Auditor General called in to probe allegations of fuel racket at GuyOil

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Statement from the Chairman of Guyana Oil Company (GuyOil)

It has come to the attention of The Guyana Oil Company Limited (GUYOIL) that allegations have been made in the media by Aaron Realty Inc. (ARI) that GUYOIL has contracted the said company to supply fuel. There is absolutely no truth to this allegation.

GUYOIL wishes to categorically state that whilst ARI was one of a number of companies which GUYOIL had discussions on the possible supply of fuel, GUYOIL has not at any time entered into a contract with ARI.

GUYOIL is pleased, in the interest of transparency and public disclosure, to set out the pre-requisite procedures in place and in practice which are followed by the company in the procurement of fuel from any entity:

• Competitive Procurement
• Due Diligence of the Supplying Company
• Purchase Order/ Contract;
• Nominated Quantity sent to Supplier with expected date of delivery;
• Quality & Quantity Surveyor Appointed to overlook the loading of the Cargo;
• Certificate of Quality/conformity with Technical Specification produced;
• Supplier sends Proforma Invoice (necessary for GRA to give permission to offload vessel);
• Certificate of Origin/ signed declaration that product was not sourced from embargoed country;
• Details of vessel to be used, the Q88 document;
• Detail report on the loading of vessel by independent inspector;
• Bill of Lading for the loaded vessel; and
• Updates from vessel on estimated time of arrival.

The Board of Directors has met with Dr. Ashni Singh, Senior Minister within the Office of the President with the responsibility for Finance and briefed him on the matter. The Minister has requested that the Auditor General be called in to investigate the allegations.

GUYOIL has also noted reports on the departure of the former General Manager, Jagmohan Bassoo. Mr. Bassoo offered his resignation to the company and the Board of Directors has accepted his resignation.

In the interim, a sub-committee of the Board of Directors has been appointed to oversee the day-to-day operations of the Company.

The Board of Directors of GUYOIL wishes to assure the public that at all times the Company will act in compliance with the Laws of Guyana and best practices as it relates to conducting its business.

Paul Cheong
Chairman of the Board of Directors
20/04/2021