-size of hotel was reduced, green energy certification abandoned
Controversial government holding company NICIL’s investment in the Marriott Hotel is US$41.6 million, above the US$36 million publicly stated by NICIL’s Executive Director Winston Brassington, according to the forensic audit into the entity’s operations which also says that state agencies such as the Guyana Forestry Commission (GFC) violated the law by transferring funds to NICIL.
“NICIL’s financing of the construction of the hotel during the period 2010-2013 was $5.371 billion, comprising $800 million share capital, $3.316 billion (equivalent to US$15.5 million) in interest-free loan and $1.255 billion in advances. As at 7 July 2015, NICIL’s advances increased to $4.521 billion, giving a total funding of $8.637 billion, equivalent to US$41.682 million,” the report done by former long-serving Auditor General Anand Goolsarran says.
In March, Brassington, the head of the National Industrial and Commercial Investments Limited (NICIL),
