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The PPP gas project of Wales Estate

Jan 29, 2021 Letters

DEAR EDITOR,

A month after the announcement of the planned Wales Estate gas to shore project and we still have not seen the promised feasibility study. In spite of repeated calls in all the media for Jagdeo to release any study conducted on the proposed project since it was announced, it is not forthcoming. Will it be another white elephant? Is it practical? Is it a project for embezzlement of taxpayers’ money? Will another fraud be foisted on the people? These are pertinent questions. Mr. Glenn Lall on his radio programme warned us about an impending PPP project. Will there be sweetheart deals?
What is the financial cost? Some estimate over US$1B. Can we afford it?
Vice President Jagdeo had stated that the Wales gas-to-shore project would be a PPP project. No, not the People’s Progressive Party owned project but public, private, partnership (PPP) along the lines of the Berbice Bridge and the Marriott Hotel. Those two projects benefited friends, cronies, and lovers. A media owner invested in both of those projects and recovered several times his minority investment while government is yet to recoup its majority investment, which was larger than all the private investors combined. There should be an audit of Marriott and the Berbice Bridge of actual financing and return on investment. How much did the government invest and how much did each private investor invest? Since government invested money, the public must be informed of percentage investment and rate of returns for each investor.
Wales Estate was supposed to be reopened for sugar as promised by government. Will Wales Estate and associated lands be passed on to cronies? Will Wales turn out to be another crony project for friends and party financiers? The names of two persons are mentioned as private investors for the Wales PPP project – both of them reportedly own cricket franchises. The one in Guyana invested in the bridge and the hotel.
An investigation is needed on the investors of the Wales PPP. There is no reason why government can’t float a company for public purchase of shares to raise the money for the establishment of the project – let the people own the gas and oil business rather than friends and cronies of corrupt politicians.
As happened with the Marriott and the Berbice Bridge, the PPP envisioned that government will come up with the bulk of the investment and the private investors will own the majority shares.
With regards to Wales, as happened in the other two PPP projects, wealth is likely to be transferred from the government (tax payers, the poor, private businesses, and the working class) to the handful of private investors under the guise of joint ownership by government and private entities. As happened with Marriott and Berbice Bridge, the public will not be allowed to become shareholders to reap rewards as the favoured investors of the PPP. Watch out for the sweet heart deals, as warned by Glenn Lall!

Yours truly,
Jagnarine S. Kumar

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