Rasul’s gold dealing licence suspended

May 14, 2017 News

Authorities have not renewed the licences for embattled Bartica gold dealer, Saddiqi ‘Bobby’ Rasul.

Not licensed: Saddiqi ‘Bobby’ Rasul.

Officials of the Guyana Gold Board (GGB), over the weekend, confirmed that several gold dealing licences have been given the green light for this year but not for Rasul’s company, SSS Minerals Trading.
This is because of money laundering accusations against the businessman for which there is an ongoing investigation.
It means that Rasul will have no authority to buy, sell or trade in gold pending the outcome of the investigations.
The officials indicated that the monitoring, to ensure that everything is above board, will be conducted by the Guyana Revenue Authority (GRA), GGB and the Guyana Geology and Mines Commission (GGMC).
However, it appears from photo evidence this past week that Rasul’s operations were continuing at both his Bartica, Region Seven offices, and at the one in Kitty, Georgetown. Persons were seen going in and out. It is unclear where the gold purchased by Rasul and his company was sold.
Rasul was arrested late March after the Guyana Bank for Trade and Industry Limited (GBTI) filed police complaints that he had allegedly defrauded them over $950M, said to be one of the biggest losses by a local bank in recent years.
According to the bank, Rasul deposited several cheques drawn on his Citizens Bank account to the GBTI branch at Bartica. A GBTI manager, without carrying out the necessary checks on ensuring the cheques were cleared or had funds, authorized payment to the tune of over $950M in a space of a few days in late March.
Several of Rasul’s employees and business associates were held for cashing those cheques.
Rasul had allegedly not told GBTI that his account at Citizens Bank had been closed a few days before because of suspicious transactions.
The bank manager had been sent home and has been cooperating with police over the matter.
Rasul was later slapped with several fraud charges and placed on $3M bail.
Those fraud allegations sparked a major probe into alleged money laundering activities by the businessman.
He allegedly used R. Mining Inc., a mining company he established to sell gold to the Guyana Gold Board. In so doing, he was not required to pay a two percent tax and the state lost at least $100M in taxes in just three months late last year.
Because gold has been highest foreign currency earner for Guyana in the last decade, the matter was reported by a concerned Government to police.
It was felt that GGB should have noticed that Rasul was constantly passing a significant amount of gold he purchased from miners to the state-owned entity. This was deliberately done to evade the two percent tax, it was believed.
However, GGB’s General Manager, Lisaveta Ramotar, in a statement had insisted that her agency was not mandated to make checks on Rasul and his company to see where his gold came from. Rather, this information was passed to the regulator, Financial Intelligence Unit, and the Guyana Geology and Mines Commission.
Ramotar, daughter of former President Donald Ramotar, was one of three senior officials of GGB sent home last month to facilitate the money laundering probe by the Special Organised Crime Unit, an arm of the police.
The two others were the deputy head, Andrea Seelochan and Suzanne Bullen, the Compliance/Legal Officer.
It was discovered that Bullen had helped established Rasul’s gold dealing company.
This was recorded on official documents filed at the business registry.
Rasul became one of the biggest gold dealers on the local scene last year, before his meteoric rise came crashing down last month.
Investigators have raided several properties, seizing armor-plated vehicles, including a Lexus jeep, luxury bikes, documents and cash.
Former Chief Justice (ag), Ian Chang, has come out of retirement to prosecute the case. On Thursday when the matter was called for report at the Bartica Police Station the prosecution made slight amendments to the charges. The matter was then adjourned to June 23, next.
Rasul is being represented by Sandil Kissoon.
The matter is being prosecuted by former Chief Justice Ian Chang.

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