Latest update February 7th, 2025 2:57 PM

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

Latest News

Audit results and its impact

Nov 08, 2023 Letters

Dear Editor,

The work done by the consortium of auditing firms, Ramdihal& Haynes Inc., Eclisar Financial, and Vitality Accounting and Consultancy Inc., with backing from Martindale Consultants, have identified the unauthorized expenditures that have inflated the costs of the EMGL financial statements. In particular, the auditors point out the unlawful disbursement of funds from the Liza 1 and 2 revenue streams for activities in the Kaieteur and Canje blocks, as well as other expenditures not related to the extraction of oil from Liza 1 and 2. This dishonorable action by EMGL signals the utter contempt EMGL has for Guyana.

Recognizing that EMGL would not engage in this behavior in the USA, where financial penalties would unreservedly be imposed by the appropriate government department, several questions can be raised at this juncture:

  1. First, will this unprofessional behavior continue on future projects in the Stabroek block, given that EMGL claims that they have invested US$50.00 billion dollars?
  2. Second, can the auditors have access to the EMGL financial documentation in real time, not years later, so that this deceitful behavior can be terminated before it impacts Guyana share of total revenue?
  3. Third, going forward, can a simple system be commissioned in real time of counting barrels so that Guyana can receive its fair and equitable share? This approach of counting barrels will establish a transparent system that is currently lacking; it will not violate ‘the supposedly inviolable contract sanctity cause of unending serfdom of Guyana’; and moreover, this approach will allow the full breakeven level of output to be determined and the correct profit level to be derived. Incidentally, the current 75 percent of total revenue that is allocated as total cost is a fake cost measure, since it violates the elements that are included in a cost function.

In conclusion, the Government of Guyana must change this EMGL unjustified behavior that is occurring on your watch; for no one else can be blamed for this lack of timely follow up.  And may I also add that both CBJ and LFSB would be fired up on this matter and see this completed without delay.

Sincerely,

Dr. C. Kenrick Hunte

Professor and Former Ambassador

Similar Articles

The Glenn Lall Show | February, 3rd, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Corbin century, fast-bowlers give CCC lead as champs face stern Day 3 test

Corbin century, fast-bowlers give CCC lead as champs face stern Day 3...

Feb 07, 2025

2025 CWI Regional 4-Day Championships Round 2…GHE vs. CCC Day 2 -Eagles (1st innings 166-6, Imlach 58*) trail CCC by 209 runs  Kaieteur Sports- Combined Campuses and Colleges (CCC) owned Day 2...
Read More
Powerlifting to kick off year with Novices/Juniors on February 16

Powerlifting to kick off year with...

Feb 07, 2025

North Essequibo cart off ECB Busta-sponsored T20 trophy

North Essequibo cart off ECB Busta-sponsored T20...

Feb 07, 2025

Construction progress of five New Stadiums, Palmyra leading the charge

Construction progress of five New Stadiums,...

Feb 07, 2025

Inclement weather forces BCB to halt cricket competitions in Berbice

Inclement weather forces BCB to halt cricket...

Feb 07, 2025

EBDCA/D&R Construction 40-Over Cricket Competition continues

EBDCA/D&R Construction 40-Over Cricket...

Feb 06, 2025

Features/Columnists

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 […]