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NICIL says properties sold for $110M

Apr 03, 2020 News

The following is a statement issued yesterday by the National Industrial and Commercial Investments Limited (NICIL) on the sale of the waterfront property to BK International Incorporated:
“NICIL takes note of articles published in today’s editions of Stabroek News, Guyana Times and Kaieteur News, on the sale of Mudlots 1 and 2, Cummingsburg, Georgetown; Lot ‘F’, a portion of Mudlot 3 three; and Lots A’, ‘B’ and ‘D’ portions of North Cummingsburg, Georgetown to BK International Incorporated, and offers the facts below:
1. NICIL became the owner of Mudlots 1 and 2, Cummingsburg, Georgetown via Transport No. 530 of 1947; Lot ‘F’, a portion of Mudlot 3 three; and Lots ‘A’, ‘B’ and ‘D’ portions of North Cummingsburg, Georgetown through Vesting Order No. 43 of 2003 and 42 of 2003 .
2. On December 4, 2006, a lease agreement was entered into between NICIL and BK Inc. for a period of 20 years with an option to purchase anytime during the lease period. The purchase price was set at one hundred and ten million Guyana dollars.
The option to purchase was contingent on the Lessee obtaining approval from the Mayor and City Council for its intended construction works.
This Agreement was signed by former Head of NICIL, Winston Brassington and BK Inc. and witnessed by Marcia Nadir Sharma.
3. On November 19, 2009, BK Inc. exercised its option to purchase and ceased paying rent.
4. NICIL rejected the offer to purchase.
5. In June 2013, NICIL began legal proceedings against BK Inc. to recover the outstanding rent and the accrued interest.
6. This matter engaged the attention of the Court from 2013 to 2017.
7. Sometime during 2017, BK Inc submitted an amended offer.
8. In August 2017, the matter was set down by the court pending settlement.
9. In October 2017, NICIL made a counter offer to BK Inc that included the original purchase price, all outstanding rent, and 50% of the accrued interest.
10. BK Inc. accepted the counter offer.
11. In November 2017, NICIL submitted to Cabinet, a request for approval for transfer by sale.
12. NICIL was subsequently informed that an objection was raised by the Ministry of Public Infrastructure on behalf of Transport and Harbours Department, consequently, Cabinet’s approval was deferred.
13. In October 2019, NICIL received approval, following which the Vesting Order was prepared, signed and gazetted.
We hope that the facts outlined above bring clarity to the absurd and crass speculation so gleefully peddled by the named media houses.”

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