Bank moves to recover over $320M from Baishanlin, affiliate over loan for Providence land

Chu Hongbo

Citizens Bank Guyana Inc., through the High Court, is seeking to recover more than $320 million from Chinese logging company Baishanlin and its affiliate company Puruni Woods Products Inc. for money it had loaned for the purchase of 100 acres of land at Providence, East Bank Demerara.

According to two legal notices published in Saturday’s edition of the Stabroek News, the local bank is also seeking almost $3.5 million in additional sums for legal fees.

The land, which was sold by Central Housing and Planning Authority (CH&PA) to businessman Brian Tiwarie, had been repossessed by Citizens Bank after he defaulted on the mortgage. It was later sold by the bank to Tamesh Jagmohan of Precious Mining Inc. for over $1 billion. Tiwarie, prior to the repossession, had sold the land to Chu Hongbo, the Managing Director of Bai Shan Lin…..

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