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US$25M Hayven loan

Mar 20, 2024 Editorial

Kaieteur News – Sometimes the soup in this country can be too thick for the liking of citizens. There is a certain smell that strikes the nostrils because the ingredients have too much robustness about them, raise eyebrows.

The reports in the media of the New Hayven Merchant Bank (NHMB) securing a US$25M loan for the Vreed-en-Hoop Shore-base Inc. (VEHSI) gives every appearance of such a soupy situation.  For sure, there is nothing that could be questioned about the bank arranging a relatively sizable loan for a key presence in Guyana’s oil and gas sector, for that is what banks do.  It’s the other business that a leading figure in NHMB is involved in that prompts some concern at this paper.  It should be the same in other places in Guyana.

One of the driving forces in the arrival and reach of NHMB is Mr. Floyd Haynes, a Guyanese born business power, one that grows locally. He was a principal presence in an audit consortium that completed a sensitive audit of billions of ExxonMobil’s Guyana expenses.  Some issues were taken with that audit, which touched on areas that ranged from its Terms of Reference (ToR) to its depth to its findings.  The question was how much value Guyana got from that audit.  A related and bigger one was that, notwithstanding its limited ToR and its non-forensic nature, how much more went undiscovered, hence lost to Guyana’s serious disadvantage.  Some Guyanese did speak out against the relationship between the audit consortium and leading members of the Guyana Government.  It was too cozy for comfort, even when that rare factor in Guyanese life is accounted for, which is professionalism of an impeccable order.

When some setups and arrangements have too smooth of a look, then sliding is feared. To present another way, when auditors are too close to politicians, it starts to be a worrying matter.  For when there is this neatness of circumstances, there is one regular loser.  The people of Guyana lose over and over, with a paper bag placed over their heads, and all kinds of expensive games played with them. They do not get what is their due, they keep being made into fools.  One of the foolish developments after that ExxonMobil audit has been the PPPC Government’s continuing resistance to releasing the final report. The resistance could be based on two factors.  What could be said of the quality of the audit itself and what kind of business ExxonMobil is running in this country’s oil operations. That is, a straight one, or a twisted, trick-filled one. The government’s keeping that audit report secret is not right, with Mr. Haynes having done what the situation called for, and probably as expected. There remains the lingering sentiment among Guyanese that that audit could have been bettered.

Now the announcement of the US$25M for the VEHSI group followed soon after a prior media notice that the Floyd Haynes audit team (with possibly some new presences) has bid to audit the 2021, 2022, and 2023 expenses of ExxonMobil.  There should be concerns about this audit bid, given the NHMB’s role in the loan for VEHSI, and Haynes’ key role in both the audit group and bank.  Anyhow looked at, there is a conflict of interest, either its appearance or the reality of it.  Due to the size of its business, VEHSI should have some linkage to oil and gas operations and ExxonMobil, however limited.  But NHMB got a loan for it, and its principal is bidding to do sensitive audit work for Guyana on ExxonMobil’s expenses.  NHMB can have any part of a major financing of an oil and gas operation, but the same cannot be said for one of its most senior officers being potentially close to an ExxonMobil audit.  This does not sit well, and it is just plain unacceptable.

What is good for VEHSI, good for NHMB, good for the Haynes audit group, good for the PPPC Government, and good for ExxonMobil is not necessarily good for Guyanese.  There are too many seeming conflicts leading to what could forever be found fault with and condemned.  We think that the Haynes audit group should withdraw its bid for 2021-23 ExxonMobil audit work.

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