NICIL’s GuySuCo land sales were $1.128B from 2003 – 2011

The Privatisation Unit/National Industrial and Commercial Investments Limited (NICIL) has from 2003 to 2011 transacted land sales on behalf of the Guyana Sugar Corporation to the tune of $1.128 billion including land in Leonora sold to Minister of Housing and Water Irfaan Ali for $7.1 million in August 2011 and land to Prime Minister Sam Hinds and his wife the year before.

This is according to the PU/NICIL privatisation report released two Fridays ago in what was called an attempt to end the speculation about NICIL’s transactions.

On May 17, 2002 NICIL/PU entered into a contract with the Guyana Sugar Corporation (GuySuCo) to act as its agent in the disposal of land in order to generate partial financing for the GuySuCo Skeldon Project. Up to 2008, some 25 properties have been publicly offered and agreements have been executed.

According to the report, land at Tract B Farm went to Prime Minister Sam Hinds and Yvonne Hinds for a sum of $15 million in November 2010.
The report said too that Minister Irfaan Ali bought GuySuCo land located at Sea Spray, Leonora for the sum of $7.1 million in August 2011. For a few dollars more, Dr Surendra Persaud bought a similar parcel of land in Sea Spray, Leonora at a price of $7.5 million.

The highest priced purchase of GuySuCo land was by Demerara Distillers Limited in January of 2004. Block ‘R’ Diamond, East Bank Demerara was sold to that company to the tune of $250 million.

Lot 200 – 201 Camp Street was sold to CLICO Life and General Insurance Company in December 2003 for the sum of US$520,000 ($102 million).
Sub-lot ‘ZZ’ of Plantation Ogle was sold to the Guyana Telephone and Telegraph Company Limited (GT&T) in October 2008 for the sum of $25 million. Classic Resources Inc purchased GuySuCo land from NICIL at Area ‘H’ Farm, East Bank Demerara and paid $60 million.

Tract ‘7’ of Q1 Providence was sold to Mines Services Limited for the sum of $36 million in January 2004. Tracts ‘1-6’ of Q1 Providence went to Classic Resources Inc in May 2004 for the sum of $90 million.

Guyana Beverages Company bought GuySuCo land situated at 3 ‘A’ Diamond at a price of $45 million in August 2004. In July 2005, the same company purchased a tract of land at 4 ‘A’ Diamond at a price of $55 million.

South American Woods purchased a plot at Block ‘R’ Leonora in February 2011 for the sum of $80 million.

Michael George purchased the GuySuCo-owned Herdmanston House on Lamaha and Peter Rose streets for a price of $133.9 million.

The report said GuySuCo lands were sold to create capital for investment by the company. It said that the proceeds from the sale of the lands were transferred to GuySuCo and that all of the transactions were approved by the GuySuCo Board and the Cabinet.

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