The Guyana Oil Company (GuyOil) on Monday announced that it has terminated the services of its Managing Director, Badrie Persaud, following a forensic audit of the state-run petroleum distributor.
The state-run oil company said in a statement that the Board of Directors and the Forensic Auditor reviewed the “documented and verified findings” of the forensic audit undertaken by Nigel Hinds Financial Services, for the period November 2011 to May 31, 2015 at a special meeting earlier this month, after which the decision to part ways with Persaud was taken.
“Based on the findings which documented unauthorised and inimical actions taken by the Managing Director, Mr. Badrie Persaud, the Board of Directors, at its Special Board meeting, held on Wednesday 18 February 2016, determined that it could no longer have any confidence in Mr. Persaud’s ability to execute the functions of Managing Director honestly, objectively and efficiently,” GuyOil said
It said that, “in the circumstances, therefore, the Board decided to terminate the services of Mr. Badrie Persaud.”
Persaud was on annual leave, which ended on Saturday last.
He was fired with immediate effect.
But, the Board said that, in lieu of notice, he will be paid based on provisions in the Termination of Employment and Severance Pay Act. Chapter 99:08.
Persaud was a candidate for the People’s Progressive Party/Civic (PPP/C) in the May 11, 2015 General and Regional Elections.