| – Government not obliged to abide – AFC vows to go to court The National Assembly last evening voted that taxpayers’ money should stop going into the Marriott Hotel project unless first approved by the National Assembly.Further, the House also voted that all revenues in the account of the government’s investment arm, NICIL, should be deposited into the Consolidated Fund, from which any spending would first have to get the approval of the House.But the government is not expected to abide by the ruling of the Assembly; it is sticking doggedly to the project,Jerseys NFL Cheap, and disagreeing that the spending is illegal. That position, however, may not be the end of the game for the seven-seat Alliance for Change (AFC), which signaled its intention to argue its case before the courts.While defending the need of the project, the government is refusing to make public the studies which show that the project would succeed.Finance Minister Dr Ashni Singh said that the economic, feasibility and environmental impact assessments would be made known to the opposition parties if they accept an invitation to meet at the Office of the President.But the opposition argued that the information should not be provided behind a closed door. Rather, it should be made public in the National Assembly for the public to know.AFC Parliamentarian Khemraj Ramjattan said that the money would be best spent on infrastructure projects that are badly needed, instead of the Marriott project which to him is designed to satisfy just a few.In the case of Marriott, the money is coming from the government’s investment arm, NICIL, which itself is a private company. The Minister of Finance contended that it was given the status of a public corporation by order of the President.He argued that NICIL has the right to retain its revenues, much the same way that other public corporations like the Guyana Sugar Corporation and the Guyana Oil Company.But Ramjattan maintained that being a public corporation, NICIL is required to put its money into the Consolidated Fund.Ramjattan argued that while assets from one public corporation can be transferred to another public corporation,Wholesale Jerseys, assets of NICIL cannot be transferred to Atlantic Hotels Incorporated – the private company that was set up to build the Marriott Hotel.“This is corruption in broad daylight,” Ramjattan declared.However, Minister Singh countered that the provisions governing public corporations can, by notification, be applied to any company that is not a corporation owned by the government.Ramjattan pointed out that US$21 million of taxpayers’ money is being put into the Marriott. The other funding is coming from an additional sum of US$27 million,Wholesale Nike NFL Jerseys, rated as a senior debt garnered by Republic Bank, which opposition Parliamentarian Carl Greenidge argued would only mean that taxpayers’ money would be the last to be recovered if the project fails.Ramjattan questioned why would the Chinese construction company, the Marriott and Republic Bank enter into “binding” agreements with Atlantic Hotels Inc. a company with no business history and inadequate capital.“Rather than focusing on building a hotel for Marriott International, and then paying them 10 per cent to operate it, Government should focus and commit the very resources in addressing the everyday problems of poor infrastructure of roads, drainage,Wholesale China Jerseys, unreliable electricity, crime, public health, unemployment, poverty and hopelessness among our youths and migration,” Ramjattan stated.Ramjattan insisted that the opposition was not blocking any development, but seeking to ensure that monies from public purse be spent properly.In the arrangement with Republic Bank (Trinidad), taxpayers’ rights rank last among investors.The syndicated loan, as is the arrangement with Republic Bank, is one that is provided by a group of lenders and is structured, arranged and administered by one or several commercial banks or investment banks.In this case,China Jerseys For Sale, the loan is being administered by the Republic Bank but the government has not named the other lenders.By agreeing to this type of loan arrangement, the government is agreeing for the investors who are part of the syndicate, to get back their investment first ahead of any other investor in the project.So, if in a scenario where the project fails and the value of the property depreciates to a value below what the investors have plugged, then the investors will get back their money, and there would be nothing to return to NICIL, meaning that taxpayers’ dollars would go down the drain.Parliamentarian Joe Harmon argued that there are other Marriott branded hotel projects, but not of the standard that the government is building here.He said that Caribbean countries with established tourism and hospitality industries, unlike Guyana,Wholesale NFL Jerseys, have introduced Marriott Courtyard, which is below the 5-star resort Marriott brand that is being put down on the mudflats at Kingston, Georgetown.The government charged that Ramjattan is seeking to block the project to satisfy selfish political interests, given that the owner of the Pegasus Hotel is Robert Badal, a supporter of the AFC. |
