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-Canadian Mint suspends processing its metal over allegation

December 31, 2020

Source

The Guyana Gold Board (GGB) is currently investigating allegations made to the Minerals Grievance Platform (MGP) that  local large-scale gold trader, El Dorado Trading is connected to illegally sourced Venezuelan gold, a claim the company denied vehemently yesterday.

Meanwhile, following the allegation, the Royal Canadian Mint (RCM) has suspended the intake of  El Dorado gold from the GGB until further notice.

El Dorado yesterday rejected the allegations which were filed with the MGP, saying that there is not “an iota or ounce of truth to the claims” and that the investigations will not only vindicate it, but show how easy it is for not only a company’s name to be tarnished, but a country’s entire sector put in fear of blacklisting because of “haters or fear of competition”.

“The matter is being investigated by the Gold Board,” Chairman of the Gold Board and Bank of Guyana Governor Gobind Ganga told Stabroek News yesterday when contacted for comment.

El Dorado Trading is a Guyana Gold board client while the GGB is a customer of RCM. As such, complaints from the Mint have to be registered with the Gold Board here.

It has been noted that El Dorado Trading is the only local company which supplies gold to the Gold Board that is then supplied to the Canadian Mint.

Chief Executive Officer of El Dorado Trading, Tamesh Jagmoghan told this newspaper yesterday that he was not worried and that anyone could file a grievance but that when such action is taken, it not only puts a business establishment under a negative spotlight but the country could be impacted. He said he would hope that when the investigation is completed and his company’s name is cleared, a lesson would be learned by the person or persons who filed the grievance about the implications it could have.

“Totally untrue! There is no trace, not the slightest … that Venezuelan gold is seeping into our supply chain. We welcome the investigation because we are confident that the public will see this as just what it is,” Jagmohan said.

But he said he understands that given global standards and protocols that the Mint would procedurally put on hold any acceptance of metal from a company whose name has been tied to a severe complaint such as trading with sanctioned Venezuela.

Following prior correspondence and calls between the RMC and the Guyana Gold Board about allegations levelled at El Dorado, the RCM wrote to the General Manager of the Gold Board, Eondrene Thompson, on August 19 informing of the suspension of El Dorado gold.

“Further to our letter of August 13th 2020 and our call earlier today, this letter is to inform you of the latest developments related to allegations leveled against El Dorado and the Mint’s response,” the letter, signed by Andrea Kniewasser, Director, Regulatory Affairs (Compliance),  stated.

LBMA

It continued, “Last week, the London Bullion Mark Association (LBMA) contacted the Mint to advise that a grievance has been filed via the Minerals Grievance Platform (MGP) (of which the LBMA is a co-partner), connecting El Dorado to illegally sourced Venezuelan gold. Please be advised that the Mint is suspending any material from El Dorado coming into the Mint’s supply chain effective immediately and until further notice.”

The letter said that the Mint confirmed that all Advance Shipment Notices for GGB must continue to include the identification of all gold dealers and/or customers whose material comprises the shipment.

And from the correspondence, it seemed that the Mint had requested of the GGB  compliance-related documents and  information on any investigation underway.

“With respect to the outstanding compliance-related documents requested in our letter of August 13th as well as details of any GGB measures and/or investigations underway, kindly advise us when we can expect to receive the information as prompt attention to this matter is needed,” the letter said.

When contacted, the Gold Board General Manager told Stabroek News  that she did not want to discuss the issue because of the ongoing investigation. “There is an ongoing process and I am not too keen on discussing the matter,” she said.

Questioned on her decision, she explained, “My discussing that will more than likely interfere with the process…it is a situation under review,” Thompson said.

Asked if the Board had discussed the matter, she said that she could not speak for the Board and referred the newspaper to Chairman  Ganga.  Ganga would only say that the investigation is ongoing and he too cautioned about the sensitivity of the issue.

Sources close to the investigation told this newspaper that from initial findings over the more than three-month period, there has been “no evidence to substantiate the claims” against El Dorado.

“No one has even seen any Venezuelan sell to the company. And if they did, they must come forward with the evidence. You have to understand that there is no way to really trace gold but common sense would show a lot things. Gold prices are currently high and local miners are finding the metal. This country doesn’t trade in U.S dollars that is needed for trade in Venezuela and Guyana currency is of no value there. These allegations are serious against this country also,” the source said.

Jagmohan echoed what the source said as he noted  that  his company  has been in the gold and diamond business for over 30 years and would not risk being globally blacklisted or having this country blacklisted for trading with Venezuela.

“We have one of the most robust AML (Anti-Money Laundering) policies in place to ensure full compliance in this sector. We are in full compliance and we ship gold all over the world. The gold business predates Venezuela and no one here traded with them then so I don’t see how now. We have been in this for 30 plus years and have the most spread out gold dealership. Why would we put that at risk? We here in Guyana don’t need illegal gold because we can make the quotas. Prices are high and our people are working here, legitimately,” he said.

