Latest update November 21st, 2024 1:00 AM
City costs businessman 13 years of mortgage payments – CoI
Owner of ‘Zinc Bond’ property, Malcolm Panday
Businessman, Malcolm Panday, testified at the Commission of Inquiry into the Mayor and City Hall last Friday, that City Hall’s lack of cooperation with his efforts to construct an eight-storey mall on his Water Street ‘Zinc Bond’ property, has caused him to have to suffer mortgage payments losses since 2005.
According to Panday, the Mayor and City Council had granted Panday permission to build his eight-storey mall since May 23, 2005. Despite that permission, Panday could not commence works on the property because of the presence of vendors on the pavements surrounding his ‘Zinc Bond’ property, he said.
Panday provided a copy of a letter dated June 20, 2005, in which he wrote to Beverley Johnson, the Acting City Engineer at the time, concerning the presence of vendors.
The letter states “Because of the proximity of the vendors on the four sides of our land plot coverage, we cannot proceed. We need at least ten feet working area on the sides of the land, which would entail moving the vendors from around the boundaries.”
Further, his statement read that this requirement is also for “the protection of pedestrians traversing the vicinity of this area.” This permission, he said, was not granted.
Panday provided a copy of a second letter dated March 1, 2007, in which he wrote to Robert Williams, the Deputy Mayor at the time, making suggestions for the relocation of vendors from around the property. He further posited that the vendors would be allowed to rent spots in his mall complex, after it is completed.
Panday stated that he has made additional attempts to get City Hall to cooperate with his business venture, but has received very little cooperation. In 2009, the City successfully removed vendors from around the property, but they returned shortly and interfered with his construction plans.
Panday explains that he took a $100M loan to buy the $105M property. The terms of Panday’s loan, he explained, bind him to swiftly complete the construction of the mall complex he intends to build. Since he has not been given the chance to do so, he told Justice Kennard that he has been forced to make mortgage payments for 13 years so that his property would not be repossessed.
He further told Justice Kennard that if he gets the requisite permissions and cooperation from the Mayor and City Council, the city would be beautified, and would benefit from considerable rates and taxes from his business.
The Commission of Inquiry into the affairs of the Mayor and City Council is headed by the Local Government Commission. Its purpose is to examine, advise and report on irregularities of the administration, its operations, and the managements of its financial affairs.
The Chairman appointed to lead these proceedings is Retired Chancellor of the Judiciary, Justice Cecil Kennard.
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