Latest update July 23rd, 2026 12:03 AM
Gas-to-Energy contractor sourcing materials, services at inflated costs from shell companies
Invoices showing shell companies procuring materials on behalf of Lindsayca Guyana Inc. and the company clearly making purchases from Lindsayca RD SAS, which shares the same owner as the company executing works on the local GTE project.
Kaieteur News – As project costs continue to balloon through luxurious private flights and multimillion-dollar disputes, Gas-to-Energy (GTE) contractor, Lindsayca has been growing its profit margin as the government turns a blind eye to the questionable business practices being carried out blatantly.
Not only is Lindsayca not paying any taxes to this country, but the company has found a way to further bleed Guyana’s treasury, sourcing materials and services from itself through shell companies set up abroad.
Documents seen by this newspaper indicate that the contractor is linked to two shell companies in Puerto Rico, where the company pipes its profits.
In fact, the investigation into the contractors’ corporate structure reveals a deliberate strategy to utilise Puerto Rico’s Act 60 (the Incentives Code) to shield profits from both Guyanese and U.S. mainland taxes.
The paper trail leads directly to the Puerto Rico Department of State. Key entities sit at the heart of this financial web: Lindsayca PR LLC (Registry File #508178-112) and Lindsayca CH4 Development PR LLC (Registry File #530147-1511). These are not operational centers of engineering but high-efficiency tax shields.
Sources familiar with the company explained, “By routing the project’s financial transactions through these San Juan shells, the executives can claim a staggering 4% corporate tax rate and 0% tax on capital gains.”
The rabbit hole deepens with the involvement of Venequip Puerto Rico LLC (Registry File #401268-1511), an entity tied to the Venezuelan Bellosta family. This specific registry entry exposes a critical question: Why does a project requiring transparency maintain a network of related-party shell companies in a tax haven? Information received by this newspaper suggests that these entities serve to create “synthetic” costs, allowing the contractors to “sell” services and equipment to themselves at inflated rates.
According to invoices and official company records seen by Kaieteur News, COMMONWEALTH PROCUREMENT LLC; CH4 Systems LLC and BANCO SAN JUAN INTERNACIONAL INC. are all registered in Puerto Rico and share the same address.
One invoice acquired by this newspaper shows that COMMONWEALTH PROCUREMENT LLC, run by Hector Fuentes- the same owner of Lindsayca Guyana- made several purchases from Mexico for the GTE project in Guyana. Notably, the transaction was not carried out by the company contracted by Guyana but through one of its shells.
More invoices exposed Siemens Energy Transformer Company making a purchase on behalf of COMMONWEALTH PROCUREMENT LLC, again raising red flags.
In a more blatant transaction, Lindsayca Guyana Inc. made a direct purchase from Lindsayca RD SAS, a shell company operating in the Dominican Republic and shares the same owners, Hector and Jesus Fuentes Guaimare.
Instead of purchasing equipment directly from the supplier, Lindsayca has been using these entities to procure materials, which it would then repurchase, driving up the cost of the infrastructure at Wales, West Bank Demerara and enriching its owners while Guyanese suffer endless blackouts and high electricity costs.
Sources explained, “By allowing the contractor to operate through these shells, the government permits the consortium to “manufacture a loss” in-country while stashing the actual profits overseas. We are now seeing the endgame of this shell game: while the contractors claim they have “run out of funds” and are currently demanding an additional US$250 million in arbitration disputes, their offshore accounts are ballooning.”
The government is essentially turning a blind eye to this financial bleeding through its failure to audit related-party transactions.
With such blatant offshore maneuvering, one must ask: How do Winston Brassington and the Gas-to-Energy Task Force allow Lindsayca to continue to qualify and bid for the most critical projects in the country—such as GAUP (the ammonia and urea plant), Gas-to-Energy Phase II, the Refinery RFP, and the NGL Operation?
Share this:
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
One thought on “Gas-to-Energy contractor sourcing materials, services at inflated costs from shell companies”
Blunt of the day
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
share GTE news