Last Updated on Friday, 31 January 2025, 20:19 by Writer
United States-based Guyanese Edul Ahmad, who was previously convicted in New York for mortgage fraud, has inked an agreement for the purchase of land near ExxonMobil’s new headquarters at Ogle, East Coast Demerara, to build an “upscale” residential complex.
Mr Ahmad, who signed the agreement in his capacity of Director/Secretary of New Global Investment Corporation, and Vice President Bharrat Jagdeo are friends. Mr Ahmad was convicted and jailed in the US in 2017 for mortgage fraud. He had also been ordered to repay US$2.6 million to victims.
Mr Ahmad is also closely related to the Ahmads who own Sherriff Guyana, a group of companies in healthcare, security and construction.
Leader of the Alliance For Change (AFC), Nigel Hughes, who released selected pages of the Agreement of Sale between the Central Housing and Planning Authority (CH&PA) and New Global Investment Corporation on his Facebook page, questioned how such prime land could be sold at GY$30 million per acre.
“Can CHPA indicate where a citizen can purchase an acre of land in Plantation Ogle near to ExxonMobil’s intended Head Office, from CHPA for 30M? A house lot in some residential locations exceeds 30M. We demand that the Minister with responsibility for CHPA issue an immediate statement on the authenticity of this agreement,” he said. Mr Hughes did not offer requested clarifications when contacted by Demerara Waves Online News.
Housing Minister, Collin Croal did not immediately respond to WhatsApp messages.
The agreement, which was signed on July 17, 2024, provides for the land to be used to construct upscale residential developments, within the residential zone only, consisting of residential dwellings, townhouses and apartments, in accordance with the project proposal.
The New Global Investment Corporation would also install drainage, including concrete drains, and irrigation, roads, including internal roads, and street lighting within 18 months of the agreement.
However, the agreement states that those infrastructure works would depend on availability of site access, timely issuance of approvals, weather conditions, local labour availability or where an event of force majeure occurs, which delays the completion of the project, there would be an extension of time.
The CHPA and New Global Investment Corporation agreed that the buyer would substantially complete 70% of the residential constructions within three years of July 17, 2024.
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