Republic Bank to sue Kaieteur News – newspaper indicates it will not apologise, retract ‘misleading’ articles

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Republic Bank Limited (Guyana) is set to take legal action against the controversial Kaieteur News media outlet following the publication of two misleading articles that implicated the commercial bank in questionable activities linked to money laundering.

According to a news article published in today’s Guyana Times newspaper, Republic Bank is demanding that Kaieteur News issue an apology and retraction of the articles published and in addition pay $5 million in damages.
However, Kaieteur News Publisher Glenn Lall has indicated that he has no intention of complying with the commercial banking institution’s request.
Guyana Times reported that when it contacted Lall for a comment on the matter, he pointed the newspaper in the direction of the satirical “Dem Boys Seh” column in Kaieteur News which surmised that the media outlet will not take the Bank’s threat seriously.
According to the column, “Dem boys ain’t know wha dem saying sarry for or wha dem must pay $5 million for… Dem boys get so much of threat in dem lifetime that dem don’t know wha fuh tek serious and wha fuh mek joke.”

Kaieteur News publisher, Glenn Lall
Kaieteur News publisher, Glenn Lall

The commentary then deduced that the threat “got to be a joke”. It went on to say that if Republic Bank was serious about the money, then its legal representatives should “come to de Waterfalls paper Monday morning, bright and early”.
Meanwhile, Republic Bank said it will proceed with legal action if the Kaieteur News failed to comply with the demand after January 16.
In the first article published under the headline “SARU probes local Bank accused of money laundering”, the newspaper alleged that the State Assets Recovery Unit (SARU) is probing money laundering activities at the local Bank following reports of “a huge deposit of $82,068,617 (that) was effected to the bank account of a sitting Government Minister on June 16, 2011” without the knowledge of the account holder.
The article further mentioned that Precision Woodworking Limited (PWL) Managing Director, Minister Ronald Bulkan, had written the Bank’s external auditor, Christopher Ram, in June 2014 informing him that he (Bulkan – the account holder) was in possession of information that could prove the deposit of $82,068,617 was effected by Haresh Narine “Chinee” Sugrim, the proprietor of Guy-Trac.
The second article, headlined “Probe into money laundering by SARU: No evidence of wrongdoing by Republic Bank — says Central Bank”, published the statement of the Central Bank but according to Republic Bank, Kaieteur News still defended its untrue statements.
Following the publication of the article, Republic Bank and Central Bank both issued statements condemning the media entity for publishing such spurious information.
Businessman Sugrim also came forth to deny the allegations.
“Not me. That’s a lie. I would be glad if somebody could give that kind of money now. The only money I deposit in my account are monies in relation to my business that has to do with supplies,” he revealed.
Chartered Accountant Ram also denied the allegations made in the Kaieteur news article.
“Ram & McRae wishes to make it very clear that the firm was never provided with any proof of any deposit of $82,068,617 to any account holder of Republic Bank Limited, including Precision Woodworking Limited,” he said in the statement.

 

 

11 COMMENTS

  1. Everyone in the Business..and Banking Community knows that this Law suit would not pass muster to waste the Court’s time ..It’s a fact that most banks..local and International are vested in Money Laundering on a small or large scale..and with fluency of the the Guyana “underground ” economic climate with all that money that circle of people can’t declare legally ..how many mansions..Housing schemes..Night Clubs..and Recreational Resorts can you build….there has to be some outlet to place it in legal currency circulation..But the Banks will all act defensive and shout Foul with Law suits..which will all remain filed that’s it..

  2. oh and awe want to know how de Bulkan man involved in dis–Kris Ram ah try to bab n weave–shit gon hit celing fan real soon–but the beauty of all this is that all these men have their overseas status and all their families are out of guyana.

  3. Glen Lall will not mouth off with lies and half truths regarding this government. He is smart because sooner or later they will take care of him. The best thing is for honest citizens to sue him and his newspaper though I am not sure if Guyana’s laws covering the media is effective to begin with. The amount of slanderous stuff that this guy publishes is amazing and is troubling that he has been able to get away with this for so long now.

  4. Sue them. They have been spreading lies for too long. Sue them out of business. We dont need that asswipe paper.

  5. Somebody need to shut Glen Lall (Kaieteur News)up, he’s just about trying to degrade good people with his bitterness.!!

  6. The arrogance with which Adam Harris and Glen Lall behave and operate in Guyana is unbelievable. It seems as if they are above the law and do not believe in the Rule of Law; they are the law, the untouchables. To infer in that disgusting column which they call ”dem boys seh” that they don’t know if the threat of the bank suing them is a joke or not tells how little or no regard they have for making such spurious accusation against a reputable banking institution. Glen Mohan Lall uses his financial clout to wreak vengeance against those whom he despises (he is a practical dunce emanating from Maria’s Pleasure backdam in Wakenaam, is an insult and disgrace to all those Academics who come from Wakenaam, as well as those decent hard working people). Let him enjoy himself with his inflated ego. Those who are on his side supporting his agenda will soon realise what a dangerous game he is playing and will walk away. His money cannot buy everyone, every time, all the time. People have something which Glen Lall lacks, conscience.

  7. Republic Bank to sue Kaieteur News – newspaper indicates it will not apologise, retract ‘misleading’ articles.
    Wata de matter fo republic bank?
    Dont they kno hu running things in guyana?
    KN and SN are dospel ppp corruption bibles and their main pastors are cris ram and goossaraaan. but people still want to know where is walo ooopss mean harnmon the big gsf man now that story broke that gdf people chasing civilians through the streets of g/town. notice how graingeh juk fuh juk take the lead on this one????

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