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GuyOil’s Finance Manager on leave after $48M wire transfer fraud

May 19, 2018 News

The Finance Manager of the Guyana Oil Company (GuyOil), Uma Daniels, has been sent on administrative leave after a multi-million dollar fraud was uncovered.
The discovery of the fraud was made at the state-owned company earlier this month.
According to sources, the Finance Manager allegedly oversaw the wire transfer of around US$230,000 to an account overseas.
While details were sketchy, Kaieteur News was told that the Finance Manager claimed she received a request to transfer the monies to an account of Castrol, a major supplier of GuyOil.
Apparently, not much attention and the necessary checks and balances were followed to verify the account.
At the end of the day, GuyOil transferred the monies to an account that was not Castrol’s.
Investigators are trying to determine what role, if any, the Finance Manager and others may have played.
It was also reported that a similar attempt was made not so long ago for GuyOil to transfer monies but officials became suspicious and did not go through with the payments. At the time, Ms. Daniels was the Internal Auditor.
GuyOil runs a string of service stations and the largest seller of fuel to the local market.
However, there have been allegations over the years of runnings within the entity.

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