Most Guyanese will not be surprised by this. The stealing of millions of dollars by PPP cohorts is the norm in many of the Govt agencies. It is widely expected that nothing will become of the investigations. These cohorts will keep their jobs and continue their stealing under this incompetent and corrupt PPP adminstration.

Please give us the source of this allegation.

Directors flirt with Guysuco $$millions
investigation launched

Government has launched an investigation to determine whether several directors of the Guyana Sugar Corporation (Guysuco) used the company’s offshore bank accounts to pay off millions of dollars in personal expenses.
If the probe proves that this was indeed the case, said Government officials yesterday in confirming that an investigation is underway, management of the sugar company will have to find answers, since the obvious question of who authorized the transactions will come up.
However, an official of Guysuco said that the accounts were used to pay the directors for what is called ‘destination leave passage,’ or what is referred to in other companies as vacation allowance.
The allowance is paid in US dollars, according to company policy, and there is a paper trail throughout to show that the transactions were legitimate, the official said.
The only question that may arise, it was said, may be that the Guyana Revenue Authority could have a problem on how the money was spent since the directors and senior employees involved are only allowed to utilize it in a certain manner for it to be tax free.
The money involved is said to be in the vicinity of $10 million, and was paid out over a period of three to four years.
However, according to Government officials yesterday, the core issue is that the money was spent from Guysuco accounts, which are used for other purposes, and against this background someone will have to answer why the authorization was given for the passage allowance to be paid from these accounts.
While it could not be confirmed, Kaieteur News was told that the unusual transactions were picked up by one of the workers’ unions, and the payments to the directors were initially believed to be “some sort of corruption” between Guysuco and the directors.
The Ministry of Agriculture was alerted, and Guysuco was ordered to launch an investigation.This newspaper understands that a report has already been completed on the matter and submitted to the Ministry of Agriculture.

how about giving the names of the directors and their link to the ruling party?

quote:

Originally posted by Gupta:
Most Guyanese will not be surprised by this. The stealing of millions of dollars by PPP cohorts is the norm in many of the Govt agencies. It is widely expected that nothing will become of the investigations. These cohorts will keep their jobs and continue their stealing under this incompetent and corrupt PPP adminstration.

I appreciate the information but these days it is too easy to make statements without supporting evidence and let it take flight by careless individuals. I would like to know who stole what and when.

Even I will admit that 50K US is chump change. I suspect if independent auditors were to dig further they will find the money trail leading straight to freedom house. I keep saying that the PPP is just there to plunder the nations coffers, and when they done the country will be worth nothing. They giving away the interior, they polluting the rivers and destroying Amerindian habitat. Noting will be left for posterity. These are plunderers.

quote:

The stealing of millions of dollars by PPP cohorts is the norm in many of the Govt agencies.

That is pocket change comparing to what the PNC did over a twenty eight years period. I hope BJ take his fair share before leaving office.

You guys are missing a vital point: the government is investigating itself here for a system it allowed Guysuco to set up and use. Believe me when I tell you, this is no different from the Consolidation Fund set up by the government from which the President can conveniently take money for pork barrel or pet projects that benefit him politically.

Remember when he loaned Buddy's over 100 million dollars from the CF to expedite the completion of the hotel in time for CWC 2007? How did he arrive at that figure? Is there a paper trail showing letters requesting government help and outlining specifically how much was needed? He has since said Buddy's has repaid some of the money, but never gave us a specific figure, and despite his original guarantee that the government would recoup the loan, he ended up striking a deal a few months ago with Buddy's to have the outstanding balance paid off by way of government renting out rooms from Buddy's. Who is monitoring this transaction to determine whether taxpayers aren’t being ripped off? It is in this environment of non-transparency involving taxpayers' money that people are asking WHO IS FUNDING THE PRESIDENT'S NEW HOUSE?

When the President can conduct business with private persons using taxpayer’s money and not be transparent and fully accountable, he is setting a precedent for others to emulate.

