The Senior Minister at the President’s Office with responsibility for Finance Dr Ashni Singh has underlined the need for Guyana Oil Company (GuyOil) to act in accordance with the established laws and procedures in accordance with good governance, accountability and transparency.
He made the comment late last night through a statement in relation to reports of allegations of a fuel racket at GuyOil.
The Minister for Finance has since called the Auditor General to investigate these claims.
Statement by the Ministry of Finance on allegations concerning Guyana Oil Company (GuyOil)
The Senior Finance Minister is summoning GUYOIL’s Board of Directors on alleged irregularities
-Requires the Auditor General to be invited to conduct an urgent inquiry
Georgetown, Ministry of Finance, April 20, 2021: Following media reports earlier today[Ebrill20oafreoleidd-drahonedigyngNghwmniOlewGuyana(GUYOIL)gwysioddyrUwchWeinidogynSwyddfa’rLlywyddâChyfrifoldebamGyllidDrAshniSinghFwrddCyfarwyddwyryCwmniigyfarfodbrysi’wfriffioarymater[April20ofallegedirregularitiesattheGuyanaOilCompany(GUYOIL)SeniorMinisterintheOfficeofthePresidentwithResponsibilityforFinanceDrAshniSinghsummonedtheCompany’sBoardofDirectorstoanurgentmeetingtobebriefedonthematter[Ebrill20oafreoleidd-drahonedigyngNghwmniOlewGuyana(GUYOIL)gwysioddyrUwchWeinidogynSwyddfa’rLlywyddâChyfrifoldebamGyllidDrAshniSinghFwrddCyfarwyddwyryCwmniigyfarfodbrysi’wfriffioarymater[April20ofallegedirregularitiesattheGuyanaOilCompany(GUYOIL)SeniorMinisterintheOfficeofthePresidentwithResponsibilityforFinanceDrAshniSinghsummonedtheCompany’sBoardofDirectorstoanurgentmeetingtobebriefedonthematter
During that meeting, the Board confirmed to the Minister that there is no contract with Aaron Realty Inc. to supply fuel to GUYOIL. The Board also outlined to the Minister the procedures to be followed by the Company in relation to fuel procurement.
As a result, the Minister requested that the office of the Auditor General be invited to conduct an urgent inquiry into the matter which is the subject of the allegations being made.
Following the resignation of the Company’s General Manager Mr Trevor Bassoo, accepted by the Board of Directors, the Minister has also requested the formation of a sub-committee of the Board to oversee the day-to-day operations of the company and lead the search for a Manager New general.
Minister Singh further emphasized the need for the Company to act in accordance with the established laws and procedures in accordance with good governance, accountability and transparency. He reminded that the Board was appointed to protect the interest of the Government and the people of Guyana and what it expects of all State entities.
On this note, he reiterated that his Government will not tolerate any form of illegal practice.