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NICIL sells prime lands to Nat’l Hardware at $5M per acre

JANUARY 27, 2016 | BY | FILED UNDER NEWS 

…demanded $24M per acre from other company

By Abena Rockcliffe
More information has surfaced about how Former President Bharrat Jagdeo secured wealth and assets for his friends at the expense of the state.

Eddie Boyer

Eddie Boyer

Guyana Sugar Corporation (GuySuCo) could have been in a better position if only it was allowed to go ahead with certain plans, said an official. However, those plans were halted on the call of Jagdeo while he was President. He had eyed GuySuCo lands for his friends.
A former GuySuCo Chairman, who spoke to Kaieteur News on condition of anonymity, said that under his tenure, there was a “fully functioning” Land Committee. That committee, he said, would look at each application for GuySuCo lands on individual merit.
He said that back then lands were sold and some were gifted but in a very transparent manner. Those gifted were to religious bodies and sometimes charitable organizations.  That Chairman added that the lands used for the development of Diamond Housing Scheme were from GuySuCo. “We gifted wisely and we were able to contribute to the development of Guyana.”
The Chairman said that things started to change after the PPP Administration started to have a direct say as to what should be documented as lands “gifted.” NICIL was subsequently given responsibility to sell GuySuCo lands.
Kaieteur News understands that the development of such a culture resulted in much losses for GuySuCo.
In just one instance GuySuCo was deprived of making over US$20M just because, according to the former Chairman, “We were told the President had other plans for a plot of land.”
GuySuCo was getting ready to seal a lucrative deal through the sale of just over 100 acres of land at Liliendaal, East Coast Demerara, to Housing Construction Limited but the process was halted by the Jagdeo government. Housing Construction Limited is a Trinidadian Company.
A top GuySuCo official at the time, said, “The government was very much aware that we were getting ready to sell and it is because of that they decided to take the lands.”
A document titled Privatization in Tables Phase 11 (1993 to 2011) shows that those lands were basically gifted to Eddie Boyer. Boyer is the owner of National Hardware and a friend of Jagdeo’s.
The document was prepared by NICIL Director, Winston Brassington.
Page 38 of that document, item 61, showed that Boyer under the name of his company, National Hardware was sold 103.88 acres for $510M (US2.55M)—$4.9M per acre.
The document showed that other buyers of land in Liliendaal paid way more than Boyer paid.
Scady Business Corp. paid $115M for 4.7 acres — $23M per acre. Even though the circumstances surrounding that sale are questionable, Boyer was essentially handed the lands at a gift price.
The transactions were also flagged in the NICIL audit report done by Chartered Accountant and Former Auditor General, Anand Goolsarran.
Goolsarran, in his report, said that “By order No. 45 of 2008 dated 29 December 2008, 209.344 acres of land at Block LPT lettered XXX were transferred from GuySuCo to the government of Guyana. Of this amount, 103.88 acres were transferred to NICIL via order No. 4/2010 dated 12 March 2010. Three months later, on 17 June 2010, NICIL sold the said land to National Hardware for $510M via order No. 43 of 2010. This works out to 4.9M per acre.
He noted too, “By order No. 47/2008 dated 30 December 2008 4.7 acres of land at RU Plantation Liliendaal was transferred from the Government of Guyana to NICIL. NICIL in turn sold the property on 2 January 2009, a mere two days later,  for $115 M to Scady Business Corporation, an overseas company based  in Tortola, British Virgin Islands . This is further evidence of the sale of land without any form of competitive bidding.”
Contacted yesterday, Boyer denied that he was given a favorable deal. Presented with the information about the purchase deal, and asked to comment, Boyer’s first response was, “When? What?
Boyer then told Kaieteur News that the price was the “highest price ever paid for land in Guyana.”
He added, “This was a piece of property that was advertised in your newspapers. It was advertised in the Kaieteur News, Stabroek News, Chronicle or whoever and I was a bidder for that property.  That is all you have to know. If you want you can go back and check, simple. It was advertised.”
Asked how much he paid, Boyer replied, “Why must I tell you how much I paid for the land? It does not have to be public knowledge. It was government land; GuySuCo or whoever sold the land can tell you.”
Further, Boyer asked, “Why should I disclose how much? Tell me why should I.”
Boyer told Kaieteur News that he was the only bidder for the land. “I got it and that was the end of that.”

