Latest update November 30th, 2024 1:00 AM

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

Latest News

ExxonMobil’s US$18M signing bonus earned $103M in interest- Audit Office

Jan 05, 2020 News

The Auditor General report of 2018 has revealed that $103M in interest was earned over a 26-month period from the US$18M signing bonus.
The signature bonus was a controversial sum that Guyana agreed to accept in 2016 after signing a production agreement with the US-headquartered oil giant, ExxonMobil.
Oil was discovered in 2015. Then the Coalition Government approving and signing off on the production sharing agreement (PSA).
In return, the country received a one-off US$18M bonus, which only came to light after the Government was questioned time and again.
Government later said that the money was kept under wraps as it was earmarked to fight a World Court border case against Venezuela.
The Auditor General report of 2018, which was leaked yesterday, did flag the bonus.
According to the Audit Office, on October 31, 2016, the Government of Guyana received the sum of US$18M or G$3.717B from ExxonMobil as a signing bonus. This amount was deposited into the Ministry of Finance’s ExxonMobil Account №. 845L5086 at Bank of Guyana.
The Bank maintained cash and investment accounts to independently account for proceeds from investments.
According to the audit report, during the period November 9, 2016 to November 17, 2016, amounts totalling US$15.831M or G$3.269B were transferred to the investment account and used to purchase overseas bonds.
The balance of US$2.176M or G$449M remained in the Account №. 845L5086.
“The Government of Guyana earned interest of US$498,775 or G$103.629M from its investments during the period 9 November 2016 to 31 December 2018, while Account №. 845L5086 interest totalled US$2,889 or G$598,443.”
In January 2019, the value of investments appreciated to US$14.545M from US$14.477M, an increase of US$67,705.
According to the report, the ExxonMobil Signature Bonus was transferred from Bank of Guyana and paid into the Consolidated Fund Bank Account in 2018 and 2019.

Similar Articles

The Glenn Lall Show | November, 20th, 2024

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

Battle for Glory: Petra-MVP Sports Girls U11 Football Championship reaches thrilling Semi-Final Stage

Battle for Glory: Petra-MVP Sports Girls U11 Football Championship...

Nov 30, 2024

  Kaieteur Sports – The road to the 2024 MVP Sports-Petra Organisation Girls Under-11 Football Championship title narrows today as the tournament moves into its highly anticipated...
Read More
Dinar Trading and Forrester’s Concrete solidify support

Dinar Trading and Forrester’s Concrete solidify...

Nov 30, 2024

Linden vs. Georgetown rivalry takes centre stage at GBF Elite 16 Finals

Linden vs. Georgetown rivalry takes centre stage...

Nov 30, 2024

Diamond Mineral Water Indoor Hockey Tournament heats up ahead of Sunday’s Finale

Diamond Mineral Water Indoor Hockey Tournament...

Nov 30, 2024

Top athletes and officials recognized at 2023 National Sports Awards

Top athletes and officials recognized at 2023...

Nov 30, 2024

Guyana Beverages Inc. partners with GFF for Maid Marian Wheat Up Women’s Cup

Guyana Beverages Inc. partners with GFF for Maid...

Nov 29, 2024

Features/Columnists

  • The Windfall Tax paradox

    …Peeping Tom Kaieteur News- It is a curious feature of the modern age that the more complex our agreements, the more... more

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 […]