Royal Castle, one of the three businesses destroyed by fire last November, has secured close to 100% of its insurance claims.
But unlike Royal Castle and Mohamed's Enterprise, the third business, Auto Supplies and Company is yet to be compensated and proprietor, Brian James said he was not sure at what stage his claims were.
James confirmed negotiations are ongoing and his business continues to operate at his Queenstown residence.
Speaking to Stabroek News recently, an official close to Royal Castle said despite receiving the compensation, the completion of the Sheriff Street outlet was stalled because of the slow processing of some imported items.
The official did not divulge the actual size of the award, but pointed out that they had received close to 100% of what had been claimed.
For that, the official expressed gratitude to the management and staff of the Guyana and Trinidad Mutual Fire and Life Insurance Company (GTM), adding that their handling of the process was professional.
The Royal Castle official also praised their insurance broker NP Brokers and said that very soon the Sheriff Street outlet would be open.
Asked about the burnt-out building which has now become home to a number of homeless men, the official said the building belonged to the owner of ASCO, Brian James and ever since it was destroyed, the lease which Royal Castle had was terminated.
There are plans to rebuild on the same spot, but the official could not say when this would be.
Mohamed's Enterprise had already secured $35 million as compensation for damage to the building and was seeking an additional $40 million for lost stocks.
Nazir Mohamed, who had earlier rejected a $33 million offer for the building, had confirmed to this newspaper that he accepted a $2 million increase on the first offer after negotiations between his insurance broker and GTM.
It is not clear whether Mohamed has received the $40 million for the stocks and yesterday this newspaper could not reach him for a comment.
Mohamed had said one week after the fire he had submitted claims with GTM for $60 million, the exact value of his insurance policy for the building and $40 million for damaged stocks.