 

http://www.kaieteurnewsonline....re-at-4-9m-per-acre/

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 Jagdeo sold the lands full stop. Ask the PNC, Green and the City Council how Hoyte (  # Rigger President)) give so much land in Georgetown to Puri FREEM, FREE FREE. Ask  Robert Williams; he once asked the same question

R

PRESIDENT GRANGER AND PRIME MINISTER MOSES NAGAMOOTOO ARE VERY HONEST LEADERS!

According to Nehru .former President Jagdeo used to come to NY and speand lavishly on Nehru and the other PPP kuthas with the Government issue creditcard.

Chief

National Hardware gets GuySuCo land for $5M per acre sells for $80M

JANUARY 28, 2016 | BY | FILED UNDER NEWS 

…Eddie Boyer bought at $5M an acre
Business is going well for National Hardware. The company has been raking in huge profits off of lands it secured as a result of the generosity of the National Industrial and Commercial Investments Limited (NICIL) and Bharrat Jagdeo.

Owner of National Hardware, Eddie Boyer

Owner of National Hardware, Eddie Boyer

NICIL, back in 2010, sold National Hardware 103.88 acres for $510M (US2.55M)—$4.9M per acre. National Hardware, owned by Eddie Boyer, has in turn been selling the lands at $80M per acre.
Kaieteur News spoke to two of the buyers yesterday who indicated that they were made to pay $20M per quarter of an acre.  Those purchasers secured their lands back in 2013. Some potential buyers now say that the price has gone up since then.
One of the persons who spoke to this newspaper said, “I have been told that the price increased since then. A friend of mine was looking to buy a piece but I am not sure if he went through with it because he told me the price was higher.”
Some buyers took lands in blocks, buying as many as five acres.  Dr. Ranjisinghi ‘Bobby’ Ramroop owns a few acres as does another popular entrepreneur. Those two, if they indeed bought the land, would be the biggest buyers so far.
Guyana Sugar Corporation (GuySuCo) was the original owner of the land. The sugar company could have been in a better position if only it was allowed to go ahead with certain plans, said an official. However, those plans were halted on the call of President Bharrat Jagdeo. He had eyed GuySuCo lands for his friends.
A document titled Privatization in Tables Phase 11 (1993 to 2011) shows that those lands were basically gifted to Boyer. Boyer is a friend of Jagdeo.
Page 38 of that document, item 61, showed that Boyer under the name of his company, National Hardware, was sold 103.88 acres for $510M (US2.55M)—$4.9M per acre.
The document showed that other buyers of land in Liliendaal paid way more than Boyer paid.
Scady Business Corp. paid $115M for 4.7 acres — $23M per acre. Even though the circumstances surrounding that sale are questionable, Boyer was essentially handed the lands at a gift price.
The transactions were also flagged in the NICIL audit report done by Chartered Accountant and Former Auditor General, Anand Goolsarran.
Goolsarran, in his report, said that “By order No. 45 of 2008 dated 29 December 2008, 209.344 acres of land at Block LPT lettered XXX were transferred from GuySuCo to the government of Guyana. Of this amount, 103.88 acres were transferred to NICIL via order No. 4/2010 dated 12 March 2010. Three months later, on 17 June 2010, NICIL sold the said land to National Hardware for $510M via order No. 43 of 2010. This works out to 4.9M per acre.
He noted too, “By order No. 47/2008 dated 30 December 2008 4.7 acres of land at RU Plantation Liliendaal was transferred from the Government of Guyana to NICIL. NICIL in turn sold the property on 2 January 2009, a mere two days later,  for $115 M to Scady Business Corporation, an overseas company based  in Tortola, British Virgin Islands . This is further evidence of the sale of land without any form of competitive bidding.”

 

http://www.kaieteurnewsonline....ing-for-80m-an-acre/

Mars

One can argue thay the time the land was sold, this was the going price. It was only after the PPP improved Guyana's image and expats began flocking back with new confidence in the nation that prices rose. Who can refute this?  In fact this was played out many times in the private sales as people sold land for a pittance around Georgetown and its outskirts only to see the land resold a few years later 10 times the original sales price. It is called capitalism.  

FM
Drugb posted:

One can argue thay the time the land was sold, this was the going price. It was only after the PPP improved Guyana's image and expats began flocking back with new confidence in the nation that prices rose. Who can refute this?  In fact this was played out many times in the private sales as people sold land for a pittance around Georgetown and its outskirts only to see the land resold a few years later 10 times the original sales price. It is called capitalism.  

One can argue many things if self delusion or habitual denial in the face of cronyism and theft it the objective.

