Continuing testimony in his suit against Republic Bank (Guyana) Limited for alleged breach of contract, Managing Director of Precision Woodworking Limited Ronald Bulkan says that though the bank knew of its proposal to settle outstanding debts, it nonetheless reneged on what had been agreed and he also referenced a mysterious deposit of $82m.
Even after releasing to the bank a cheque for $30 million from an agreement Precision had signed with Torginol Paints as a deposit for the latter to purchase the company, Bulkan explained that in a twist of events, the bank then indicated that it would not write off any portion of the company’s debt.
The witness said that after making all arrangements to settle its debt which the bank had accepted, he received from Managing Director of the bank John Alves, a letter dated August 9, 2011 detailing that Precision’s debt would not be written off.
