QAII assets skyrocket after Sanata acquisition
Having negotiated to lease the Sanata Complex at Industrial Site in Ruimveldt, Queens Atlantic
Investment Incorporated (QAII) also negotiated the purchase of the land and property two years later for a still undisclosed sum from the National Industrial and Commercial Investments Limited (NICIL).
Following the acquisition of this property, QAII reported that its assets more than doubled.
The company’s 2010 Financial Statements, which were inked by the Group’s head and best friend of former President Bharrat Jagdeo, Dr Ranjisinghi ‘Bobby’ Ramroop, verified that the group’s total assets for 2009 were $3.6B. It skyrocketed to $7.9B in 2010.
In that 2010 Financial Statement it is illustrated that appreciation of assets came from the realization of ‘tangible fixed assets.”
According to the report, QAII’s ‘tangible fixed assets’ for 2009 was worth some $1.2B and by the subsequent year that figure appreciated to $5.2B.
The company’s 2010 report on its financial expenditure also shows an increase for Director Fees and Allowances. While net expenditure for the year increased for the company over the previous year, its rates and taxes paid remained stagnant at $6M.
QAII is said to be an investment company consisting of five subsidiary companies, namely: Global Printing and Graphics Inc.; Global Hardware Inc.; Global Textile (Guyana) Inc.; Health International Inc.; Healthcare Life Sciences Inc.
Queens Atlantic Investment Inc. was incorporated in Guyana in 1999 and is run by a board of directors.
Following invitations to lease the Complex along with some components of the dye factory it housed, the Government of Guyana in 2008 approved the privatization of the Sanata Textiles Complex (Sanata), Industrial Site, Georgetown to QAII for the purpose of establishing a multi-purpose investment complex.
NICIL’s Executive Director Winston Brassington and the Executive Chairman of QAII, Dr Ranjisinghi ‘Bobby’ Ramroop, in a joint missive, had stated that the privatization of Sanata had taken the form of the issuance of a 99-year lease at a substantive rental of approximately $50M per year.
Dr Ramroop at the time had intimated that he envisaged an overall investment of US$30M and the creation of 1200 jobs of which 600 new, permanent jobs would become a reality by the end of 2008.
Rehabilitation and construction of the facilities which commenced in June 2007 were said to be phased over a three-year period.
Prior to this, $400M was spent on the removal of asbestos from the buildings by the Government before it was leased and subsequently sold to Dr Ramroop.
Until it was sold, Sanata was leased to and managed by the China Textiles Industrial Corporation for Foreign Economic and Technical Cooperation of China.
In 2000, the assets of the company were brought under the control of NICIL and subsequently a new company, G&C Sanata, was established.
Following this, the Government advertised for investors to lease the property and when no takers approached, NICIL approached Dr Ramroop to lease the property.