The reality is this is among a long list of avaricious pillage of state assets by the corrupt PPP

FM
Mars posted:

NICIL sells prime lands to Nat’l Hardware at $5M per acre

JANUARY 27, 2016 | BY | FILED UNDER NEWS 

…demanded $24M per acre from other company

By Abena Rockcliffe
More information has surfaced about how Former President Bharrat Jagdeo secured wealth and assets for his friends at the expense of the state.

Eddie Boyer

Eddie Boyer

Guyana Sugar Corporation (GuySuCo) could have been in a better position if only it was allowed to go ahead with certain plans, said an official. However, those plans were halted on the call of Jagdeo while he was President. He had eyed GuySuCo lands for his friends.
A former GuySuCo Chairman, who spoke to Kaieteur News on condition of anonymity, said that under his tenure, there was a “fully functioning” Land Committee. That committee, he said, would look at each application for GuySuCo lands on individual merit.
He said that back then lands were sold and some were gifted but in a very transparent manner. Those gifted were to religious bodies and sometimes charitable organizations.  That Chairman added that the lands used for the development of Diamond Housing Scheme were from GuySuCo. “We gifted wisely and we were able to contribute to the development of Guyana.”
The Chairman said that things started to change after the PPP Administration started to have a direct say as to what should be documented as lands “gifted.” NICIL was subsequently given responsibility to sell GuySuCo lands.
Kaieteur News understands that the development of such a culture resulted in much losses for GuySuCo.
In just one instance GuySuCo was deprived of making over US$20M just because, according to the former Chairman, “We were told the President had other plans for a plot of land.”
GuySuCo was getting ready to seal a lucrative deal through the sale of just over 100 acres of land at Liliendaal, East Coast Demerara, to Housing Construction Limited but the process was halted by the Jagdeo government. Housing Construction Limited is a Trinidadian Company.
A top GuySuCo official at the time, said, “The government was very much aware that we were getting ready to sell and it is because of that they decided to take the lands.”
A document titled Privatization in Tables Phase 11 (1993 to 2011) shows that those lands were basically gifted to Eddie Boyer. Boyer is the owner of National Hardware and a friend of Jagdeo’s.
The document was prepared by NICIL Director, Winston Brassington.
Page 38 of that document, item 61, showed that Boyer under the name of his company, National Hardware was sold 103.88 acres for $510M (US2.55M)—$4.9M per acre.
The document showed that other buyers of land in Liliendaal paid way more than Boyer paid.
Scady Business Corp. paid $115M for 4.7 acres — $23M per acre. Even though the circumstances surrounding that sale are questionable, Boyer was essentially handed the lands at a gift price.
The transactions were also flagged in the NICIL audit report done by Chartered Accountant and Former Auditor General, Anand Goolsarran.
Goolsarran, in his report, said that “By order No. 45 of 2008 dated 29 December 2008, 209.344 acres of land at Block LPT lettered XXX were transferred from GuySuCo to the government of Guyana. Of this amount, 103.88 acres were transferred to NICIL via order No. 4/2010 dated 12 March 2010. Three months later, on 17 June 2010, NICIL sold the said land to National Hardware for $510M via order No. 43 of 2010. This works out to 4.9M per acre.
He noted too, “By order No. 47/2008 dated 30 December 2008 4.7 acres of land at RU Plantation Liliendaal was transferred from the Government of Guyana to NICIL. NICIL in turn sold the property on 2 January 2009, a mere two days later,  for $115 M to Scady Business Corporation, an overseas company based  in Tortola, British Virgin Islands . This is further evidence of the sale of land without any form of competitive bidding.”
Contacted yesterday, Boyer denied that he was given a favorable deal. Presented with the information about the purchase deal, and asked to comment, Boyer’s first response was, “When? What?
Boyer then told Kaieteur News that the price was the “highest price ever paid for land in Guyana.”
He added, “This was a piece of property that was advertised in your newspapers. It was advertised in the Kaieteur News, Stabroek News, Chronicle or whoever and I was a bidder for that property.  That is all you have to know. If you want you can go back and check, simple. It was advertised.”
Asked how much he paid, Boyer replied, “Why must I tell you how much I paid for the land? It does not have to be public knowledge. It was government land; GuySuCo or whoever sold the land can tell you.”
Further, Boyer asked, “Why should I disclose how much? Tell me why should I.”
Boyer told Kaieteur News that he was the only bidder for the land. “I got it and that was the end of that.”

