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Jagdeo maintains full audit report online
– despite auditors say some 40 pages missing
Kaieteur News – Vice President (VP) Bharrat Jagdeo is maintaining that the full report for the second audit conducted by local consortium VHE Consulting was published online, despite auditors said that around 40 pages of the original document are missing.
Vice President, Bharrat Jagdeo
On Thursday, at his weekly press conference held at Office of the President, the VP was asked by this publication, “given the fact that the auditors in the local consortium have confirmed with the Kaieteur News that the audit report they handed over was 170 pages but the one published online is 135, are you still maintaining that the full report was published?”
Jagdeo in response asked, “which, auditor confirmed that? When you can confirm the auditor that confirmed… who told you this then I’ll answer that question.”
The reporter then asked, “So you are sticking with the notion that the full audit report is online?” The VP then explained that, “The auditors said to me…I asked the Ministry of Natural Resources, did you put up the whole report that you received from the auditors? They said to me, yes we uploaded the full report.” He then explained that he was informed that the management report was a separate document and the auditors advised that it be kept out of Exxon’s eyes. “They said the management report is separate, we got a letter from the auditors, we were told by the auditors and then we got a letter to confirm it. Ensure that ExxonMobil does not see it. That’s it. So they told me and I believed them more than the Kaieteur News so if you can’t identify the person who told you that I’m not responding to it. Let’s move on.”
This publication previously reported that the auditors that were integrally involved in the review of the US$7.3B expenses incurred by U.S. oil major, ExxonMobil, between the period 2018 and 2020 have denied that the full report prepared by the team has been published online. VHE Consulting, a partnership between Ramdihal & Haynes Inc; Eclisar Financial; and Vitality Accounting & Consultancy Inc. was recruited by the Government of Guyana back in May 2022 to conduct a cost recovery audit of the company. The local consortium was supported by International firm- Martindale Consultants. Sources close to the process explained that approximately 40 pages of the audit report have not been included in the document that was made public by the government. The source told Kaieteur News, “The audit team submitted a detailed report of approximately 170 pages, including a manager’s report to the Ministry.” The document available online however consists of 135 pages.
Opposition Advisor and Economist, Elson Lowe has raised concerns over the issue. Lowe also called out the government’s behaviour saying it is a red flag for the nation and that such actions should be considered a criminal offence. He further questioned what were the expenses Guyana’s leaders did not want the public to see? Lowe said that, “Government’s decision to hide dozens of pages of Guyana’s second oil audit is both shocking and extremely suspicious. What are the expenses that they do not want the Guyanese people to see? This is a continuation of the government’s policy of extreme secrecy when it comes to Guyana’s oil industry.” Lowe reiterated that it should be a criminal offence to not audit the expenses of incurred offshore from the offshore oil operations which government seems reluctant to do but it should also be considered an offence to hide the results of audits from the Guyanese citizens.
“There should be a set process and timeline for the completion and release of audits. Given the huge sums involved, this issue must bear the highest degree of transparency and accountability,” he added. The economist highlighted that this was one of the numerous issues highlighted by the audit that government may be hiding. Reiterating the call for local capacity building and for international experts to be hired as well, to ensure that Guyana receives the highest quality of audits in the future, Lowe said that, “we demand that the full second audit be released immediately.”
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