Incidentally, when it was discovered that employees in the Office of the President had swiped millions from a President Christmas Fund for kids in economically depressed Georgetown neighborhoods, the employees were sent home and charged. While we still await the hearing of the case two years later, please tell me where these OP employees got the gumption to steal from inside the highest, most secure office in the country? If this is not a game of 'Follow the Leader' then what is it?

If Jagdeo was really stealing from the treasury a donkey like you you could not have been reading it in the Guyana newspapers.

Why are Guysuco's Audited Financial Statements not posted on its Website or available to the Public?

It is a STATE owned company and citizens have a RIGHT to this information.

quote:

If Jagdeo was really stealing from the treasury a donkey like you you could not have been reading it in the Guyana newspapers.

Who would that be?

quote:

Originally posted by Benford:
Even I will admit that 50K US is chump change. I suspect if independent auditors were to dig further they will find the money trail leading straight to freedom house. I keep saying that the PPP is just there to plunder the nations coffers, and when they done the country will be worth nothing. They giving away the interior, they polluting the rivers and destroying Amerindian habitat. Noting will be left for posterity. These are plunderers.

They do have Independent auditors, D&T who also bring in foreigners sometimes on these accounts. These auditors sign of on the financials and internal controls for the Govt and lending banks.

That being said, if there is management concealment, surely it would be difficult for an auditor to pick it up. If there was fraud, whoever did it should be held accountable and pay the price. However, seeing the Gov't action where, as you state or imply, it's the work of PPPites, shows some gocveranance responsibility. I dont want to throw back to the past but, what investigations were ever held when the nations coffers were being looted by the PNC? FYI, nothing was left in 1992, except staggering debt.

Guysuco refutes Kaieteur News story
- says no evidence found so far of misappropriated funds by any functional directors
IN reference to an article carried by the Kaieteur News yesterday titled “Guysuco Directors flirt with Guysuco $$ millions”, the Board of Directors of Guysuco wishes to make the following statement:

“The Minister of Agriculture, Hon. Robert Persaud, had requested the Chief Executive Officer of Guysuco, Nick Jackson, to investigate allegations relating to Functional Directors of Guysuco using funds from the Corporation’s overseas accounts for their own benefit.

An initial report was subsequently produced by the Chief Executive Officer of Guysuco which the Minister of Agriculture requested the Board of Directors of Guysuco to review.

This review is still taking place. So far, there has not been any evidence of misappropriation of funds by any of the Functional Directors.

The Corporation will advise the Minister of its findings when the investigations are completed.

quote:

Originally posted by Gupta:

Guysuco Directors stole millions of dollars.

quote:

Originally posted by BLACKBEARD:
Directors flirt with Guysuco $$millions

investigation launched

Government has launched an investigation to determine whether several directors of the Guyana Sugar Corporation (Guysuco) used the company’s offshore bank accounts to pay off millions of dollars in personal expenses.

If the probe proves that this was indeed the case, said Government officials yesterday in confirming that an investigation is underway, management of the sugar company will have to find answers, since the obvious question of who authorized the transactions will come up.

Launched an Investigation.

Stole millions of Dollars.

Two distinct issues.

Why make a misleading statement, when the article never stated any conclusions that money was stolen???

quote:

Originally posted by Demerara_Guy:
QUOTE]

Launched an Investigation.

Stole millions of Dollars.

Two distinct issues.

Why make a misleading statement, when the article never stated any conclusions that money was stolen???

Well DG, what do you expect. A drowning man will catch at a straw. They are experts at cherry-picking soundbites and snipets of info and moulding their own story around it. They are masters at rigging and disinformation. If anyone did do anything, then they should be punished. I wonder how many such "investigations" we ever saw under the PNC.

quote:

Originally posted by baseman:

quote:

Originally posted by Benford:
Even I will admit that 50K US is chump change. I suspect if independent auditors were to dig further they will find the money trail leading straight to freedom house. I keep saying that the PPP is just there to plunder the nations coffers, and when they done the country will be worth nothing. They giving away the interior, they polluting the rivers and destroying Amerindian habitat. Noting will be left for posterity. These are plunderers.

