At the trial of Precision Wood-working’s lawsuit against Republic Bank (Guyana) Limited for alleged breach of contract, its Managing Director, Ronald Bulkan said he sent various correspondences informing the bank of the financial difficulties plaguing the company and at least one purchase offer it had been made for some US$1m, yet the bank placed Precision in receivership.
Taking the stand yesterday, Bulkan, who is joint owner of Precision along with his brother Rustum Bulkan, recalled the several loans which his company had taken from the bank.
Owing, however, to what he termed “operational difficulties” experienced by his company in 2010, Precision was subsequently conveyed to the bank which, in a letter dated July 26 of that year spoke of its intention to wind up the company.
