Acting Chief Justice Roxane George has awarded a US$2 million judgment to the government holding company, the National Industrial and Commercial Investments Limited (NICIL), in a lawsuit that was initiated to secure the outstanding balance for the acquisition of Guyana Stores Limited just over a decade ago by the Tony Yassin-led Royal Investments Incorporated (RI).
The judge, who also dismissed a counterclaim filed by RI, has also awarded NICIL interest on the sum – to be calculated at the US Treasury Bill rate from October 1, 2001 until fully paid – in addition to $5 million in costs.
NICIL moved to the court to seek the outstanding balance of US$2 million after RI paid US$4 million of an agreed US$6 million for the purchase of 70 million shares or 70% of the share capital of Guyana Stores Limited (GSL) and defaulted on the remainder.
