PNCR business arm’s debt to City Hall now GY$20 million on Congress Place property

Last Updated on Tuesday, 1 September 2026, 20:35 by Writer

The People’s National Congress Reform’s (PNCR) business arm, Maikwak Limited, owes about GY$20 to GY$25 million in rates and taxes for the Congress Place property, according to well-placed sources.

One of the sources said Maikwak’s previous debt of about GY$6 billion was slashed following an assessment earlier this year.

The source explained that assessment considered a number of interest waivers over the years and “that was never taken into consideration and they had paid money based on the waivers that were granted and so when they checked the records, they recognised that.”

The source could not immediately provide an estimate of the total payments. 

While a source was adamant that the PNCR must pay up its debt, another City Hall official said no demand notice has been issued to that entity to pay up the new amount now due.

Meanwhile, one of the City Council officials said even if the assessment did not yield a significant reduction in Maikwak’s debt, the company would not have benefitted from the write-off now that the City Council has decided to scrap daily compound interest for simple interest.

“We never applied this new tax regime on it and they are not entitled to it. We would not even consider that,” the source said.

Last week, PNCR leader Aubrey Norton said his party’s business arm had been activated to generate much-needed revenue.