They do have Independent auditors, D&T who also bring in foreigners sometimes on these accounts. These auditors sign of on the financials and internal controls for the Govt and lending banks.

That being said, if there is management concealment, surely it would be difficult for an auditor to pick it up. If there was fraud, whoever did it should be held accountable and pay the price. However, seeing the Gov't action where, as you state or imply, it's the work of PPPites, shows some gocveranance responsibility. I dont want to throw back to the past but, what investigations were ever held when the nations coffers were being looted by the PNC? FYI, nothing was left in 1992, except staggering debt.

Pay attention to what the Communicator said. The govt should not be investigating itself, independent auditors are needed. You people criticize the PNC but turn around and do the same thing. Thiefing and PPP are synonomous.

quote:

Originally posted by Benford:

quote:

Originally posted by baseman:

quote:

Originally posted by Benford:
.

They do have Independent auditors, D&T who also bring in foreigners sometimes on these accounts. These auditors sign of on the financials and internal controls for the Govt and lending banks.

That being said, if there is management concealment, surely it would be difficult for an auditor to pick it up. If there was fraud, whoever did it should be held accountable and pay the price. However, seeing the Gov't action where, as you state or imply, it's the work of PPPites, shows some gocveranance responsibility. I dont want to throw back to the past but, what investigations were ever held when the nations coffers were being looted by the PNC? FYI, nothing was left in 1992, except staggering debt.

Pay attention to what the Communicator said. The govt should not be investigating itself, independent auditors are needed. You people criticize the PNC but turn around and do the same thing. Thiefing and PPP are synonomous.

Actually, i agree with that point. It should be done by an independent agency. They could involve the Auditor General who supposed to be independent, but there should be some independent peer-review. I don't supporting thievery, be it PNC, PPP, Afro, Indo or anyone else. The only people who suffer are the powerless and weak, Afro and Indo.

quote:

Originally posted by Prince Juno:

quote:

The stealing of millions of dollars by PPP cohorts is the norm in many of the Govt agencies.

That is pocket change comparing to what the PNC did over a twenty eight years period. I hope BJ take his fair share before leaving office.

The PNC stole and the PPP is doing the same. The losers are the people of Guyana. All these criminals should be held accountable, including Burnham's children and Van West Charles, who is living the life of luxury in DC.

Jagdeo Ganging up with the Ol Homan and they are out to destroy Ramotar presidential Chances, he and his ministers abusing govt funds on their overseas trips and thats ok.
Ramotar got some runnings going on with the Guysuco Business and Jagdeo timing thisinvestigation to silence Ramotar before the PPP congress comming up soon.
Jagdeo and feel their timing is now perfect, they will now cut Ramotar's bid to run and propup Roberta so he will remain the President Behind the scene and they will continue to wreck the country.

He already used Ramotar to cutdown Ramkaran, he had Ramotar issue a statement Condemming the Speaker for abuse of power, and now he pull this one, and he got Robert Investigating Ramotar now.....

He cant pull shit like this on Moses because Moses holding his cards to his Chess and they are afraid Moses will Abondon ship and come out clean because he is not part of the Corruption, Moses do not need Janet and the Cabal to support him.

Watch Jagdeo suddenly getting Buisy with all types of Corruption Investigation now.......... after denying them all these years.

BUT GUESS WHAT HE JUST GOT CAUGHT IN HIS OWN TRAP...... LETS SEE HOW HE EXPLAIN THE US 3 Million Dollar purchase of the two Bell Choppers.

This message has been edited. Last edited by: CaneCutta,

The FUNCTIONAL Directors of Guysuco are under investigation and not the Board of Directors. Donald Ramotar is a member of the Board of Directors. As such, Donald Ramotar is not under investigation.

