All proceeds received from the sale of properties held by the National Industrial and Commercial Investment Ltd (NICIL) over the past 5 years were deposited into an interest bearing account held locally by the state body.
This is according to Finance Minister Dr Ashni Singh in response to a question posed by Alliance For Change (AFC) MP, Raphael Trotman.
Trotman also questioned what properties are slated for sale by NICIL, the prices sought, how such prices are determined and the dates of sale. Singh in a written response circulated in the National Assembly yesterday, stated that most property sales are conducted via public tender, save and except where there are existing leases that contain an option to purchase.
He said that in such instances, the lease would have either been advertised or the project may have been deemed as having a significant investment and employment opportunity attached to it.
This year, NICIL intends to complete property transactions that are pending for various reasons including awaiting Cabinet decisions or payments by purchasers. The body also plans to continue offering to the public, lands primarily located in Region 10 (lands previously owned by Linmine), three properties in Berbice previously owned by Bermine and several properties owned by the Guyana Sugar Corporation (GuySuCo).
Singh noted in his response to the queries raised by Trotman that the prices received for property sales have been the highest possible value that could be achieved in the particular instance. He said that prices are not set before hand, but rather, they are determined by either the highest bid received at a public tender or by a current market valuation conducted by an independent valuator.
