T&T law firm prepared legal document for BVI investor in Marriott

…Barbados, Republic Bank option also being pursued – Ramjattan

Leader of the Alliance for Change (AFC), Khemraj Ramjattan, is maintaining that the people behind the Marriott Hotel, specifically Winston Brassington, former President Bharrat Jagdeo and the Finance Minister Dr Ashni Singh are in talks with a British Virgin Islands (BVI) Incorporated investor for the purchase of two-thirds of the Marriott Hotel.
Ramjattan yesterday named the investor as Ace Square Investment Inc registered in the BVI.
Under BVI law, there is difficulty in accessing information as to shareholders and directors of companies, according to Ramjattan, hence there are no names behind the company as yet.

Works ongoing at the Marriott Hotel in Kingston yesterday.

The AFC leader further pointed out that recently, the law firm of Pollonais and De La Bastide out of Trinidad and Tobago (T&T), was asked to, and did prepare a ‘Guarantee’ to be signed by Ace Square Investment Inc.
That document however has not been signed as yet.
Chairman of Atlantic Hotel Inc (AHI), Winston Brassington, when asked about the transaction yesterday, told this publication, “no comment.”
The AFC Leader said, too, that there are other strategies being pursued by the architects of the project.
He said that Republic Bank in Trinidad and Tobago has set up a subsidiary in that country to solicit investors to raise the US$27M to see the completion of the project.
According to Ramjattan, “Brassington, Ashni and Jagdeo have been urging Republic Bank T&T, to fast-track the process in view of the money running out and the hotel being left half-way…They are pleading that it is making them look embarrassing!”
Ramjattan said that one of the syndicates showing an interest in investing in the project is SAGICOR Barbados.
He says however that SAGICOR wants a due diligence on the entire project to determine “whether it is feasible and economically viable.”
Another option being pursued by AHI, according to Ramjattan, is to issue bonds to be purchased by proposed investors to raise the US$27M.
He said that in pursuing this method of financing, should there be a shortfall, then Republic Bank T&T will take up the slack in the form of a loan.
Ramjattan said that in order to secure itself, Republic Bank T&T, will execute a debenture over all of the assets of AHI, including the land and building, which would be inclusive of Guyanese taxpayer’s $2B already spent.
He said that should Republic Bank have to issue the loan, it would also look to secure the casino license for the Marriott Hotel.
The AFC Leader said that based on information that the party has managed to uncover, the National Industrial and Commercial Investments Limited (NICIL) has already arranged to assign its shares in AHI, to Republic Bank.
According to Ramjattan, “Having come by these recent developments, the AFC is now convinced that this whole project is born of fraud and will suffer even worse ignominy (humiliation/embarrassment) if allowed to continue in its present configuration.
He said that the AFC definitely will not be bound by the terms of such a transaction as is presently being conjured up “to complete this unhappily disgraced Marriot.”

Chinese Construction workers on the sixth storey of the Marriott plastering concrete.

Ramjattan says that he is hopeful that other Opposition forces in and out of Parliament will take up this stance.
He says that support for the project will only come if there is a forensic audit done immediately, “to investigate among so many things, all the players involved including Jagdeo and Brassington!”
Brassington has this past week denied that there was any negotiation with a BVI Incorporated investor on the Marriott hotel.
He did indicate that the company is in the closing stages of a deal with a foreign investor and that the name of this investor will be announced when there is financial closure which is expected before the end of the year.