The investigations are not related to fraudulent payments but more to do with evading taxes and non adherence to established financial procedures/policy.

O'Lall got fired for a similar reason. Let us observe what punishment the Functional Directors of Guysuco will receive if guilty.

GuySuCo offshore accounts probe…
No evidence so far that Directors misappropriated
any funds – Board

There is no evidence so far that several Executive or Functional Directors of the Guyana Sugar Corporation (GuySuCo) misappropriated any funds from the company’s offshore accounts, according to a statement from the Board of Directors of the sugar company last evening.

The statement followed a story in the April 9, 2008 edition of the Kaieteur News under the headline “Directors flirt with GuySuCo $$ millions”.

The company confirmed that the Minister of Agriculture, Robert Persaud, had requested its Chief Executive Officer, Nick Jackson, “to investigate allegations relating to Functional Directors of GuySuCo using funds from the Corporation’s overseas accounts for their own benefit.”

This newspaper understands that GuySuCo has nine members on the Board of Directors. There are, however, an additional five Functional or Executive Directors, of which only one— the Chief Executive— sits on the Board.


These Functional Directors came under the spotlight earlier last month after the matter was brought to the attention of the Agriculture Ministry.

“An initial report was subsequently produced by the Chief Executive Officer of GuySuCo which the Minister of Agriculture requested the Board of Directors of GuySuCo to review. This review is still taking place.

So far, there has not been any evidence of misappropriation of funds by any of the Functional Directors,” GuySuCo said yesterday in its statement.

The sugar company disclosed that it will advise the Minister of its findings when the investigations are completed.

On Tuesday, Kaieteur News learnt that Government has launched an investigation to determine whether several Directors of the Guyana Sugar Corporation (GuySuCo) used the company’s offshore bank accounts to pay off millions of dollars in personal expenses.


Government officials in confirming the probe then said that if this was indeed the case, management of the sugar company will have to find answers, since the obvious question of who authorized the transactions will come up.


However, an official of GuySuCo had explained that the accounts were used to pay the directors for what is called ‘destination leave passage,’ or what is referred to in other companies as vacation allowance.


The allowance is paid in US dollars, according to company policy, and there is a paper trail throughout to show that the transactions were legitimate, the official said.

Further, this newspaper has learnt, this system of payment via the US accounts has been something that was approved years ago by former management officials.


The only question that may arise, GuySuCo officials said on Tuesday in explaining the use of the US accounts, may be that the Guyana Revenue Authority could have a problem on how the money was spent since the Directors and senior employees involved are only allowed to utilize it in a certain manner for it to remain tax free.

The money involved is said to be in the vicinity of $10 million, and was paid out over a period of three to four years.

However, Government officials had argued that the core issue is that the money was spent from GuySuCo accounts, and used for other purposes.

Against this background, someone will have to answer why the authorisation was given for the passage allowance to be paid from these accounts.


While it could not be confirmed, Kaieteur News was told that the unusual transactions were picked up by one of the workers’ unions, and the payments to the Directors were initially believed to be “some sort of corruption” between GuySuCo and the Directors.

The Ministry of Agriculture was alerted,
and GuySuCo was ordered to launch an investigation.

How can Guysuco investigate itself?

If El Gody Roberto Persaud was serious he should have requested Guysuco's external auditors to investigate.

quote:

However, an official of GuySuCo had explained that the accounts were used to pay the directors for what is called ‘destination leave passage,’ or what is referred to in other companies as vacation allowance.


The allowance is paid in US dollars, according to company policy, and there is a paper trail throughout to show that the transactions were legitimate, the official said.

Further, this newspaper has learnt, this system of payment via the US accounts has been something that was approved years ago by former management officials.

Not saying it's illegal, but looks like them bais living large. This is why these businesses need to be in private hands, then stricter governance would result. Furthermore, in any Corp, public or private, these are the kind of discretionary funds that are usually abused. As such, they should be audited much more regularly. 10 mio over 3-4 years, why not audited more routinely?