Jagmohan said that his company even hired a business advisory firm, Binder Dijker Otte to undertake an audit of the company and gave permission for the findings to be shared with the Gold Board and any other oversight body that may want to verify compliance.

“We were asked about our supply chain and that was why we did it. We have to do it and show that we can withstand scrutiny. We must be able to withstand any allegation because we understand the nature of the industry and there will be persons who would complain for one reason or another. We must be prepared to deal with this by law,” he added.

The El Dorado CEO said that he takes serious his company’s standing with the know-your-customer or know-your-client (KYC) guidelines and LBMA recognition. In financial services, KYC requires that professionals make an effort to verify the identity, suitability and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank’s AML policy.

The LMBA is the de facto standard, trusted around the world for gold and silver credibility. It is a wholesale over-the-counter market for the trading of gold and silver, according to its website.

“We have a country to protect and should not allow a biased allegation to jeopardise what we have. We are very strict and know the repercussions,” Jagmohan stressed.

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Of course, crooks will deny the allegations.  Let's see what the investigation uncovers.  Would they also be looking at that donation of an armored car to Irfaan Ali? What a bunch of corrupt people.

T
BREAKING NEWS
TOP PPP FINANCIER AND OWNER OF ELDORADO TRADING TAMESH JAGMOHAN UNDER JOINT INTERNATIONAL CRIMINAL INVESTIGATION BY US, UK AND CANADIAN LAW ENFORCEMENT FOR MASTERMINDING INTERNATIONAL CRIMINAL ENTERPRISE
By Staff Writer
December 30, 2020. 7:15 P.M
The owner of Eldorado Trading , Guyana’s largest gold mining company - Tamesh Jagmohan, is known as the largest gold dealer in Guyana. However, Jagmohan is also allegedly one of the biggest international criminals who is being pursued by multiple law enforcement agencies around the world.
Jagmohan is currently being investigated by British and Canadian authorities for gold smuggling, fraud and other illegal activities. Venezuelan authorities have apparently joined the multinational investigation, which has also implicated officials at the Guyana Gold Board.
A number of Gold Board officials who are or were located in Bartica and other parts of Essequibo were complicit in Jagmohan’s alleged criminal schemes under surveillance and may be nabbed by US law enforcement if they travel internationally.
US Federal officials have also been investigating Jagmohan for narcotics trafficking, gold smuggling, money laundering and illegally funneling money to international terrorists in the Middle East. The US criminal investigation is being conducted by a task force which includes the Federal Bureau of Investigations (FBI), Customs and Border Patrol (CBP), Justice Department and the United States Attorney for the Southern District of Florida. The Canadian Border Services Agency and Her Majesty’s Revenue and Customs are also involved in the investigation.
Jagmohan was also under investigation by Guyana Police for allegedly supplying Charrandass Persaud with US $1 million in gold as an alleged bribe for voting with the PPP for the No Confidence Motion in Parliament on December 21, 2018, which toppled the Granger APNU-AFC coalition government.
Persaud, a Canadian citizen who was unlawfully elected to Parliament, escaped to Canada after the vote. He was escorted to the Eugene Correia Airport at Ogle, by Canadian diplomats who were allegedly operating with the tacit approval of then Canadian High Commissioner to Guyana, Lillian Chaterjee.
US Immigration authorities revoked Jagmohan's US visa on March 4, 2014, and banned him from traveling to the United States as their investigation intensified. The CBP and FBI are investigating Jagmohan's criminal activities which they traced from Guyana to Venezuela, the United Kingdom, Trinidad & Tobago, China, Canada, Queens and Brooklyn, New York, Newark and Jersey City, New Jersey, as well as Fort Lauderdale and Orlando, Florida.
Law enforcement authorities say months of surveillance revealed that Jagmohan also illegally smuggles low grade Venezuelan gold into Guyana through Region 1. The cheap Venezuelan gold is then mixed with Guyana gold and sold to the Guyana Gold Board. This is a serious crime under the laws of Guyana. Jagmohan also illegally smuggles the impure gold to several countries, including those listed above.
US authorities have been scrutinizing dozens of Jagmohan's workers and associates who are connected to his criminal enterprise. These individuals are based in Queens, Bronx, Brooklyn and Belleville, New York; Newark and Jersey City, New Jersey, as well as Fort Lauderdale and Orlando, Florida.
Earlier this year US Ambassador to Guyana, Sarah-Ann Lynch, faced a barrage of blistering criticism when she traveled to Essequibo on March 2, 2020, in a Roraima Airways plane with Jagmohan and a team from the Guyana Private Sector Commission (PSC), allegedly to observe the elections on the Essequibo coast. The Ambassador then had dinner at Jagmohan's home. She used Jagmohan's vehicle to visit polling places along the coast.
Image may contain: 1 person, text that says 'Tamesh Jagmohan'
Mars

I've been wondering for some time how the CCJ could override Guyana's CoA from which, supposedly, there is NO appeal!???? It seems Jagdeo is the US (and others) anointed one! Oil will be free but you will also have to pay any costs, part of which will be refunded to the PPP, of course!

