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Jagdeo prepares for court in Pradoville II land deal …plans to sit down with investigators
Jagdeo’s Mansion sits on two acres of land at ‘Pradoville Two’, Sparendaam.
Former President and Leader of the Opposition, Bharrat Jagdeo, yesterday indicated his willingness to again meet with investigators of the Special Organised Crime Unit (SOCU) in connection with the ‘Pradoville Two’ probe.
In the past few days, investigators questioned senior officials who were part of Jagdeo’s cabinet in 2010.
The main focus of the probe is the transfer of lands at Sparendaam to the Central Housing and Planning Authority (CH&PA), a road contract in the community to Atlantic Construction for $13.7M and the authorisation by the then Cabinet to have the National Industrial and Commercial Investments Limited (NICIL) handle the transactions.
Those lands were converted into an exclusive community cynically dubbed Pradoville Two. The plots were sold, allegedly, below market value to mainly Government Ministers and others, who were handpicked by Jagdeo and his Cabinet.
State monies were used to develop the lands under questionable circumstances, SOCU is contending.
Speaking at his weekly press conference yesterday, Jagdeo, who has built a mansion at Sparendaam, told reporters that he refuses to pay any difference that investigators may determine after valuation of the property.
Instead, he is prepared for court.
“I am expecting the charges to be laid. I will deal with it in court. This just stirring of it is to keep the matter going for a long time. They are trying to milk the political advantage of it,” Jagdeo stated.
Jagdeo had previously met with investigators in March last year. He portrayed the most recent moves by SOCU as part of ‘a long series with periodic episodes with different twists to the plot surfacing’. He stated that he will meet with SOCU because it sets a precedence where Cabinet members as a collective will not enjoy immunity.
“I am happy that they did what they are doing now,” Jagdeo said.
The Pradoville Two lands, sold to Jagdeo and several Ministers of the previous administration were undervalued by almost 2,000 percent. They were sold at $114 per square foot. Independent appraisals have pegged the price closer to $2,250 per square feet.
At a rate of $114 per square foot, this would mean that Government would only earn a meager $74.5M for the entire 15 acres of land set aside at Pradoville Two.
Had government sold the land at the market value—as appraised by independent evaluators—it could have earned a whopping $1.4B.
This figure excludes the almost $300M, which was plugged into developing the project, monies expended by NICIL.
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