Jordan on $3M bail for allegedly selling State wharf below market value
Dec 29, 2021 -- Source - Kaieteur News Online -- https://www.kaieteurnewsonline...-below-market-value/
Kaieteur News – Former Finance Minister, Winston Jordan, was on Tuesday placed on $3M bail for allegedly selling a State wharf below its market value.
Jordan in the company of a battery of lawyers including the Leader of the Opposition, Joseph Harmon, appeared in the Georgetown Magistrates’ Court before Chief Magistrate, Ann McLennan. The other lawyers who represented him are: Khemraj Ramjattan, Senior Counsel, Roysdale Forde and Darren Wade.
Former Finance Minister, Winston Jordan.
Jordan was slapped with a misconduct in public office charge which alleges that while being and performing duties of Minister of Finance and being the concerned Minister for the National Industrial and Commercial Investments Limited (NICIL), a company owned be the Government of Guyana, between February 26, 2020 and July 31, 2020 at Main Street, Georgetown, he willfully misconducted himself.
It further alleges that the former minister acted recklessly when he signed NICIL (Transfer of Property) Order, No. 50 of 2020, transferring to and vesting to BK Marine Inc. absolutely, all buildings, erections, stellings, platforms and further appurtenances that is to say, Mud lots 1 & 2, F of Mud lot 3, A, B & D, situated at North Cummingsburg, Georgetown, being over 2.553 acres, by paying $20,260,276, for a property valued over $5B and being sold at a price that was grossly undervalued to such a degree as to amount to an abuse of the public trust and without reasonable excuse or justification.
Jordan was not required to plead to the indictable charge after it was read to him. The charge was brought against him by the Special Organised Crime Unit (SOCU), an arm of the Guyana Police Force (GPF).
The Chief Magistrate placed the former Minister of $3M bail with the condition attached that he reports to SOCU headquarters every last Friday of every month until the hearing and determination of the matter. Jordan is expected to make his next court appearance on February 10, 2022.
One of the lawyers stated that the bail amount in which Jordan was granted was excessive and noted that an application was made for the bail to be reduced. However, that application was not granted and the bail remained at $3M.
On December 2, 2021, Jordan was arrested and later released on bail for a series of allegations relating to irregular transactions of public funds and state properties, estimated to value billions of Guyana dollars.
According to the police, the first transaction that he was interviewed about is in relation to the alleged sale and vesting of the state’s largest wharf facilities located at Kingston, Georgetown, valued approximately US$40,000,000 but was reportedly sold for US$500,000. It is alleged that the purchaser BK Marines Inc., only paid US$100,000, which is 10 percent of the purchase price, and Jordan issued a vesting order passing Title to the purchaser, without the payment of any further sum of monies.
It was further stated that the vesting order stated that the property is being sold free from encumbrance and liabilities and no further sum of money is owed by the purchaser. Also, the transport was subsequently reportedly issued for the property and the value stated on the transport was US$2,000,000. It was noted however, that the agreement of sale stated that title must only pass upon full payment of purchase price.
The police also reported that investigators have evidence to establish that a facility which is a mere fraction of the size of the state property that is under investigation and located seven miles upriver was sold by a private company for US$17 million.
However, Jordan’s lawyers are contending that the charge against their client is trumped up and political in nature. Yesterday while speaking to reporters Forde said, “Mr. Jordan did not take it upon himself to unilaterally act to sign any vesting order but that was done after a process a process that led to a deliberation and determination by cabinet. After that process Mr. Jordan was simply performing an administrative function by which he would have been singing a vesting order.
“If the cabinet had authorised the sale and the circumstances and conditions of the sale as a consequence of receiving a report and documentation and a memorandum from NICIL itself outlining those circumstances, so at no time whatsoever Mr. Winston Jordan would have been acting solo or would have embarked on a mission on his own.”
The BK Marine property in question at Kingston (Kaieteur News photo)