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Entrepreneur,Authentic Taj Gibson Bulls Jersey, Wilfred Rambarran is of the opinion that there are plans afoot to hoodwink the Ocean View International Hotel from him even after he has invested more than $160M in renovations and expended almost $100M in payments to acquire the establishment.However, the General Manager of the Guyana National Co-operative Bank (GNCB), Keith Burrowes,Enes Kanter Thunder Swingman Jersey, in an invited comment, said that the hotel should have been sold a long time ago and up to when the owner, George Lord, decided to sell 51 per cent of the shares to Wilfred Rambarran, the Bank was in discussion with potential buyers, some of whom were prepared to offer US$3.5 million.The Bank’s General Manager said that when the bank learnt that Rambarran had bought the hotel, it advised Rambarran that the bank was seeking to sell the hotel for more.He said that the bank informed Rambarran that if the hotel was sold then,Michael Jordan Bulls Jersey, he, Rambarran would get 200 per cent returns on his investment.The Ocean View International HotelRambarran secured an injunction against its receiver, Courtney Perry, and the Guyana National Co-operative Bank (GNCB), restraining them from selling the property and its lands and that case will be argued in the courts tomorrow.The investor visited this newspaper recently and related what he described a tale of deception, vague correspondences and what he considers downright dishonesty that could make for a Hollywood blockbuster film.Rambarran explained that his nightmare started shortly after he made initial payments in good faith to acquire the Ocean View International Hotel from George Lord.According to Rambarran, he entered into a sale agreement with Lord to purchase the then struggling hotel to the tune of $400M but the hotel had creditors which he negotiated with and they agreed to write off any interest on principal payments owed.The creditors owed by the hotel were GNCB,Authentic LeBron James Cavaliers Jersey, City Council and the Guyana and Trinidad Mutual Life Insurance Company (GTM).Sources close to the hotel said that there were more creditors.There was an agreement to pay Lord an initial amount and $3M monthly after that and he would also make an initial payment to GNCB.That payment would be deducted from the sale price of $400M.On January 2, 2008, an initial payment of $12M was made to Lord and another $10M to GNCB as payment on what was his understanding, part-payment of the $159M owed to that Bank as was evidenced by documentation that was provided to him by the bank’s General Manager.Rambarran said that a mere 15 days later, he received another correspondence from the General Manager that seemingly reneged on that agreement saying that the $159M offer was only an offer under consideration.The General Manager, he said, subsequently revised the debt payment to GNCB to $400M and requested from Rambarran a business plan for the hotel.This, Rambarran said, he supplied but was rejected by the GNCB who had also demanded that monthly payments be increased to $1M from $250,000.Rambarran said that he agreed and started making payments in April last year.He insisted that he has never been in arrears of what was agreed, namely the $1M monthly to GNCB and at the same time he was paying Lord $3M toward the acquisition of the hotel.According to Rambarran, at this point things began to get even more shrouded in mystery, adding that another Business Plan was requested and that was supposed to have been submitted on March 10, 2009.Subsequent to that correspondence,Authentic Kevin Love Cavaliers Jersey, by way of phone, according to Rambarran, the bank’s General Manager suggested that Rambarran contact a person he identified as Vijay Umbraj who he said could prepare a proper plan.This was done,Authentic Nicolas Batum Hornets Jersey, but that plan was also rejected by the General Manager and on February 24, last, by way of correspondence, the General Manager requested arrears of $3M which Rambarran staunchly denied owing, given that regular payments were being made to ensure no arrears.That correspondence seen by this newspaper also threatened legal action, including placing the company into receivership, should the money not be paid or the documentation not submitted.According to Rambarran, he contacted the General Manager and informed him that the required documentation was sent to his assistant, Courtney Perry.Becoming suspicious of the entire transaction given that the $400M final payment to GNCB as against $159M was still a bone of contention, Rambarran said that he made contact with the Trade and Commerce Minister, Manniram Prashad, who according to Rambarran suggested he meet with President Bharrat Jagdeo.He said that he wanted a final agreement on total payments that would not exceed the original $400M total payments to both Lord and the creditor.That meeting, he said,Kyrie Irving USA Jersey, occurred while the President was at a forum at the International Conference Centre.“The president said that he wanted $400M for the hotel.”According to the businessman, the President said that he Rambarran had the option of paying half of what remains and another two years to pay the other half and, “he (Jagdeo) called the General Managers and told him to settle the transaction with me.”Rambarran, on May 29 this year, received a copy of a letter that was addressed to Perry informing him that under the law,Authentic Wesley Matthews Mavericks Jersey, the General Manager had appointed Perry as receiver, given that the hotel is under receivership as of that day.A letter dated June 1, 2009, was addressed to Rambarran and informed him that the receivership was not a hostile takeover but a necessary step.That correspondence stated, inter alia, “As you may be aware, the Bank has repeatedly requested, over the 18 months, specific information and a business plan to aid in arriving at a compromise.The Bank is unable to wait indefinitely and as such has set a new deadline of July 1, 2009, for your submission of the business plan and supporting documentation. Failing which we will be forced to review the terms and conditions of the Receivership to consider the option of disposal of the hotel. Further, please note that the business plan must provide a brief background of the challenges encountered, past and present, an outline of the plan to overcome the challenges and an updated status report of the state of the liability at the introduction of the new equity and investments.”According to Rambarran, Perry, by way of correspondence in his capacity as Receiver, wrote to him informing that the property had been valued at some $700M which Rambarran insists would be a value after he renovated the property.That correspondent outlined that the final payment would be $400M minus whatever had already been paid but if he could pay within a specific time frame then he would be eligible for a debt write off.Following even more negotiations, another offer was made to Rambarran on October 12, that a compromise had been found and final payment be $350M.This offer acknowledges the payment already made to the tune of 26.2M with another $150M to be paid by October 30, 2009 and the final $173.8M by December 15, 2009.Failing to make payments would revert to the original offer.Rambarran said that he complied and sent a cheque to GNCB to the tune of $150M on October 30,Andrew Bogut Mavericks Jersey, 2009, but two days later was summoned and told that a mistake was made and the offer was not $350M but the original $400M.He was informed that his cheque was received and was placed on hold and that if they could not find another buyer then his cheque would be accepted as a payment.On December 7, Perry was informed by way of letter that Demerara Bank would be undertaking to make the final payment for Rambarran.The management of GNCB has since promised to issue a detailed statement refuting the allegations by Rambarran.