Govt mulls new system for owners of seized properties be given time to match banks’ selling price


Vice President Dr Bharrat Jagdeo has revealed that the Government of Guyana is looking at putting systems in place to allow homeowners to repurchase their properties from the banks in cases where those properties have been put up for auction.

“So, if you have a property and it is $50M and they go through the auction and a person offers $10M and [the bank] wants to sell it for $10M, you (the person who owns the property) should have one month to match that offer,” Jagdeo explained at a press conference last week.

“…if you believe they are underselling the property, you can easily match the offer – get someone to pay that price,” he added.

The Vice President’s comment follows a meeting with representatives from the commercial banks where they requested strengthened provision for them to recover their collateral on the sale of properties at a faster rate.

Also present at that meeting was Minister within the Office of the President with responsibility for Finance and Public Service Dr Ashni Singh.