Beneficial Ownership

Jan 12, 2024 Editorial

Kaieteur News – Where there is a will, there is a way. A way is usually found if there is enough interest at the political leadership level to get things done. Beneficial ownership of this country’s rich natural resources has to be something that any self-respecting government would make its priority. Yet, for four years, there is this blankness of ignorance relative to who are the beneficial owners of lucrative mining concessions and operations in Guyana. It is baffling that something as basic as a register of the corporate license holders in the extractive sectors of Guyana is so difficult to compile, so elusive to put arms around.

Perhaps there is more in the mortar than the pestle on this issue of a register of beneficial corporate owners in the mining sector, as identified by the Extractive Industries and Transparency Initiative (EITI). It could be that an accurately compiled and up-to-date registry of mining concessions (licenses) would reveal too much. Therefore, in the usual fashion of governments with something that they prefer to stayout of the public eye, there is foot-dragging, pretense at tone deafness, or some fancy phrase about good intentions with regard to having a register. Other than for the pronounced foot-dragging, the PPPC Government has been study in silence and stillness where a registry of beneficial owners in the mining sector is concerned. This is not about small-scale miners also known as ‘pork-knockers’ but about the big players operating behind big business screens.

The idea behind such a registry, vital and revealing to be sure, is that there is a record. A record that conveys who is where, and how much of a presence they have in Guyana’s rich mining fields. The number of licenses they have, and the area or areas that they have been awarded to work. In addition, there would be a map that connects beneficial owners to other players, other awards, other places. In other words, the entire network of approvals and arrangements, as officially sanctioned, would be clear for anyone to follow. At the very least, there is a registry that makes such information available on demand.

Guyana is known for its abundance of natural resources. Guyana is also known for its rampant corruptions in many fields of endeavor. Mining is close to the top of the list, and a registry could provide the details on how the quid pro quo works. The relationship of recipients of mining licenses/awards to those who make the decisions about who qualifies for these rich concessions, and who should get them. There is a tremendous amount of power vested in government agents in the granting of what is required to operate a gold or diamond field in Guyana. How well, in terms of ethical, clean, and honest processing of the requests that come before them for a parcel of land to operate is what is at stake, and which a registry could go a long way in shedding some light on what went on.

Because this country is so thin, the existence of an accurate registry of beneficial owners could let a lot of cats out of the bag. This would not just be about locals, but include foreigners too. A senior government minister had spoken rather brightly about interest from top-of-the-linemining entities about coming to operate in our goldfields here. It would help to know the fullest details of who they are, and under what terms.

Once concessions have what is untarnished about them, then a registry is the best thing for both the government and interested citizens. If, however, there is the questionable present, then a registry could turn out to be the proverbial smoking gun, something to be suppressed. A registry of beneficial owners, given some of the disclosure requirements, could also facilitate the tracing of linkages, through the informal arrangements among unrelated individuals and entities.

Though it is painful, we remind everyone that it was President Ali himself who made the incredible claim that his government is about transparency. Somebody should tell him about the mining registry of corporate entities that is not in existence for four years. The absence of such a registry is not about transparency. It is secrecy in government.

corporate, Editorial, Extractive Industries and Transparency Initiative (EITI), Guyana, PPPC

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Beneficial Ownership

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Beneficial Ownership

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