The State Assets Recovery Agency (SARA) has taken the principals of Queens Atlantic Investment Inc (QAII) to court and is asking the company to pay a differential on the price it paid for the old Sanata Textiles Complex and what SARA believes is its market value.
“We just received the papers from the court. No one contacted us or reached out to us at any time. So we have reached out to our lawyers for them to look at it,” Zulficar Ally, the Corporate Secretary of QAII told Stabroek News yesterday when contacted.
“The differentials that they are asking for, they are saying that there was a government valuation and [the price] that it was sold at was different from the government valuation and they would like the difference,” he added, but explained that since he did not have the document in front of him, he could not provide specific figures.
