Es­se­qui­bo Ri­ce Mil­ler sues GRDB for al­most $100M

Times of Suriname - - ENGELS -

An Es­se­qui­bo ri­ce mil­ler is suing the Gu­y­a­na Ri­ce De­vel­op­ment Board, (GRDB) for al­most $100 mil­li­on. The law­s­uit is over an al­le­ged breach in agree­ment bet­ween the GRDB and Es­se­qui­bo ri­ce mil­ler, Ar­nold San­kar of Ar­nold San­kar and Sons, Ri­ce Mills.

Ac­cor­ding to the mo­ti­on which was fi­led by At­tor­ney -at-Law Anil Nand­lall and As­so­ci­a­tes, un­der the agree­ment the GRBD had pro­mi­sed to re­pay San­kar for the pur­cha­se of pad­dy. In the 15 point en­dor­se­ment of claim, the Plain­tiff (Ar­nold San­kar and Sons, Ri­ce Mills) sta­ted that the GRDB re­quested the com­pa­ny pur­cha­se as much pad­dy avai­la­ble on the mar­ket at a pri­ce of bet­ween $3000 to $3,300 per bag. The Ri­ce De­vel­op­ment Board had gu­a­ran­teed, pro­mi­sed and agreed that they would pur­cha­se the en­ti­re said pad­dy from the Plain­tiff at the pri­ce of four hund­red and ni­ne­ty Uni­ted Sta­tes dol­lars (US$490) per me­tric ton­ne. At the ti­me of pur­cha­sing the pad­dy, the Mil­ling Com­pa­ny no­t­ed the GRDB sup­plied them with $60 mil­li­on. The che­que of $60 mil­li­on was hand­ed over to so­me of the far­mers from whom the pad­dy was pur­cha­sed un­der the afo­re­said agree­ment. Howe­ver, the sum ad­van­ced, the plain­tiff clai­med, was not en­ough to pay for all the pad­dy pur­cha­sed. “And this was known to the of­fi­cers of the de­fen­dant, who ac­cep­ted and ack­now­led­ged de­li­ve­ry of all pad­dy pur­cha­sed by the Plain­tiff un­der this agree­ment. Pur­su­ant to and as a part per­for­man­ce of the said agree­ment, the of­fi­cers of the De­fen­dant re­quested the Plain­tiff to ful­ly pay the remain­der to the far­mers and pro­mi­sed, un­der­took and agreed to re­pay the Plain­tiff from the pro­ceeds to be re­cei­ved from the sa­le of the said pad­dy by the De­fen­dant.” Ac­ting and re­ly­ing upon the un­der­ta­king, the Plain­tiff the­re­fo­re pur­cha­sed 32,622 bags of pad­dy, equi­va­lent to 2121 me­tric ton­nes, at the pur­cha­se pri­ce of $90,749,215. “And ac­ting and re­ly­ing upon the said war­ran­ty, gu­a­ran­tee, pro­mi­se, un­der­ta­king and agree­ment, the Plain­tiff ap­plied for and ob­tai­ned over­draft fa­ci­li­ties from the Gu­y­a­na Bank for Tra­de and In­du­stry, (GBTI) Li­mi­ted and from that fa­ci­li­ty the Plain­tiff paid to the un­paid far­mers the ba­lan­ce of $30,749,215.


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