News

State spent $257m on Pradoville 2 – audit report

State funds amounting to $257 million were expended on the development of the Sparendaam housing project and conservatively, the value of land there should have been $82.8 million per acre but it was sold for far less, the forensic audit into controversial government holding company, NICIL, says.

The Marriott Hotel

NICIL investment in Marriott at US$41.6M – audit report

-size of hotel was reduced, green energy certification abandoned Controversial government holding company NICIL’s investment in the Marriott Hotel is US$41.6 million, above the US$36 million publicly stated by NICIL’s Executive Director Winston Brassington, according to the forensic audit into the entity’s operations which also says that state agencies such as the Guyana Forestry Commission (GFC) violated the law by transferring funds to NICIL.

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