WHEN the legal battle between National Industrial & Commercial Investments Ltd(NICIL) and Royal Investments Inc.(RI) continued recently, Mr. Tony Yassin Chief Executive Officer, (C E O) was cross-examined.
In answer to questions, he disclosed that Mr. Reaz Khan, the brother of Kaieteur News boss Mr Glenn Lall,had made a bid to secure Guyana Stores, Ltd., when government moved to privatise it in the late 1990s.
However, negotiations were subsequently terminated and handed to the current owner.
The ongoing court case is between the company and National Industrial and Commercial Investments Limited (NICIL) over an outstanding US$2 million owed to the state for the sale of the business entity.
The matter is being heard before Justice Madame Roxanne George.
Under further cross-examination, Yassin disclosed that four persons had participated in the tender on behalf of Royal Investments Incorporated– himself and others.
In response to questions posed by NICIL’s Attorney Rafiq Khan, Yassin told the court: “At the time that I had the discussion with Winston Brassington,Winston Brassington was discussing with Reaz Khan that he Reaz Khan was not the preferred investor and then they called me in as a participant in the tender process [and told me] if I was willing to close the sale it would have to be concluded in the name of RI and that the total shares would be transferred to me.”
When the matter resumes on January 29,2015, Mr. Yassin’s cross- examination will continue.