Finance Minister underscores need for GuyOil to operate with accountability, transparency

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Senior Minister within the Office of the President with responsibility for Finance Dr Ashni Singh has underscored the need for the Guyana Oil Company (GuyOil) to operate with to act in compliance with the established laws and procedures in line with good governance, accountability and transparency.

He made the comment late last evening via a statement in relation to reports of allegations of a fuel racket at GuyOil.

The Finance Minister has since summoned the Auditor General to conduct an investigation into these claims.

Statement from the Ministry of Finance on allegations surrounding the Guyana Oil Company (GuyOil)

Senior Finance Minister summons GUYOIL’s Board of Directors on alleged irregularities
-Requests that Auditor General be invited to conduct urgent investigation

Georgetown, Ministry of Finance, April 20, 2021: Following media reports earlier today [April 20 of alleged irregularities at the Guyana Oil Company (GUYOIL), Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh summoned the Company’s Board of Directors to an urgent meeting to be briefed on the matter.

During that meeting, the Board confirmed to the Minister that there is no contract with the company Aaron Realty Inc. to supply fuel to GUYOIL. The Board also outlined to the Minister the procedures which are followed by the Company with respect to the procurement of fuel.

Consequently, the Minister requested that the Auditor General’s office be invited to conduct an urgent investigation into the matter which is the subject of the allegations being made.

Following the resignation of the Company’s General Manager Mr. Trevor Bassoo, which was accepted by the Board of Directors, the Minister has also requested that a sub-committee of the Board be formed to oversee the day to day operations of the company and lead the search for a new General Manager.

Minister Singh further emphasized the need for the Company to act in compliance with the established laws and procedures in line with good governance, accountability and transparency. He reminded that the Board is appointed to protect the interest of the Government and people of Guyana and it is what he expects of all State entities.

On this note, he reiterated that his Government will not tolerate any type of unlawful practices.