The Guyana Sugar Corporation (GuySuCo) appears set to sell lands that were transferred to the National Industrial and Commercial Investments Limited (NICIL) by a 2017 Order.
A recommendation by the company’s management to the Lands Committee, signed by Company Secretary Frederick Singh and seen by Stabroek News, advises the sale or lease of more than 20 acres of land located at Ogle and Goedverwagting to the Guyana Baseball League, NABI Construction and Reaz Khan of GUYAMERICA CONSTRUCTION INC.
According to the document, a 2016 application by the Baseball League for the sale of 20.9014 acres of the lands for the establishment of a Baseball Academy had been granted by the Board of Directors.
At the time, the price agreed was $25 million per acre. However, the league was unable to pay this sum. It has since reapplied saying that financing is available and been approved for the purchase of 12.7832 acres at a price of $30 million per acre.
NABI construction has applied to lease 3 acres for 30 months so as to facilitate the construction of ExxonMobil’s head office, which is to be immediately west of the land under consideration. GuySuCo has recommended that the plot be leased to NABI at a rate to be determined.
Meanwhile, Khan has applied to purchase 4 acres in close proximity to the land applied for by NABI for the establishment of a concrete plant for the manufacture of ready mix and piles. GuySuCo recommends that this request be granted at a cost of $30 million per acre.
The recommendation contends that the land was not included in the schedule of lands vested to NICIL but SPU Head Colvin Heath-London told a press conference on Monday that “all the assets of GuySuCo were vested to NICIL and this vesting was duly signed by Minister of Finance and tabled.” According to Order 45 of 2017 all moveable and immoveable property owned, used, leased or licensed by GuySuCo or the state save and except Albion Estate, Blairmont Estate and Uitvlugt Estate as specified in the first, second and third schedules, belongs to NICIL as of December 29th, 2017.
GuySuCo and NICIL have had a fractious relationship and previously clashed over the ownership of GuySuCo’s La Bonne Intention head office, including its staff club, which was previously used for training and development.
