Gold Board parts company with suspended GM, other officials

Jan 03, 2018 News

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– Thompson confirmed as new Chief

The Guyana Gold Board (GGB) has opted not to renew the contracts of three senior officials, including its head. The three were sent home last year amid investigations of alleged collusion.
Rather, effective January 1, 2018, its General Manager (ag), Eondrene Thompson, has been confirmed to that key position, the Ministry of Natural Resources announced yesterday.
“The Guyana Gold Board (GGB) announces the appointment of Miss Eondrene Thompson as its new General Manager, effective January 1, 2018. Miss Thompson, who was the substantive Finance Manager, has acted as GM since April 24, 2017 when the then GM, Ms. Lisa Ramotar, along with two other senior officers were sent on administrative leave.”
GGB disclosed that its Board of Directors unanimously agreed that the GGB needs to proceed in a new direction under new leadership.
“The board holds in high regard the integrity, skills, and commitment of Miss Thompson to positioning and leading the organisation forward. The new GM has been at the Gold Board since March, 2010 after a 15-year-stint at the Bank of Guyana. She is a graduate of the University of Guyana and holds an Executive MBA in Executive Leadership from Liverpool John Moores University.”
Explaining the decision on the three officials, GGB said that the contracts expired on December 31, 2017.
“In keeping with its visions of new direction and new leadership, the Board of Directors decided not to renew the contractual relationships.”
Last April, the then General Manager, Ramotar, was written to by Minister of Natural Resources, Raphael Trotman, who indicated that the police requested several staffers to be sent on leave to facilitate the investigations.
Ramotar is the daughter of former President, Donald Ramotar.
The investigations were being conducted by the Special Organised Crime Unit (SOCU), an arm of the police, which has been focusing on financial crimes.
In addition to Ramotar, also to receive letters were Deputy General Manager, Andrea Seelochan, and Legal/Compliance Officer, Suzanne Bullen.
According to the letter to Ramotar, the police have commenced an investigation into allegations of money laundering and suspected involvement of staff members of GGB.
The ministry said it is giving the police its full support and cooperation.
Trotman said that it was decided to send the three on administrative leave, with immediate effect, to allow the police to complete their investigation.

“Further, you are expected to continue to cooperate with the investigating ranks in the conduct of the investigation.”
Ramotar was also told that on the completion of the investigation, she will be advised further.
The troubles at the GGB came to the fore earlier last year when news broke that Bartica gold dealer, Saddiqi ‘Bobby’ Rasul, was arrested in a $950M fraud at the Guyana Bank For Trade and Industry.
The alleged fraud saw the police later charging Rasul with several counts and placing him on $3M bail.
Former Chief Justice (ag), Ian Chang, was hired from retirement to perform the duties as a special prosecutor.
Details of Rasul’s transactions with GGB later came to light and it was alleged that the businessman, who has interests in several parts of the country, including Bartica and the city, was involved in questionable transactions with GGB.
It was alleged that Rasul and his gold dealing and mining companies allegedly cooked up a scheme in which he sold gold purchased as mined ones through his mining company. He allegedly as a result defrauded the state of almost $100M in taxes over a three-month period late last year.
It is being argued that Gold Board dropped the ball on Rasul and should have picked up the glaring discrepancies.
Investigators believed that Rasul allegedly laundered his proceeds into vehicles, properties and his businesses. He reportedly owned a security firm to which several gun licences were issued.
SOCU, since being handed the matter by police to investigate, has conducted several raids to properties in Kitty, Prashad Nagar, Bartica, and Essequibo Coast, arresting staffers and business colleagues, and seizing luxury bikes, a jet ski and guns.
With regards to GGB and the Guyana Geology and Mines Commission, it is believed enough attention was not paid to Rasul’s activities despite red flags.
It was reported that Bullen, in a clear conflict of interest, even helped form the gold dealing company of Rasul. She would have had, as part of her work at the GGB, to be responsible for monitoring Rasul.
Rasul’s gold dealing licence has since been revoked and he has lost permits for a number of weapons.
SOCU has recommended charges against GGB staffers but the Director of Public Prosecutions has asked investigators to provide more information.
Gold Board is a key revenue earning agency for the Government. It has been responsible of earning the most foreign currency in any sector, beating out rice and sugar.

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