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Legalizing stolen state assets

Oct 04, 2020 News

Cunning politicians use crooked middlemen to hold, receive or transfer stolen state assets. For example, politicians would have some of their shady friends establish shell companies, information about which the public cannot access. These companies would then be handed oil blocks or given other state assets.

In the past, bribes were paid into politicians’ secret bank accounts or that of their relatives. With stricter anti-money laundering and transparency laws, these bribes are now easily detectable. Corrupt politicians therefore have devised more elaborate schemes to legalize the proceeds of corrupt dealings.

One of the ways in which they do this is through secret, pre-arranged deals in which foreign oil companies would buy in to the state assets held by the shell companies of the friends of politicians.  The proceeds of these ‘buy-in’ transactions then become legal income for the politicians and their shady friends.

This is how dirty money is made clean. In the process, stolen state assets are disposed of and the earnings become legitimate money, while the public remains clueless.

State assets, such as land, can also be given out to middlemen who are either agents or fronts for crooked politicians, for them to execute Stage 2 of the scheme. This occurs when the lands are put on the open market and sold at a staggering profit.

The proceeds of these land sales make billionaires out of the politicians and their cronies, while ensuring that the monies earned are cleaned.  Just like a drug kingpin with his dirty money and a helpful bank, Guyanese politicians legitimize stolen property through the shell companies established by their cronies.

This is the massive Ponzi scheme which is being operated using state assets. The PPP/C has handed out the oil-rich Canje and Kaieteur oil blocks. The people of Guyana are clueless as to the identities of the persons behind the companies which have been given these blocks. The owners of these blocks reportedly sold a 35% share of each block to Exxon.

Not one blind cent of this multi-million dollar transaction is going to be seen, touched or shared with the ordinary man. It will remain within a closed circle.

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