Jun 05, 2009 News Comments Off on GNCB on aggressive campaign to recover money from defaulters
…as Amelia’s Ward resident is appointed receiver of Ocean View
The Guyana National Cooperative Bank (GNCB) is currently on an aggressive campaign to recover monies borrowed by clients over the years, long before the institution was privatised. The capital borrowed amount to some $4B capital money. When the interest is applied the indebtedness is some $21 billion.
Some 30 persons have already been targeted in the courts and the bank has in the past year managed to recover some $400M.
The bank in its attempt to recover monies sold the Woodbine International Hotel to the School of the Nations for in excess of $200M.
More recently the Bank placed the Ocean View Hotel Limited under receivership. An Amelia’s Ward resident, Courtney Perry, has been appointed receiver.
George Lord who borrowed from the bank some $219M in 1994 and another $55M in 1998 but subsequently defaulted on his repayments constructed the hotel.
Lord had sold the majority of the shares in the Hotel to Jacob Rambarran the owner of RBS Channel 13 who paid Lord $1M per month until recently. Lord, however, according to lawyers for the GNCB, failed to pay anything to the bank.
GNCB had even offered Lord an opportunity to prepare a repayment strategy, but all of which were refused given that, all of his proposals had a premise of debt right offs.
Ever since the establishment of the Commercial Court, the bank has been using the insolvency legislation to go after defaulters.
One such option is to put up a business in receivership, as is the case with Ocean View Hotel Ltd.
In 2003 the bank was privatized when it was purchased by the National Bank for Industry and Commerce. Many had assumed that their loans would have been liquidated.
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