• 199 Camp St,
    Georgetown, Guyana
  • (592) 225-0317-19
    nicil@nicil.gov.gy
25
Sep 20

By Guyana Chronicle

 

President and CEO of Navigant Builders Inc, Danny Sawh
President and CEO of Navigant Builders Inc, Danny Sawh

 

– rescinds vesting order, requests properties be re-issued in more transparent manner

NAVIGANT Builders Inc, the developers of Windsor Estates, on Thursday, announced that it was postponing plans to continue its Ogle Development Project and cancelled all payments to National Industrial and Commercial Investments Limited (NICIL).

Navigant Builders, in February last, had planned to construct a premier luxury, commercial and residential community at Ogle, East Coast Demerara.
The intention was to develop 30 acres of land which were once used for sugarcane cultivation. The investment was pegged at US$84 million.

“In June 2020, unknown to Navigant, NICIL vested the property to us which was subject to our agreement of sale; though we had indicated, in writing to NICIL, that we cannot move ahead with the said project until such time as the elections crisis was resolved,” President and CEO, Danny Sawh, a US-based Guyanese Entrepreneur said.
In light of the cloud of uncertainty that surrounds the transfer of title, Sawh, in a press release stated “we hereby announce that we would like to rescind the Vesting Order and revert such title back to NICIL, thus to enable the Government of Guyana to reclaim all lands and re-issue such properties in a more transparent manner.”
The US-based Guyanese entrepreneur said his company intends to embark on a signature urban mixed-use development on the East Coast of Demerara, featuring luxury residential properties and Class A office space in the near future and looks forward to working with NICIL and the Government of Guyana in this endeavor.

 

Source: Guyana Chronicle

25
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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