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Shocking revelations…Gold Board senior official helped form Rasul’s gold dealing company
A senior official of the Guyana Gold Board (GGB) was instrumental in helping embattled gold dealer, Saddiqi ‘Bobby’ Rasul, form the company that was later issued a licence by the entity.
Gold dealer: Saddiqi ‘Bobby’ Rasul
The shocking details are part of the Articles of Incorporation documents, as filed in the business registry.
In the Declaration of Compliance, Legal Officer of GGB, Suzanne Bullen, said that she assisted in the formation of the company. She even used the GGB address of Upper Brickdam.
The documents said: “I, Suzanne Bullen, of Lot 68 Upper Brickdam, Georgetown, Demerara, being duly sworn, make oath and say as follows: That I am the Attorney-at-Law engaged in the formation of SSS Minerals Trading Enterprise Inc., and I hereby state that all the requirements of the Companies Act, No. 29 of 1991, in respect of the matters precedent to the registration of the said company, and incidental thereto, have been complied with.”
Bullen’s role would raise serious conflict of interest questions as she is also the Compliance Officer of the state-owned GGB.
Bullen was one of three persons sent on administrative leave Thursday by the Ministry of Natural Resources, to facilitate a police probe into alleged money laundering activities by Rasul.
Also sent home were General Manager, Lisaveta Ramotar, and her deputy, Andrea Seelochan. Ramotar is the daughter of former President, Donald Ramotar.
Rasul is alleged to have close links to senior officials at the GGB who turned a blind eye to his activities.
This would be the first major indication of how much of a relationship there was.
The Special Organised Crime Unit (SOCU), an arm of the police, which was asked to investigate the money laundering allegations against Rasul, would be looking also to see whether any GGB staffers colluded with the Bartica gold dealer in his activities.
According to the registry documents, SSS Minerals Trading Enterprise Inc. was incorporated on October 16, 2015.
Bullen had sworn to the Declaration of Compliance since March 26, 2015, indicating that the company took a number of months to be incorporated.
GGB’s Legal Officer: Suzanne Bullen
Investigators would want to know why GGB did not red-flag Rasul’s transactions.
The gold deal burst onto the gold trading scene last year, rapidly rising to become one of the biggest sellers to GGB.
According to data, between September to November last year, Rasul conducted over $7.6B in transactions with GGB, selling both at the Bartica branch and at the Upper Brickdam office.
What should have raised staffers’ suspicions was the fact that Rasul allegedly used a company he owned – R. Mining – to conduct the majority of his business with GGB.
There was a reason for this. Under regulations, mining companies are not required to pay the two percent tax. They are, however, mandated to pay the five percent tax.
In essence, Rasul is alleged to have bought gold through his gold dealing company, SSS Minerals, later passing it through R. Mining to the GGB.
Between September and November, the state reportedly lost an estimated $100M in taxes, because of what the gold dealer allegedly did. Those alleged transactions are said to be money laundering.
Rasul’s activities have drawn the attention of not only SOCU but also the Guyana Revenue Authority.
In recent weeks, a Lexus SUV and Toyota pickup, both bullet-proofed, were seized.
Investigators have also raided the Bartica and city operations of Rasul as well as the premises of his business associates.
Police have also seized several guns and a significant quantity of documents.
Rasul has also been charged with a $950M fraud at the Bartica branch of the Guyana Bank for Trade and Industry. He has been placed on $3M.
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