The Natural Resource Governance Institute has named 12 major corruption red flags to look out for in the oil industry, and Guyana has ticked every box

Sep 28, 2020 News

Red Flag #1 – The government allows a seemingly unqualified company to compete for, or win an award
Red Flag #2 – A competing or winning company shows signs of having a Politically Exposed Person (PEP) as a hidden beneficial owner.
Red Flag #3 – The winning company or its owners sell out for a large profit without having done substantial work.
Red Flag #4 – A company or individual with a history of controversy or criminal behaviour competes for, or wins, an award.
Red Flag #5 – A competing or winning company has a shareholder or other business relationship with a politically exposed person (PEP), or a company in which a PEP has an interest.
Red Flag #6 – An official with influence over the selection process has a conflict of interest.
Red Flag #7 – An official intervenes in the award process, resulting in benefit to a particular company.
Red Flag #8 – A company provides payments, gifts or favours to a PEP with influence over the selection process.
Red Flag #9 – The agreed terms of the award deviate significantly from industry or market norms
Red Flag #10 – Competition is deliberately constrained in the award process.
Red Flag #11 – A company uses a third-party intermediary to gain an advantage in the award.
Red Flag #12 – A payment made by the winning company is diverted away from the appropriate government account.

PPP/C and APNU+AFC have allowed Guyana’s international reputation to be stained by corruption, hurting Guyana’s chances of attracting prudent investors, and encouraging corrupt oil companies to come to our shores.

Guyanese, demand better from your leaders!

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News