 

http://www.kaieteurnewsonline....re-at-4-9m-per-acre/

This is a criminal act that will make it just to pass a law to repossess all of these lands.  This is wrong.

Georgie

The man already skipped and is enjoying the Florida sun. Guyanese will not get any justice given this fat sweaty crooked penguin is flushed with cash and snoozing in the orange sunshine.

FM
Stormborn posted:

The man already skipped and is enjoying the Florida sun. Guyanese will not get any justice given this fat sweaty crooked penguin is flushed with cash and snoozing in the orange sunshine.

Stabroek News,mentioned he resigned.

Django
Stormborn posted:
Drugb posted:

One can argue thay the time the land was sold, this was the going price. It was only after the PPP improved Guyana's image and expats began flocking back with new confidence in the nation that prices rose. Who can refute this?  In fact this was played out many times in the private sales as people sold land for a pittance around Georgetown and its outskirts only to see the land resold a few years later 10 times the original sales price. It is called capitalism.  

One can argue many things if self delusion or habitual denial in the face of cronyism and theft it the objective.

The reality is this is among a long list of avaricious pillage of state assets by the corrupt PPP

Tell us the going rate at the time that the land was sold. I doubt you are interested in this. Every real estate agent would argue against your point. At the time of the land sales, you could even give away land in Guyana. Thanks to the PPP's vision the land became valuable in several years. Notice that the sale of the land occurred between 2008 and 2010. 6 year later prices are much different.  In fact the PNC were in parliament and were privy to the land sales, but they didn't complain then. It is only now that the land has appreciated that they complain. 

FM
Drugb posted:
Stormborn posted:
Drugb posted:

One can argue thay the time the land was sold, this was the going price. It was only after the PPP improved Guyana's image and expats began flocking back with new confidence in the nation that prices rose. Who can refute this?  In fact this was played out many times in the private sales as people sold land for a pittance around Georgetown and its outskirts only to see the land resold a few years later 10 times the original sales price. It is called capitalism.  

One can argue many things if self delusion or habitual denial in the face of cronyism and theft it the objective.

The reality is this is among a long list of avaricious pillage of state assets by the corrupt PPP

Tell us the going rate at the time that the land was sold. I doubt you are interested in this. Every real estate agent would argue against your point. At the time of the land sales, you could even give away land in Guyana. Thanks to the PPP's vision the land became valuable in several years. Notice that the sale of the land occurred between 2008 and 2010. 6 year later prices are much different.  In fact the PNC were in parliament and were privy to the land sales, but they didn't complain then. It is only now that the land has appreciated that they complain. 

dude....is long as it is indo business it is all right with you. Not unexpected.

FM
Stormborn posted:

dude....is long as it is indo business it is all right with you. Not unexpected.

Not true. If the land sale is above board then I don't see the issue. Everyone knows that land in Guyana appreciated to the point of a bubble in the past 5 years. Now under the Granger administration, we should see this bubble burst as economic optimism is at an all time low. 

FM

Some of the land in Wales Estate will ultimately be place on the market and that should give us some comparison to go by in terms of price. I don't think land price hit a bubble with so many people looking for house lots etc. It may have hit against the change coalition government.

FM
Chief posted:

PRESIDENT GRANGER AND PRIME MINISTER MOSES NAGAMOOTOO ARE VERY HONEST LEADERS!

According to Nehru .former President Jagdeo used to come to NY and speand lavishly on Nehru and the other PPP kuthas with the Government issue creditcard.

Look at this shameless fullah clown.  Why don't you go and plead for yuh mattie fullah being persecuted by the PNC.  They are nothing more than a "low life coolies" in the eyes of PNC blacks.  You shameless low life chicken shit!!

FM
baseman posted:
Chief posted:

PRESIDENT GRANGER AND PRIME MINISTER MOSES NAGAMOOTOO ARE VERY HONEST LEADERS!

According to Nehru .former President Jagdeo used to come to NY and speand lavishly on Nehru and the other PPP kuthas with the Government issue creditcard.

Look at this shameless fullah clown.  Why don't you go and plead for yuh mattie fullah being persecuted by the PNC.  They are nothing more than a "low life coolies" in the eyes of PNC blacks.  You shameless low life chicken shit!!

Could get into my thread to Amral what you say?

So Baseman who's the person using white racist Trump's fugly face as their nic while he speaks ill of their kind? Dah post is actually for and about you banna.

cain
Last edited by cain

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