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$500M NBS Purchase…Deeds Registry still to provide forensic auditors with key info
Apart from a number of administrative inefficiencies, forensic auditors have noted that there is no evidence showing approval for the acquisition of the old New Building Society building or even documents to show
The former head office of the New Building Society.
what tender process was used.
This was discovered during a forensic audit of the Deeds Registry.
Auditors in their report noted that the purchase of the New Building Society building at Lot 1 High and Commerce Streets, Georgetown, was undertaken by the Ministry of Legal Affairs to facilitate additional space for the Commercial Registry.
The transport # 1150/2014 was passed in favour of the former Government of Guyana and was dated July 23, 2014 at a value of $550M. The Deeds Registrar’s office provided a copy of several documents including the transport, receipts for purchase paid by Deeds Registry totaling $4.1M, receipt for purchase paid by Lands Registry for $1.4M and a copy of the Agreement of Sale.
The auditors are however worried that documentation showing the approval for and tender process undertaken before purchasing the building was not available. They noted that correspondence requesting this information was sent to the Ministry of Legal Affairs and the Deeds Registry. Unfortunately, this information has not been provided to date.
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