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New York-based Guyanese loses $10.4 M after investing in local company

Mar 24, 2021 News

Despite securing court judgment

Kaieteur News – New York -based Guyanese Mohan Narain is still reeling from his loss of a US $52,000 investment which he made in Green Leaf Solutions, a local company which trades in biodegradable containers.
Narain recently spoke to Kaieteur News about his unsavory investment experience. He revealed that even if he wanted to take further steps to recover his investment, it is just not possible.
This is despite, a judgment order from the High Court which stipulates that the Green Leaf Solutions and its Azad L.D De Abreu are culpable for paying Narain, the US $52,000 which is the equivalent of GYD$10.4M for the investment.
According to documents seen by this newspaper, in April 2015, Narain a resident of Pinegrove, Jamaica, New York invested US $40,000 under an agreement that he would earn at least thirty percent return as well as profits from resale on his investment to the company.
Two years later, a lawyer’s letter was issued to Green Leaf Solutions and its Director Azad L.D De Abreu outlining Narain had not received any of the monies invested in the company, which trades in biodegradable products imported from China.
Back then, the lawyers had demanded that the company should return to Narain the investment and profit on resale of the biodegradable products or face legal action. The lawyers noted that they were instructed to demand that the company and its principals take steps to immediately liquidate their indebtedness, failing which legal proceeding would be filed against the company.
In court proceeding that followed, the company outlined that as per the investment agreement, the sum was used to purchase several biodegradable compartment food boxes, soup bowls, meat trays and other items.
Following a Fixed Date Application (FDA), which was later heard before Justice Franklyn Holder, the court granted judgment against the company, ordering that the full sum of US $52,000 or its equivalent in Guyana currency be paid by Green Leaf Solutions, to clear its indebtedness.
Owing to an inability by the company to pay the judgment cost, a subsequent agreement was made for Narain to accept goods from Green Leaf Solutions in the value of the judgment sum of US $52,000 but that agreement also fell through.
Commenting on the outcome of the matter, Narain noted that, “The company does not have the sum in stock or assets so I can’t even take steps to levy on its property,” he said.
The New York-based Guyanese told Kaieteur News that at this point, he has exhausted all options legally or otherwise. “The lawyers said that there is nothing that can be done at this point, so I guess [that] I will just have to accept what happened,” he added.

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