President of the Princess Group of Companies Sudi Ozkan said in the statement that both he and his wife were interviewed by Fitzpatrick. He said that while he told Fitzpatrick about the “US$25 million investment” no distinction was made indicating that the purchase price was in fact US$15 million and that the US$10 million would be used to upgrade the property. He called this unfortunate.
Ozkan’s statement came in the wake of a tirade from Head of the Guyana Office for Investment (Go-Invest) Geoffrey Da Silva at a press conference on Wednesday over an article published in Tuesday’s edition of the Stabroek News. The article, written by Fitzpatrick exclusively for this newspaper, had said that the hotel had been sold for US$25 million.

Da Silva called the press conference ostensibly to correct this, but then urged the Guyana Press Association (GPA) to investigate where and when the interview was done, stating that he doubted whether the Turkish hotelier was spoken to, since he was convinced that the man and his wife were probably not in St Maarten at the time.

Da Silva said the article followed a line being taken by the editors of the Stabroek News, intending to make public only negative things and argued that there was a difference between criticism and negativity.

In his statement, Ozkan said he and his wife were interviewed at his home about the Princess Group’s investment in Guyana, which encompasses the purchase and further development of Buddy’s.

“I wish to confirm further that during the said interview, I provided Ms Fitzpatrick with details about the purchase and about some plans for upgrading the multi-million dollar property in Guyana,” Ozkan said.

“Unfortunately, while I told her about the US$25 million investment and about plans for upgrading the property to five-star status, no distinction was made at the time of the interview indicating that the purchase price was US$15 million and that an additional US$10 million would be spent to upgrade the facility.”

Ozkan said that as a special courtesy, Fitzpatrick allowed him to vet the article for accuracy before it was release to the Stabroek News. However, he said he did not realize that the distinction was not made. Nevertheless, Ozkan said, “I am satisfied that no one had deliberately set out to mislead anyone about either the purchase priced or the overall investment, which I am convinced is a good one for Guyana. As I said in the interview, Guyana is a beautiful place rich in natural resources and we are happy to invest in this country.”

Ozkan said that an official of the Princess Group would be in Guyana shortly and would provide additional details about the investment. General Manager, Princess International Group Suriname Operations & Guyana Investments, Serkan Arslan, who released the statement on behalf of Ozkan, confirmed that he would visit Guyana next week.

The statement was copied to Go-Invest, the Guyana Chronicle, Kaieteur News, NCN and the President of the GPA among others.
Stabroek

I for one do not give a damn about this perfunctory information. I care and I know the nation care to know how its debt regarding the land is settled ie how much was assessed against the purchase price as returns on investment to the Guyanese people.

The People of Guyana has to see some returns on its property. Obviously, the government see the grant of land and money as a lure to develop and later resell with additional concessions as a Casino. If this is an investment strategy, let it be made public. Further, if cannot benefit men like Buddy and not the people of Guyana. The fact that another gentleman will take the property means little if there is a perception of money laundering and favoritism to crones

This message has been edited. Last edited by: D2,

These are capitalist policies.
I thought Jagdeo was a communist!

quote:

Originally posted by Terry Ishmael:
These are capitalist policies.
I thought Jagdeo was a communist!

It may have a semblance of capitalism, but in capitalist countries where transparency and accountability supercede investments between government and private sector, the people have a right to know what government did with their money and that money laundering is not taking place or taxpayers are not being ripped off or government officials are not personally benefiting from government investments.

Jagdeo studied in communist Soviet Union, was employed at State Planning under the PNC government, and is now a DICK-tator! Talk about a meteoric rise!

Damm, dem Enron bais wuz communists!

quote:

Originally posted by Terry Ishmael:
Damm, dem Enron bais wuz communists!

Are you saying Jageeo is like Jeffery Skilling or a Ken Lay? Then there is greater need to watch. THe above is slight of hand accounting. We need standard double entry accounted as handed to us by Piccolo. It it was good in medevial times. It is good now. I want to see the credits and debits.

quote:

Originally posted by D2:

quote:

Originally posted by Terry Ishmael:
Damm, dem Enron bais wuz communists!

Are you saying Jageeo is like Jeffery Skilling or a Ken Lay? Then there is greater need to watch. THe above is slight of hand accounting. We need standard double entry accounted as handed to us by Piccolo. It it was good in medevial times. It is good now. I want to see the credits and debits.

hat is the big fuss? This too will pass and the PPP will do this now and again without penalty.The PPP is now "bareface" because you people give them the right to disrespect Guyana.

quote:

Originally posted by akbar:

quote:

Originally posted by D2:

quote:

Originally posted by Terry Ishmael:
Damm, dem Enron bais wuz communists!

Are you saying Jageeo is like Jeffery Skilling or a Ken Lay? Then there is greater need to watch. THe above is slight of hand accounting. We need standard double entry accounted as handed to us by Piccolo. It it was good in medevial times. It is good now. I want to see the credits and debits.

hat is the big fuss? This too will pass and the PPP will do this now and again without penalty.The PPP is now "bareface" because you people give them the right to disrespect Guyana.

I give them the right! I have been consistently pointing out their flaws here for over a decade. I do not and have not supported much of what this government stand for beginning with the constitution that legitimizes their rule.

quote:

Originally posted by D2:

quote:

Originally posted by Terry Ishmael:
Damm, dem Enron bais wuz communists!

Are you saying Jageeo is like Jeffery Skilling or a Ken Lay? Then there is greater need to watch. THe above is slight of hand accounting. We need standard double entry accounted as handed to us by Piccolo. It it was good in medevial times. It is good now. I want to see the credits and debits.

Is this your limits of the knowledge of accounting? You are over simplistic with the issue. In the medevial times there was no stock market, financial derivatives and complex financial models, all of which propel today's economy. I doubt anyone will say let's keep to medevial standards.

Forget Enron for a minute. Does anyone of you believe that given Buddy's sold his much touted 5 or 3 or 2 star hotel in one year after construction and gala opening and with Jagdeo bailing him out with taxpayers' money that this whole exercise was a money laundering front?

C'mon. Let's get serious about what could be happening in Guyana with Jagdeo and his friends taking advantage of poor taxpayers who have nothing to get from Buddy's profits.

quote:

Originally posted by baseman:

quote:

Originally posted by D2:

quote:

Originally posted by Terry Ishmael:
Damm, dem Enron bais wuz communists!

Are you saying Jageeo is like Jeffery Skilling or a Ken Lay? Then there is greater need to watch. THe above is slight of hand accounting. We need standard double entry accounted as handed to us by Piccolo. It it was good in medevial times. It is good now. I want to see the credits and debits.

Is this your limits of the knowledge of accounting? You are over simplistic with the issue. In the medevial times there was no stock market, financial derivatives and complex financial models, all of which propel today's economy. I doubt anyone will say let's keep to medevial standards.

Jackass, no. ANd quit the crap about financial models and projected financial gains and and tell us what happened with the nation's coins in the sale of this property. You show you can take care of the small things for there to be credibility with the big things. I bet Corbin had an excuse with his non-functioning barge if only we could have gotten it working!