Latest update November 22nd, 2024 1:00 AM
Latest News
- Exxon wants new oil block on own terms
- Indian companies eye Guyana’s oil
- ICC issues arrest warrant for Israeli PM Netanyahu for ‘war crimes’ in Gaza
- Developing countries should not be curtailed in exploiting natural resources- PM Modi tells Parliament
- Govt- owned Marriott sells VP Jagdeo expired soft drink
Guyana’s oil fund not insulated from theft, corruption
…Opposition renews call for Jagdeo to stay away
Kaieteur News – The main Opposition- (APNU + AFC) does not believe that the Natural Resource Fund (NRF) will be devoid from theft and corruption and is insisting that an independent investigation be conducted into the damning allegations made against Vice President Bharrat Jagdeo in a Vice News documentary.
Economic and Youth Policy Adviser at Office of the Leader of the Opposition, Elson Low
The Coalition’s call for an independent probe to done hinges on the fact that the Vice President has been managing the country’s multibillion US dollar oil and gas sector.
It was the Economic and Youth Policy Adviser at Office of the Leader of the Opposition, Elson Low who shared this view on Tuesday during a Press Conference. Low reasoned, “Now that the members of the committees of the Natural Resources Fund have been appointed, Guyanese must stand ready to face the challenges that a sovereign wealth fund can bring. We have seen corruption and theft in Guyana before, but Sovereign Wealth Funds, by virtue of their sheer size, can result in monumental losses through both abuse and corruption.”
Vice President, Bharrat Jagdeo
He even listed two examples where countries lost billions of US-dollars due to corrupt Government officials that were left in charge. To this end the Opposition said, “It is unfortunate that we will not avoid such a tragedy because management of the oil sector is in the control of [people] who have been accused of bribery and corruption.” Low continued, “Clearly, the Government is complicit in the condoning of illegal activities and must be blamed for accommodating and encouraging corruption and bribery. This situation will result in further hopelessness.”
The Opposition believes that members of the recently appointed NRF Board as well as the Public Accountability and Oversight Committee, and an Investment Committee must file asset declarations to the Integrity Commission and failure to comply with this requirement should result in that member being removed from the respective body.
Low explained, “even though we continue to protest the PPP’s changes to the Natural Resources Fund Act, we want to ask the committee members to act in a faithful, patriotic, and professional manner. We want to ask them to always put Guyana first, remaining eagle-eyed as the nation’s savings pass under their gaze.”
The Government in its Mid-Year Report said in the first six months of the year, a total of 34.6 million barrels of oil was produced, compared with 20.2 million barrels during the same period last year. Moreover, it pointed out, “Given the outturn in the first half of the year, total production is expected to reach 93.6 million barrels by year-end, and with elevated prices supporting the sector, annual growth for 2022 is now targeted at 113 percent.”
As at June 2022, the Ministry of Finance reported that the oil and gas subsector expanded by 73.5 percent when compared with the first half of 2021. This was due to the second Floating Production Storage and Offloading Vessel (FPSO) starting up operations at the Liza Two Field in the Stabroek Block in February.
In an earlier media engagement, Low argued that the Vice President should not be involved in the upcoming auction of the oil blocks. He said the serious allegations of bribery and corruption levelled against Jagdeo is a clear indication that the official must not be especially involved in the business of oil. “His involvement sends the message that the Ali Government condones corruption and is complicit in the alleged illegal activities for which the VP is accused. Only his removal from office and a credible international investigation will change that reality,” he contended.
Back in June, a Vice News documentary was aired in which the Vice President’s friend, Su Zhirong told the undercover reporters that he collects bribes in order to award major contracts. Jagdeo has denied the allegations and have slapped the Chinese businessman with a lawsuit. However, while President Irfaan Ali has said that he is not opposed to an investigation, a probe is yet to be launched in this regard.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
A false panacea for electoral integrity
…Peeping Tom kaieteur News – Advocates for fingerprint verification in Guyana’s elections herald it as... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
