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Sep 20

By Kaieteur News


One day after Navigant Builders relinquished 30 acres of lands which were controversially transferred during the elections impasse by the coalition government, another developer has announced intentions to also rescind.

Managing Director, Dr. Mahendra Carpen

Yesterday Cardiology Services Inc. announced it had since 2017 reached out to NICIL by way of an Expression of Interest to purchase various lands in Ogle (the “Property”) for the purposes of building a hospital.
The company’s Managing Director is well-known cardiologist, Dr. Mahendra Carpen.
It disclosed that in February of 2020, an Agreement of Sale was signed.
“In June 2020, without the knowledge or participation of Cardiology Services Inc, the property was vested in Cardiology Services Inc. though the financial terms of the transaction had not been completed.”
According to the company, given the circumstances surrounding the vesting of the property, it has “agreed to rescind the Vesting Order without prejudice and revert title of the property to NICIL so as to enable the Government of Guyana to fulfill its mandate to ensure all lands are reclaimed unimpeded.”
Cardiology Services Inc. said yesterday that it looks forward to “working with NICIL and the Government of Guyana to achieve their mutual goals of building a state of the art private hospital at the appropriate time.”
This development follows on a similar decision by Navigant Builders on Thursday. There were questions this year after it was announced by the Coalition government and NICIL that several plots of the Ogle lands, formerly under sugar cane cultivation have been sold to developers.
This happened shortly before the March 2nd elections. Both Navigant and Cardiology Services are saying that the lands were transferred to them despite the payments not being completed.
The highly questionable transactions involved the transfer of the lands, which are located near a major planned highway that would link the East Coast to the East Bank transportation network.
In addition to Navigant Builders, the other companies which conducted transactions were Supergraphics (5.058 acres); GUYOIL (1.500 acres); the Residences at Earl’s Court Incorporated (10.281 acres); Navigant Builders Incorporated (30.000 acres); Premier Sales and Services Incorporated (5.015 acres); Trinuyana Investments Incorporated (19.678 acres), Caribbean Marketing Enterprise Incorporated (21.096 acres), American Marine Services Incorporated (20.000 acres) and Cardiology Incorporated (8.000 acres).
A number of the developers above had indicated plans to build hotels, with sod-turning days before the March 2 elections. The government, under President Irfaan Ali, has said it will investigate transactions involving State properties that took place after the December 21, 2018 no-confidence vote, which effectively toppled the Coalition Government.


Source: Kaieteur News

Sep 20

By Newsroom


Navigant Builders Inc. and Cardiology Services Inc. have relinquished Vesting Orders and reverted the title of the lands to NICIL.

On Friday, a second major developer, Cardiology Services Inc. voluntarily relinquished the Vesting Order and reverted the title of the lands at Ogle, East Coast Demerara vested to it.

In its press release, Cardiology Services Inc. stated that “without the knowledge and participation of Cardiology Services Inc. the property was vested in Cardiology Services Inc. though the financial terms of the transaction had not been completed.”

The Vesting orders were signed by the former Minister of Finance under the APNU+AFC Government Winston Jordan.

Winston Jordan

On Thursday, in its release, Navigant Builders Inc. stated that in June 2020, unbeknownst to Navigant, NICIL vested the property to Navigant, although Navigant had previously cancelled all payments to NICIL.

Both companies have signalled that they have a continued interest in their respective projects and look forward to working with NICIL and the Government.

Source: Newsroom

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