TPL will get $260M payment
- President assures

Guyana Chronicle
August 10, 2003

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PRESIDENT Bharrat Jagdeo yesterday assured that Toolsie Persaud Limited (TPL) will receive the payment of $260M awarded by the Court for its Water Street, Georgetown property, where displaced pavement vendors have since set up shop.

The Government recently acquired the Water Street property of TPL to relocate the vendors from nearby Water Street.

A Government Information Agency (GINA) report said in an interview with GTV yesterday, President Jagdeo noted recent comments by the main Opposition People's National Congress/Reform (PNC/R), calling for the money to be paid to the private company.

But he said the PNC/R should not be talking on that issue, as it was that Party while in Government in 1989, which sold the land for a paltry price of $2.7M as a form of patronage.

The President noted that over a period of 12 years, the ruling People’s Progressive Party/Civic Government now has to reacquire the land for public use, and this is costing some 100 times what the PNC/R Government received for it in 1989.

He said TPL wanted $400M, 200 times the purchase price.

According to President Jagdeo, the PNC/R should ‘hang its head in shame’ because it took assets that belonged to the people of this country and gave it to its ‘crony’.

"The people, tax payers’ money, must now buy it back," he added.

On the $400M value put forward by TPL for the property, the President said it would be interesting to learn what value was put forward when the company filed its tax returns.

The PNC/R last week called on the Government to pay the firm the sum ordered by the Court, and wants discussions to be entered into with the vendors and the Georgetown City Council on the development of a modern shopping mall at the site.

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