Developer of the planned Versailles-Malgre Tout oil and gas shore base, Krishna ‘Kris’ Persaud says that the local team working on the project will soon address concerns about a large swathe of mangroves which were destroyed even as sources close to him assured that “ample” mitigating measures will be taken.
“I have a team that is working on that and they will be addressing the public, in one form or fashion, soon,” Persaud told Stabroek News yesterday via mobile from his Florida, United States home.
A naturalized United States citizen who was born in Region 3 (West Demerara/Essequibo Islands), the Florida real estate developer is now looking to establish a shorebase and wharf here, through his company TriStar Incorporated, at Versailles-Malgre Tout on property which he bought from a private owner. Persaud is also the owner of the Jamaica Tallawahs team in the Caribbean Premier League.
This newspaper last week reported that during preparation phases for the proposed Demerara River establishment, a large swathe of mangroves were destroyed and it was unclear what mitigation measures would be put in place.
Mangroves are a protected species here and concerns have been expressed previously that the oil and gas industry will pose a threat to large acreages. It is still unclear what measures should be taken if mangroves are on private land and what commitments the owners of those lands are tied to.
Chairman of Guyana’s Sea Defence Board Gary Beaton on Thursday told Stabroek News that the developer of the property had cleared a large amount of mangroves, which he was not permitted to do, and has so far failed to make provisions to rebuild a river defence.
“They are in breach of the guidelines we offered with our no-objection. They have destroyed the sea defence without building one area, and they were expected to provide a work plan and schedule but that was not done,” Beaton said when asked about the breaches committed by the developer.
It is unclear why the sea defence board had not been able to stop the large-scale destruction.
For environmentalist Annette Arjoon-Martins, the company should replant twice the amount of mangroves.
Arjoon-Martins said, too, that given the environmental implications, Guyana’s lone oil producer ExxonMobil should make their position clear on what is expected of subcontractors and service providers.
ExxonMobil has been working to improve their image on the environmental front and Arjoon-Martins said their shareholders have been pushing for the company to be more environmentally friendly in their daily operations.
Should the company take a position on this, she said it can be a positive as companies will be forced to act and adhere to the environmental laws of the country.
Carbon sink
“Even if a concretized structure is built to protect the residents from the rising sea levels, we have to understand that it does not have the same value and benefits mangroves have. Mangroves are regarded as a carbon sink and absorb five times the amount of carbon (absorbed by) Green Heart and Purple Heart forests. In addition to that, it fosters a rich eco system and serves as a nursery for fishes and a habitat for birds,” Arjoon-Martins said.
Sources close to Persaud yesterday told Stabroek News that the businessman has a stellar reputation and has plans in place for revetment works to offset the mangroves depletion and could be held to his word for this.
One source explained that not only had Persaud spoken to the Environ-mental Protection Agency about the area’s sea defences but that the company’s business proposal lists measures to be taken. “There is a meeting this week with the authorities and I am confident all the concerns will be addressed and measures worked out to satisfy whatever requirements,” one source said.
“Kris is a well-known real estate developer in the US and he knows about standards, codes and laws and has always been one to keep his word. He knows if he does something wrong here it can have an effect there. So if he says that it will be taken care of it, rest assured that it will be and I am not saying that because I know the man. He is a man of his word,” the source added.
Online research on Persaud reveals that he is a Director on the KPC Companies. The company’s website states, “We are a service based organization. Our companies form a diverse spectrum of talents, disciplines and strategies which together create a wide array of much focused abilities. Our ventures include: KPC Holding Company – Our Parent Company, specializing in real estate acquisitions and development. KPC Real Estate Company – Our full service real estate brokerage company. KPC Food Services – We own, operate and provide management services for the small restaurant industry. KPC WD – Our Website Development Arm. If you are a small business, with BIG ideas, we can help! KPC IIT – Information & Integrated Technologies – our technology consultation arm. If you are a small business with technology problems or questions, we can help! KPC B&T Services – We are here to help you get your arms around your bookkeeping. You’ve waited long enough!”
He is also a Director of Oxbridge Re Holdings a “Cayman Islands reinsurance holding company that provides reinsurance business solutions primarily to property and casualty insurers in the Gulf Coast region of the United States.”
Of Persaud, the company said that he has been a director since April 2013. “He has also been, since April 2013, a director of our reinsurance subsidiary, Oxbridge Reinsurance Limited. Mr. Persaud is a founder and the President, since June 2002, of KPC Properties, LLC, a real estate investment firm, where he leverages his knowledge and experience to identify opportunities to add value to real properties in the state of Florida,” the site states.
“He implements a strategy of acquiring, adding value, relinquishing or holding the improved asset. He has demonstrated consistent success in implementing his strategy in real estate investments. Since June 2002, Mr. Persaud has been an asset manager, demonstrating the ability to consistently exceed average market returns,” it adds.
Also pointed out is that from May 2007 to May 2011, Persaud was a director of another company -HCI Group, Inc., a publicly traded holding company owning subsidiaries primarily engaged in the property and casualty insurance business.
“Mr. Persaud received an award from the Tampa Bay INDOUS Chamber of Commerce as one of the most successful businessmen of the year in Tampa. Previously he spent ten years working with several consulting firms and municipalities providing design and construction management services for a wide variety of building systems and public works projects,” it says.
Further, it adds, “Mr. Persaud earned his Bachelor of Science degree in Mechanical Engineering and a Master’s Degree in Civil Engineering from City College of City University of New York. He holds licenses as a Professional Engineer in the States of Florida, New York and California. Mr. Persaud brings considerable investment experience to our Board of Directors.”
One source told this newspaper that Persaud always wanted to invest in Guyana and would have made a number of proposals only to “meet up with a whole lot of red tape until cricket gave him a way of getting back into the Caribbean thick of things.”
