short period of time, affording such an expensive property.
The Lamaha Gardens property was transferred jointly in the names of the official and his brother. According to information reaching this newspaper, the two brothers were able to purchase the property after having acquired a $50M loan from a city bank, and after putting down a mere $2M. The property is reportedly being rented to foreign officials working in Guyana.
This rental has led to questions about a possible conflict of interest.
The Lamaha Gardens property is not the only property owned by the official.
Kaieteur News has been reliably informed that the said man also owns a posh residence in West Demerara, not far from the palatial residence of the former Minister of Housing and Water. This house was constructed only a few years ago. The sudden rise to wealth of this young man has caused raised eyebrows in the community and within the Ministry.
Following General Elections last week, a new Government under the leadership of President David Granger has been elected.  A Partnership for National Unity/Alliance For Change (APNU+AFC) coalition has vowed to stamp out corruption and investigate a number of questionable deals.

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