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GuyOil confirms probe into $$M wire transfer fraud

May 22, 2018 News

The Guyana Oil Company Limited (GuyOil) has confirmed that an investigation is underway over the transfer of funds to a supplier.
Kaieteur News reported last week that a senior official was sent on administrative leave over $48M that was allegedly transferred.
Yesterday, the company said that no employee of the company was dismissed as a result of missing monies.
“The Company recently transferred funds to a supplier who claimed that they had not received the funds. As such, an investigation has been launched and is ongoing.”
The company did not confirm that an employee was sent on leave.
The discovery of the alleged fraud was made at the state-owned company earlier this month.
According to sources, the senior official allegedly oversaw the wire transfer of around US$230,000 to an account overseas.
Kaieteur News was told that the official claimed to have received a request to transfer the monies to an account of Castrol, a major supplier of GuyOil.
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 senior official and others may have played and whether the actions were deliberate. It is unclear whether the monies were withdrawn.
GuyOil runs a string of service stations and is the largest seller of fuel to the local market.

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