The State Assets Recovery Agency (SARA) yesterday announced that it was seeking to recover $2.7 billion from Queens Atlantic Investment Inc over its controversial acquisition of the former Sanata Textiles complex and $274 million from the Guyana Bank for Trade and Industry (GBTI) for the purchase of the Kingston property that is now its headquarters.
“On Thursday 22nd August, SARA filed proceedings in the High Court seeking Civil Recovery Orders against Queens Atlantic Investment Inc. (QAII) by way of Fixed Date Application, and against Guyana Bank for Trade and Industry (GBTI) by Statement of Claim. Both claims are made under the State Assets Recovery Act 2017 and are for the recovery of GY$2,701,619,960 and GY$274,117,404 respectively, including interest,” a statement from the anti-corruption agency said.
Stabroek News had last week reported that SARA had taken the principals of 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. QAII Corporate Secretary Zulfikar Ally had told Stabroek News, when contacted, that the sums asked for was exorbitant and said that the company would challenge the claim.
