Latest update April 24th, 2024 12:59 AM
Dec 07, 2014 Letters
Dear Editor,
We refer to a new item in one of the PPP news outfits captioned “Marriot Hotel not pawned in response to the excellent article by the Kaiteur News captioned “Brassington pawns Marriot.” In order to know who is telling the truth, we had to do some in-depth research so that the public could know the crooks who are squandering the taxpayers’ money on the Marriott Hotel.
In the Deeds Registry Act, Chapter 5:01. the Law of Guyana made it absolutely clear that a “registered encumbrance” is all mortgages and charges registered under this Act. What happened in the Official Gazette on November 22, 2014 was the registering of a legal restriction by Republic Bank on all the land controlled by the Atlantic Hotel Inc and all properties on the said land which is basically the entire Marriott Hotel Project.
What this mean is that the Marriott Hotel and the land it is built on was used as collateral by the head of NICIL in order to obtain funds from the Republic Bank at half the price it cost to build. Simply put, the head of NICIL pawned the Marriott Hotel to the Republic Bank.
The only way this legal restriction can be undone is if Atlantic Hotel Inc (AHI) pays off in full any amount owed to the Republic Bank and the Registrar of Deed is fully satisfied that the mortgage debt which is now owned by the taxpayers has been fully repaid to the Bank by AHI. If AHI fails to repay the debt, then the Republic Bank will be the sole owner of the Hotel.
So what Mr. Winston Brassington and Ms Marcia Nadir, the two principle officers of AHI have done unknowing to the people of Guyana is to spend some G$5 billion of the taxpayer’s money without Parliamentary approval and then use the asset (Marriott Hotel) constructed with that money plus the prime beach front real estate land and ‘PAWN” all of it for a loan from Republic Bank for G$6 billion.
If this deal goes belly up, the Republic Bank has the first rights to this property and all movable and immovable assets on the property and will recover most of their G$6 billion investment and the Guyanese taxpayers who invested some G$5 billion and prime land into this deal will WALK AWAY WITH ZERO, something the president does not fully understand because he is kept in the dark and because it is way over his head.
So Kaieteur News is correct in saying that “Brassington pawned Marriot.” But the intent of the kleptocrats in the regime is to recklessly spend the taxpayers’ money secretly and when they are caught and exposed by Kaieteur News, they will use propaganda to distort the truth and to attack Kaieteur News. But they will not get away with their barefaced, crooked and devious actions because the people will not believe them.
The people are fully aware that anything the PPP cabal does is not in the interest of the country but in the PPP cabal’s financial interest. The people do not trust the Jagdeo/Ramotar cabal because of their blatant corrupt practices and secretive financial arrangements.
What the PPP cabal especially their General Secretary does not understand is that the people, including most of their supporters, realized that they are the most uncaring, unrighteous, brazen and boorish regime ever to rule the country and they are anxiously waiting for elections to vote them out of office.
This is the consensus among the people who are fed up with the corrupt PPP regime and will not take it any more. So despite the bogus poll, most of the people do not support the PPP proroguing of parliament and they have blamed only the PPP for such foolish act and not the opposition. The faked pollster claim that the people cast blame on both the PPP and the opposition parties is totally false. We are certain that no polls were ever conducted by anyone in Guyana on the prorogue of Parliament and the numbers produced by the faked pollster is what he conjured up in his head. The fake pollster is just as shameless with his bogus poll like the PPP cabal who continue their crooked acts of raping the treasury and using the taxpayers’ money to fatten their overseas bank accounts.
The reality of what the PPP Government has done is to convey to the Republic Bank all rights and all titles of this property until the loan is paid back to the Bank. Until this loan is paid off to the Bank, the PPP Government has diluted the people of Guyana into second class investors although it is the taxpayers who have put their first grade cash into this project. Failure to pay the Republic Bank means the people have no recourse to their investment and will be difficult for them to recoup their money.
Editor, we believe that it is way over the President’s head to understand or know the true reasons why the Head of NICIL has pawned the Marriott Hotel and kept the financial transactions secret.
But while the U.S. government has jailed the Ponzi Scheme crooks, the Jagdeo/Ramotar regime has not and will not even investigate much more prosecute and jailed anyone for their corrupt practices because they are the “untouchables” who are above the law in Guyana. In fact, they will allow the “untouchables” to continue to rob the taxpayers.
It is time for the dictatorial PPP regime to go and these nefarious contracts be re-negotiated in order for the people of Guyana to recover the billions of dollars they have invested and will most likely lose in the Marriott Hotel corrupt transaction.
Asquith Rose and Harish Singh
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