The Guyana Government has essentially drained the accounts of NICIL in order to ensure and make its deposit for the Georgetown Marriott Hotel. This is despite not securing any of the private investors required for the construction of the Hotel.
The Government has already removed US$19M from the accounts of NICIL and has deposited with the hotel owners, Atlantic Hotel Inc.
AHI is the Special Purpose Company established for the Construction of the Hotel and is headed by Winston Brassington, who also heads NICIL.
Brassington appeared on television recently and told the public that the holding company only has US$3.5M left in its bank accounts. This, he said, is after the Government would have removed the US$19M from the NICIL accounts and deposited it with AHI.
But the total money required for the project is yet to be realized.
Brassington himself told the general public that “We are still looking for US$8M of that $58M.”
This US$8M that Brassington is currently looking for has so far not been secured by NICIL for the project, but this has not deterred the transfer of US$19M for the project, leaving NICIL accounts with only US$3.5M.
There has also been no word from the administration as it relates to the remainder of the finances for the project to be sourced from Republic Bank.
There are several sources of the money for the project, with Government injecting a third of the US$58M.
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