…firm was also to receive additional US$17M? participation fee – Chris Ram“Can you imagine any bank in which you deposit $100,000 and then withdraw $90,000 continuing to pay you interest for twenty years on the $100,Cheap NFL Jerseys China,000?”According to Financial Analyst, Christopher Ram,Cheap NHL Jerseys China, this is exactly what the Guyana Government signed onto with Sithe Global for the Hydro Project.Ram, says too,NFL Jerseys Cheap Authentic, despite the public statements, when all the transactions are taken into account,Jerseys NFL Cheap, “it becomes clear that Sithe planned to invest considerably less in the project than US$150M but would be paid interest as if it did.”Chartered Accountant and Financial Analyst,Cheap NFL Jerseys China, Christopher RamHe said it was surprising enough to learn that Sithe Global would be receiving a tax-free, 19 per cent return on its investment.? What is worse, according to Ram, was learning that the 19 per cent is paid each year, calculated on the original US$158M sum deemed to have been invested, rather than the reducing balance after each repayment.He calculated that in the last five years of the project when Sithe’s investment would have been substantially repaid, it would receive interest on the balance of its investment at rates ranging from 76 per cent in year 16, to 380 per cent in year 20.Ram who has been a fierce critic of the manner in which the project is currently structured, in his latest writings on the Amaila Project said that the public was led to believe that Sithe Global is an equity investor in the project,holesale Soccer Jerseys, that is the shareholder who takes the ultimate risk in the company.In the case of insolvency, the equity is only repaid after all other debts and obligations have been met.“In fact, Sithe was allowed to design the project documents so that the repayment of its cash and in-kind investment would be effected through the monthly all-in charge to be paid by GPL.”As such, Ram said, Sithe Global is not an equity shareholder but the holder of redeemable preference shares, enjoying total control of all aspects of the proposed project, the prohibitive price tag of which stands at US$858 million.”Ram further stated that a closer examination reveals that a not insignificant” part of the US$858M includes payments to, or payments contracted by Sithe. He said that Sithe Global effectively wrote all the project documents – the shareholders’ Term Sheet, the Implementation Agreement, the Power Purchase Agreement and the Assignment of Receivables Agreement.According to Ram, Sithe Global also insisted on being paid an equity participation fee of 2 per cent of the total project cost which amounts to more than US$17M. “In effect, from Sithe’s point of view,China Jerseys Cheap, the higher the cost, the higher the fees it would be paid.”This ‘equity participation fee,’ is separate and distinct from the 19 per cent rate of return already being asked for its equity.