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GGB defends export licence granted to miner caught with 30lbs of gold in 2011
The Guyana Gold Board (GGB) has defended the approval of an export licence earlier this year to a mining company whose principal was at the centre of a case in 2011.
Rylon Adolphus (left) and television reporter, Travis Chase (Courtesy of Action News)
It had been reported by online news outlet, Action News, that the Republic Park, East Bank Demerara home of Rylon Adolphus, a director of Adolphus Mining Inc., was searched in 2011, where several soap powder buckets of gold were found.
However, yesterday, the Gold Board said that that matter was settled and it was not held against the miner when it deliberated and process the application for the export licence.
The granting of the licence in March of this year came to light yesterday and immediately raised questions about the due diligence carried out by the Gold Board.
Sitting with Adolphus on the company that applied also is television reporter, Travis Chase.
Yesterday, in explaining the application for the coveted gold export licence, the Board confirmed that a dealer’s licence was approved for Adolphus Mining, Inc. for 2019. The licence expires at the end of the year.
The board disclosed also that Chase is a director of said entity.
“In the instance of Adolphus Mining, Inc., the GGB management and directorate conducted the required due diligence customary for all existing dealers, and any applicants for the issuance of a dealer’s license.”
According to the Gold Board, its management and board were aware of the circumstances surrounding the case of a quantity of gold that was brought before the then GGB management in 2011.
“With regard to the gold from 2011, additional due diligence revealed that: 1) the holder of that gold was the producer, now licensed as a dealer; 2) all reports and ensuing official inquiries, at that time (and by the current board), relative to that gold indicated the miner and his gold holding (were) involved a private conflict; 3) the gold was weighed at the GGB and full payment was made at market rates prevailing in 2011; and 4) there were neither charges nor court matters nor convictions nor fines nor anything prejudicial levied in relation to that gold.”
The Gold Board insisted that issues were all part of the review and approval process by management and the directorate of the GGB in 2018/19.
“There was nothing that militated materially against, or that did serve as an effective bar to the issuance of a gold dealer’s licence to Adolphus Mining, Inc. The GGB is concerned that it was not consulted for clarification prior to the release and publication of this news item, which both invades the privacy of the parties named, and casts a number of unfounded aspersions.”
With tough anti-money laundering, Gold Board has been stricter on conducting due diligence on persons who want to deal with gold.
With regards to Adolphus, it was reported that in May 2019, police acting on information searched a vehicle and found a .45 Glock semi-automatic gun and 60 matching rounds.
Information provided led the ranks to the home of Adolphus, where a search was initiated.
While conducting the search, officers discovered $2.4M and 30 pounds of gold hidden in soap powder buckets.
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