Latest update November 18th, 2024 1:00 AM
Latest News
- ExxonMobil eyeing 8th project despite Jagdeo says 7th ‘iffy’
- City Mayor slams govt. for favouring foreign companies over locals for tax concessions
- Pope Francis urges inquiry into Gaza genocide allegations
- New aircraft for GDF commissioned
- Importing truck drivers from Bangladesh, a disrespect to Guyanese – Norton
PM’s failure to understand, discharge duties cannot be tolerated – Chris Ram
“ The collective failure of the Prime Minister and the heads of these entities to understand and discharge their duties, functions and responsibilities cannot be afforded or tolerated by a country as poor as Guyana.”
Christopher Ram
This was the assertion of Financial Analyst, Christopher Ram, in his response to Prime Minister, Samuel Hinds, over the management of the Guyana Energy Agency (GEA) and the sector at large.
Ram in his public response to Prime Minister, Hinds, called on Government to arrange seminars for Ministers, Members of Parliament and state officials to be led by a management specialist, an attorney and an accountant of its choice, in order to enhance efficiency and compliance with relevant laws.
Ram had chided the GEA over its accounting practices given the levels of money it would transact business with on behalf of the state.
Last year GEA, dealt with a whopping US$350M in fuel imports and sales.
The Prime Minister has since said that GEA “is in compliance with all of the relevant reporting requirements, which include the Companies Act of Guyana and the International Financial Reporting Standards.”
Ram is adamant that the Companies Act is not relevant to GEA, “it applies to companies incorporated or registered, or continued under it, not to statutory bodies.”
According to Ram, the Fiscal Management and Accountability Act 2003 (FMAA) makes the GEA a statutory body, period.
On the matter of the GEA recording the sale of fuel as a revenue item, Ram pointed out that the agency is merely carrying out the transactions on behalf of the State and pays out the money from the sale of the petroleum to Venezuela and the Ministry of Finance in Guyana.
“It is an agent, not a principal,” and as such the money cannot be considered as its revenue.
Hinds had also said that “concerning whether an Annual Report, or just an Audited Financial Statement, is to be tabled in the National Assembly, we maintain that Section 30 of the Guyana Energy Agency Act speaks to Audited Financial Statements.”
According to Ram, this answer by the Prime Minister demonstrates his unfamiliarity with the FMAA, which requires every statutory body to file an annual report and audited financial statements, no later than four months after the end of the body’s fiscal year.
“Hinds, who is Leader of the House, is in breach of his statutory duty to the National Assembly.”
PM Samuel Hinds
On the matter of the names of the Directors of the GEA, Ram said that the governing legislation requires the names of all members of the Board and all subsequent changes to be published in the Official Gazette.
Prime Minister Hinds yesterday thanked the Financial Analyst for, “reminding me of my obligations to the National Assembly.”
As such the Prime Minister has since committed to having the names of the Board of Directors published in the Official Gazette.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Traditional media is still king
…Peeping Tom Kaieteur News-Election campaigns are a battle for attention, persuasion, and votes. In this digital age,... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
