Tower Suites co-owner held in Ja­maica for drug traf­fick­ing

Stabroek News Sunday - - WEEKEND MAGAZINE -

Fol­low­ing what has been de­scribed as “months of in­ves­ti­ga­tion” in­volv­ing lo­cal, re­gional and in­ter­na­tional au­thor­i­ties, Guyanese busi­ness­man Sherv­ing­ton ‘Big Head’ Lovell was ar­rested along with two oth­ers on Thurs­day morn­ing at the Nor­mal Man­ley In­ter­na­tional Air­port in Ja­maica on drug traf­fick­ing charges. Lovell, who owns ma­jor ho­tels in Guyana, in­clu­sive of the Tower Suites, is now to be ex­tra­dited to the US along with a Suri­namese and a Venezue­lan with whom he was ar­rested, ac­cord­ing to a se­nior law en­force­ment of­fi­cial. Stabroek News was told that the men may have ap­peared in a Kingston court on Thurs­day and waived their rights to fight the ex­tra­di­tion. Lovell kept in the shad­ows of his in­vest­ments, which were in the hun­dreds of mil­lions. And al­though he was pre­vi­ously sought for ques­tion­ing here in con­nec­tion with a se­ries of mur­ders, he had never been charged. “It has been sev­eral months of in­ves­ti­ga­tions… be­tween lo­cal, re­gional and in­ter­na­tional part­ners,” a law en­force­ment source told this news­pa­per. The source said Lovell was tracked when he left Guyana.

Ken­nard up­braids mayor over han­dling of mo­tion against Town Clerk

Ge­orge­town Mayor Pa­tri­cia Chase-Green was yes­ter­day up­braided by re­tired judge Ce­cil Ken­nard over her han­dling of a key no-con­fi­dence mo­tion ear­lier this year against em­bat­tled Town Clerk Roys­ton King. The at­mos­phere at the Com­mis­sion of In­quiry (CoI) into the op­er­a­tions of the city ad­min­is­tra­tion turned testy yes­ter­day with the Chair­man Ken­nard, de­mand­ing that the Mayor “shut up and lis­ten” as well as take her “rude…at­ti­tude to City Hall.” Sum­moned to re­spond to five is­sues raised over the last few weeks of hear­ings, Chase-Green ap­peared at the Critchlow Labour Col­lege with a writ­ten re­sponse and le­gal rep­re­sen­ta­tives Lyn­don Am­s­ter­dam and La­toya Roberts. Her tes­ti­mony was de­layed for 30 min­utes to al­low for copies of her writ­ten re­sponse to be pro­vided to the Com­mis­sion af­ter which the Mayor was ques­tioned about her han­dling of a no-con­fi­dence mo­tion brought against King in March. Lawyer for the Com­mis­sion Ever­ton Singh-Lammy sought to have Chase-Green ac­cept re­spon­si­bil­ity for the coun­cil vote, which dis­al­lowed the hear­ing of the mo­tion brought by for­mer Deputy May­ors Sherod Dun­can and Lionel Jaikaran, both of the AFC.

De­mer­ara Bank’s profit jumps to over $2B, up 28%

De­mer­ara Bank says it has recorded a net profit of $2.041 bil­lion for the year ended Septem­ber 30, 2018, rep­re­sent­ing growth of 28% com­pared with the same pe­riod last year. In a state­ment is­sued yes­ter­day, De­mer­ara Bank said that due to its “ex­cel­lent” per­for­mance in to­day’s “chal­leng­ing” econ­omy, its Founder and Chair­man Dr. Yesu Per­saud de­clared favourable div­i­dends to be paid to the share­hold­ers, with a fi­nal div­i­dend pay­ment of 100%, while the in­terim div­i­dend paid was 35%, which was the high­est paid in the his­tory of the bank. The bank noted that it gen­er­ated a gross profit of $3.127 bil­lion in 2018, rep­re­sent­ing an in­crease of 31% over the gross profit of $2.396 bil­lion recorded for 2017. The net profit of the bank also in­creased from $1.599 bil­lion in 2017 to $2.041 bil­lion in 2018, it added. The bank also re­ported that its de­posit base rose to $58.2 bil­lion in 2018 as com­pared to $57 bil­lion in 2017, while loans and

Shevring­ton Lovell

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