Latest update November 4th, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Alleged $200B procurement fraud under PPP…‘How come SARA can’t charge someone for $1M?’ – Jagdeo

Jul 17, 2018 News

Opposition Leader, Bharrat Jagdeo is questioning the assertions made by the State Assets Recovery Agency (SARA) of $200B in state assets lost under the previous People’s Progressive Party (PPP) administration.
SARA’s Chief Executive Officer, Aubrey Heath-Retemyer recently indicated that through procurement fraud, the state lost between $28B and $35B every year between 2010 and 2014.
“If so much money was stolen why is it you can’t charge someone up to now for $1M of the $35B that was stolen per year?” Jagdeo questioned recently.
As it relates to illicit capital flights, Heath-Retemyer outlined that some $90B was lost, while the underground economy accounted for about $100 billion. He outlined ‘that and the underground economy are now almost nonexistent’.
Jagdeo reasoned that the underground economy is larger than drugs and, for example, comprises taxi drivers and vendors who are not paying taxes.
The Opposition Leader indicated that the formal economy is tanking because of the policies of the Government and not because efforts to clean up the underground economy are working.
Heath-Retemyer has indicated that SARA is working on a number of activities to change the culture and behaviour of people as it relates to corruption. He added that the anti-corruption legislation will be strengthened, since corruption is corrosive and impairs good governance.
Heath-Retemyer said that to date, over two million acres of lands have been retrieved; there was also the seizure of some amount of gold,
He noted that some people complain that the government should “let the drugs flow” because they would get jobs.
“But, if drugs were allowed, and the underground community continued to flourish, you could have lost your sons and daughters to kidnapping and ransom. We were at the point where there would have been serious problems,” Heath-Retemyer reflected.
He noted that the international community also informed the agency that the country was losing 15,000 ounces of gold per week, so the efforts to reduce corruption are well worth it.

Similar Articles

The Glenn Lall Show | September. 30th, 2024

Follow on Tik Tok @Glennlall

October 1st turn off your lights to bring about a change!

THE BLUNT OF THE DAY

Sports

Williams and Wharton register hat-tricks as Round 2 of Republic Bank U18 League heats up

Williams and Wharton register hat-tricks as Round 2 of Republic Bank...

Nov 04, 2024

– Chase, Waramuri also with victories Kaieteur Sports – The Republic Bank Schools Under-18 Football League kicked off its second round with a thrilling display of skill and grit yesterday...
Read More
Richards’ unbeaten half-century helps Pride steal 1-wicket win over GHE

Richards’ unbeaten half-century helps Pride...

Nov 04, 2024

Sammy lauds Hope’s heroics but urges stronger bowling effort ahead of ODI decider

Sammy lauds Hope’s heroics but urges stronger...

Nov 04, 2024

Deonandan spearheads RHT Farfan and Mendes Ltd into semis

Deonandan spearheads RHT Farfan and Mendes Ltd...

Nov 04, 2024

RHTYSC hails its eight GCB and CWI-contracted players

RHTYSC hails its eight GCB and CWI-contracted...

Nov 04, 2024

Hamilton Green KO Football C/ship now shifted to November 8 start

Hamilton Green KO Football C/ship now shifted to...

Nov 04, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]