Under the Bharrat Jagdeo administration, controversial businessman Ed Ahmad was leased 3.1 acres of land in 2008 at the corner of Thomas Lands and Irving Street to build a 150-room hotel and casino.
Since his conviction in 2012 in New York on mortgage fraud conspiracy, Ahmad has defaulted on his payments and the APNU+AFC government is moving to rescind the lease.
The land, located opposite the Guyana Defence Force on Thomas Lands, was leased to Ahmad at the same time there were ongoing proceedings between government and the Guyana Public Service Union over ownership of the plot.
Minister of State Joseph Harmon today released the lease document which shows that the then government processed the application and approved the deal within just one week to Generations Complex Inc., a company owned by Ahmad.
On the 22nd of May 2008 the said company applied to lease the land, at a yearly fee of $500,000, and on the 29th of May was granted approval to begin works.
The company would have also been given the option to purchase the land, for approximately $60M, at any time during the duration of the lease once at least sixty percent of the construction was done.
