Former Finance Minister Winston Jordan was today released on $3M bail after he was slapped with a misconduct in public office charge in relation to the sale of land at grossly undervalued prices.
Jordan appeared before Chief Magistrate Ann McLennan where he was not required to plead.
It is alleged that Jordan, being and performing duties of Minister of Finance and being the concerned Minister for the National Industrial and Commercial Investments Limited (NICIL), a company owned by the Government of Guyana, between Wednesday, February 26, 2020, and Friday, July 31, 2020, willfully misconducted himself by acting recklessly when he signed NICIL (Transfer of Property) Order No. 50 of 2020, which was published in the Official Gazette, transferring to and vesting to BK Marine Inc. absolutely, all buildings, erections, stellings, platforms, and further appurtenances, that is to say, Mudlots 1 & 2, F of Mudlot 3, A, B & D, situated at North Cummingsburg, Georgetown, being over 2.553 acres, by paying $20,260,276 for the property valued over $5 billion and being sold at a price that was grossly undervalued to such a degree as to amount to an abuse of the public’s trust and without reasonable excuse or justification.
Jordan is expected to return to court on February 14, 2022.
Earlier this month, Jordan was questioned by the Special Organised Crime Unit (SOCU) in relation to a series of alleged fraudulent transactions in which he is implicated, involving public funds and state properties, estimated to value billions of Guyana dollars.
The first transaction that he was interviewed about relates to the sale and vesting of the state’s largest wharf facilities located at Kingston, Georgetown, valued approximately GUY $8 billion (US$40,000,000) which was sold for a mere GUY $110 million (US $500,000.)
The purchaser BK Marines Limited, paid only 10% of this purchase price, that is GUY $20 million (US$100,000) and Minister Jordan issued a vesting order passing Title to the purchaser, without the payment of any further sum of monies.
The vesting order stated that the property is being sold free from encumbrance and liabilities and no further sum of money is owed by the purchaser. Transport was subsequently issued for this property and the value strangely stated on the Transport was GUY $400,000,000 million (US 2,000,000.) Further, the agreement of sale stated that Title must only pass upon full payment of purchase price.
Investigators said they have evidence to establish that a facility that is a mere fraction of the size of the state property under investigation, located some seven miles upriver was sold by a private company for US$17 million.
