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Jagdeo says ministers can own shares in companies, but must avoid conflict of interest
Kaieteur News- General Secretary of the People’s Progressive Party/Civic (PPP/C) and Vice President, Dr. Bharrat Jagdeo, has stated that while government ministers can hold shares in companies, they must not use their positions to influence business decisions or contracts in their favour.
He made these remarks during a press conference on Thursday, addressing questions about ministers’ involvement in private enterprises. The questions was raised in light of allegations made against government minister Deodat Indar, who has ties to a company operating in Guyana’s oil and gas industry.
When asked whether he was confident that Cabinet members were free of conflicts of interest, Jagdeo shared an example involving Indar who is the Minister within the Ministry of Public Works. He recounted a discussion held when the government first assumed office during the COVID-19 period.
“At that time, [Minister Indar] had ownership of some companies in the oil and gas sector…we told him he had to disengage from those interests or he could not serve as a minister,” Jagdeo said as he disclosed that the issue was raised back in 2020.
General Secretary of the People’s Progressive Party/Civic (PPP/C) and Vice President Dr. Bharrat Jagdeo (conflict of interest)
Jagdeo explained that Indar requested time to consult with his family before deciding. After which, Indar agreed to remove himself from the company. The Vice President said, “We made it clear that you must not use your position as a minister in any ministry to influence the award of contracts to you or to related companies.”
“There are many ministers who owned companies before taking office…but they cannot use their influence to steer business to those companies, and they must not operate within their own sector or ministry,” Jagdeo noted.
Additionally, he noted that all officials are required to declare their financial interests and earnings annually to the Integrity Commission. Jagdeo warned, “If you make a false declaration, you go to jail.”
When pressed about whether ministers beyond Indar were abiding by these rules, Jagdeo stressed that compliance with the Integrity Commission’s reporting requirements is non-negotiable. “Every minister and every Member of Parliament must file their Integrity Commission report by a specific date,” he said.
Jagdeo added, “If they own shares in companies, whether locally or abroad, they must declare it, provided its legitimate money.”
Moreover, Jagdeo said that he does not scrutinise the personal business of his party members beyond ensuring they adhere to the established rules. “I don’t look into their business if they own shares in Bank of America abroad, once they declare it, and they use their own money and legitimate money to do that, fine with me,” he said.
(Jagdeo says ministers can own shares in companies, but must avoid conflict of interest)
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