‘Zinc bond’ owner blames M&CC for delay in construction

After granting permission for vendors to use his property, businessman Malcolm Panday is now complaining that their presence and City Hall’s failure to move them has cost him millions of dollars.

Panday, who owns the former Guyana Stores Limited (GSL) bond, commonly called the ‘Zinc bond’, on Water Street, told the Commission of Inquiry (CoI) into the administration and operations of the Mayor and City Council (M&&CC), that for 13 years, City Hall has failed to grant him permission to erect cordons so that he can safely construct a $105 million, modern eight-story shopping mall. 

He noted that he has a building plan which has been approved by both the Central Housing and Planning Authority and the M&CC but without permission for cordons, he cannot proceed, even as he is burdened with interest payments of millions of dollars on a loan acquired to purchase the site in 2004. ….