QAII sets the records straight against KN articles

Georgetown : Queens Atlantic Investment Inc. (QAII) has today initiated libel action against Kaieteur News for a series of misleading articles in recent weeks over the operations of the business entity. The company has also noted with consternation the recent attacks by Kaieteur News on the reputation, management and operation of the group. It is clear that the imputations, inferences and conclusions drawn are not only false, erroneous, malicious and misleading but are deliberately calculated to disparage and bring into disrepute the Company’s reputation, goodwill and integrity.

QAII in setting the record straight says the entity is merely a holding company and has no operating revenues of its own. Value Added Tax (VAT) that amounts to hundreds of millions of dollars is being collected and paid by its subsidiaries. The VAT expense of G$38,647 as reported is neither the Input, or Output, or the Net. Rather, it represents VAT not refunded or disallowed by the GRA on some expenses so this in turn legitimately became the company’s cost. Input VAT collected through revenues is offset against Output VAT from expenditure and the NET, which indeed could be a very small figure, is paid or reclaimed as a refund.

QAII also clarifies that that at no point in time did the Government ever spend or contribute any monies towards removal of asbestos from the compound or any other restorative or expansion works undertaken by QAII. In fact, at the time of acquisition of the Sanata Complex in June 2007 by QAII, the entire Complex was in a state of disrepair. Fences had fallen apart, drains were blocked, roads were inaccessible, vegetation was overgrown, garbage was prevalent, equipment and installations were seriously vandalized beyond repair, theft was high and the buildings were infested with termites and unfit for occupation. Since its acquisition, the Company expended hundreds of millions of dollars to remove asbestos from the compound, rehabilitate and construct new buildings, acquire new state-of-the-art machinery and equipment, and recruit and train new staff. To otherwise suggest that taxpayers’ money in the sum of $400M was spent on removal of asbestos or fixing the property prior to leasing it to QAII, is inaccurate, irresponsible, misconceived, and a gross misrepresentation of the facts.