US$9B Audit Report should be publicised

Jun 08, 2022 Editorial

Kaieteur News – A Guyanese is pushing for something that represents what many others believe is needed (“US$9B audit report should be subject to Parliamentary scrutiny -Economist” KN June 5). It is a step with which we fully agree, and plan to lend our voice to in the days ahead, when the audit is completed. This would be both sensible and constructive, as it puts to rest whatever doubts the citizens of this country may have about the entire audit exercise, and the integrity of the process itself.
We would push to get to the bottom of this strange audit job now in the stages of early preparatory works, and for good reason. There is a single question already on the minds of Guyanese, and lacing the air, which is this: will Guyana get value for its money from this auditing of US$9B in expenses submitted by Exxon? This crucial first question is driven by a few from before; they build on each other, leaving with uncertainty and anxiety regarding what Guyana will get for its US$700,000 fee from our own Guyanese-led consortium, so to speak, of auditors.
First, Guyana’s Vice President had publicly lamented only a few months ago that we didn’t have the kind of skills required to conduct the audit, so how it is, all of a sudden, that he was able to identify this audit team that can deliver a professional audit report that probed deeply and expertly? What is there to say that Guyanese got a clean and credible audit? In other words, did citizens get value for their money?
Not so much for the US$700,000 (a pretty penny by itself) contract signed with the audit group, but did this audit team working on behalf of the people of this country get to the nuts and bolts of the US$9B in bills from Exxon? Or was it a pro forma exercise of going through the motions with no overpowering objective of really checking to determine the authenticity, legitimacy, and relevancy of the expenses submitted by Exxon?
We at this paper have no faith in the honesty and integrity of the people at Exxon when money is involved, and definitely not when such a huge amount is in the mix. The company has ripped us off and gouged us and taken advantage of us at every turn and opportunity in its relationship with this country. There is no reason to believe, no grounds on which to be confident, that Exxon did deal fairly and squarely with us in those reams of paper handed to Guyana, and the bottom line of which is that it is waiting to collect its US$9B, every single cent of it.
As we have shared before on more than one occasion, in a previous bill given to Guyana for slightly under a half billion in American dollars, expert scrutiny detected approximately 20 percent of the billings to be suspicious, hence questionable.
They don’t reconcile properly with accepted standards. This brings to another rough place for Guyana: if Exxon could have been so bold with a half billion US dollars, what would it not do when 18 times that amount is at play? After all, it gives the company more leeway to pull fast ones in attempts at pulling the wool over the eyes of Guyanese, and robbing them.
For all these reasons, it would be wise and practical for the finished product, the audit report, to be placed before Guyana’s Parliament. This is so that it can be given the broadest and deepest examination, if only to decide for ourselves that the audit team assembled by the PPP/C Government did justice by us. In fact, we believe that leaders in this PPP/C Government and from the audit team would welcome such a call, and support it, because that then puts to bed any distrusts that hover around the audit itself.
There is a lot at stake in this audit of Exxon’s multi-billion dollar expense claim. Guyana could be on the hook for all of it, if not done competently and professionally. Also, if the audit team does it in an acceptable manner for local political leaders, it stands that much lucrative business could be forthcoming soon enough.

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