Head of the Presidential Secretariat Dr. Roger Luncheon on Wednesday told a news conference that Cabinet decided to scrap executing the Memorandum of Understanding with Natural Globe Inc.
He said that move essential puts a brake on moves to Guyana Office for Investment for feasibility studies
to be conducted to lead to the execution of an investment agreement.
“With the withdrawal of Cabinet’s agreement with the firm of the Memorandum of Understanding the work leading to a possible investment agreement is now abandoned,” he said.
Luncheon conceded that the level of due diligence was not conducted prior to the signing of the MoU because it was not the same as preparing for a contract. “A number of areas were inadequately attended to and the revelations in the media pointed this quite forcefully not only for Cabinet but for the Guyanese people,” he said.
Despite spirited attempts by the Ministry of Local Government and Regional Development to paint a bright picture of the MoU with Natural Globe Inc; the media had raised questions about the experience and expertise of the company’s Chief Executive Officer, Mohammed Osman in establishing waste recycling plants.
Luncheon said government was also unaware that the daughter of Human Services Minister, Jennifer Webster, Andriana Webster, was a director of Natural Globe Inc. “She didn’t. I think probably, as she would readily observe a judgement, a flawed judgment,” he said.