FM
Last edited by Former Member
@Former Member posted:

I've been wondering for some time how the CCJ could override Guyana's CoA from which, supposedly, there is NO appeal!????

The CCJ is the final court of appeal for Guyana.  It is for a few countries in CARICOM but interestingly not for Trinidad where the court is located.

T
@Totaram posted:

The CCJ is the final court of appeal for Guyana.  It is for a few countries in CARICOM but interestingly not for Trinidad where the court is located.

I understood there is NO appeal from the CoA's decisions!

FM

The Canadian government sold off all of their gold that they had stored at the Royal Canadian Mint. They claim that they can invest their money in things that can give them a better return than gold. So the Royal Canadian Mint now only buys gold to make coins and bars to sell  Because the mint is so protected by many Canadian government armed guards it also rents out spaces in their vaults to individuals, corporations, funds and countries to store their gold for a fee.

Prashad
Last edited by Prashad
@Prashad posted:

The Canadian government sold off all of their gold that they had stored at the Royal Canadian Mint. They claim that they can invest their money in things that can give them a better return than gold. So the Royal Canadian Mint now only buys gold to make coins and bars to sell  Because the mint is so protected by many Canadian government armed guards it also rents out spaces in their vaults to individuals, corporations, funds and countries to store their gold for a fee.

Let's guess, the source of your post is your poop chute.

Mitwah

El Dorado Trading says it has helped stabilise forex rate

-remittances to economy about US$400M, confident name will be cleared

Tamesh Jagmohan

January 1, 2021

Source

As it laid out its record of compliance, El Dorado Trading yesterday announced that its projected declaration of gold for this year would be at last 250,000 ounces.

Giving a ball park figure of remittances into Guyana’s economy through the official banking system from its operations, Chief Executive Officer of the company, Tamesh Jagmohan, told Stabroek News that it has been about US$400 million, which has helped to stabilise this country’s foreign exchange rate while helping the economy.

Jagmohan emphasised that while Guyana’s largest income earner now is oil, the importance of the gold industry must not be forgotten as it “has been the backbone of this country” for years, ensuring always a ready supply of foreign exchange and stabilisation of the exchange rate.

And now that the price of gold is at a high – averaging around US$1900 an ounce – coupled with the removal of Value Added Tax on mining equipment by the PPP/C government since taking office in August, Jagmohan said that this country should expect additional output.

Local miners, he believes, should be lauded for their contribution to the sector as they have always delivered, no matter the global gold price and he further slated a complaint lodged against his company that it trades in illegal gold from Venezuela.

This newspaper yesterday reported that the Guyana Gold Board (GGB) is currently investigating allegations made to the Minerals Grievance Platform (MGP) that the local large-scale gold trader is connected to illegally sourced Venezuelan gold, a claim the company has vehemently denied.

Following the allegation, the Royal Canadian Mint (RCM) told the Gold Board that it has suspended the intake of El Dorado gold from the GGB until further notice.

El Dorado has rejected the allegations which were filed with the MGP, saying that there is not “an iota or ounce of truth to the claims” and that the investigations will not only vindicate it, but show how easy it is for not only a company’s name to be tarnished, but a country’s entire sector put in fear of blacklisting because of “haters or fear of competition.”

El Dorado Trading is a Guyana Gold Board client while the GGB is a customer of RCM. As such, complaints from the Mint have to be registered with the Gold Board here.

It has been noted that El Dorado Trading is the only local company which sells gold to the Gold Board that is then supplied to the Canadian Mint.

Necessary facts

Jagmoghan had told this newspaper that he was not worried and that anyone could file a grievance but that when such action is taken, it not only puts a business establishment under a negative spotlight but the country could be impacted.

He said he would hope that when the investigation is completed and his company’s name is cleared, a lesson would be learned by the person or persons who filed the grievance about the implications it could have.

A release from El Dorado yesterday said, “It is obvious that the author of the article ‘El Dorado Trading denies illegal Venezuela gold link’ does not have the necessary facts in hand.”

It pointed out that this year has seen Guyana’s continued rise despite the pandemic. “It has been tough but we have weathered it. The year 2021 promises bigger things for Guyana. El Dorado Trading will continue to play its role,” the release said.

“El Dorado Trading is among Guyana’s largest gold dealers for several years and must offer some clarifications to a deeply worrying report in the Stabroek News of December 31st, 2020 titled ‘El Dorado Trading denies illegal Venezuela gold link – Canadian Mint suspends processing its metal over allegation.’ We insist that our operations meet the highest of verifiable standards in what is one of the most regulated of sectors in Guyana,” the release noted.

It said that as a result of strategic planning and capitalising on the opportunities, El Dorado Trading has been in existence for over two decades and contributes annually to the Consolidated Fund of Guyana, through the payment of royalties and taxes, in sums amounting to billions of Guyana dollars.

“El Dorado Trading has established one of the most modern and robust compliance regimes under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations. Without any notification of the letter referenced in the Stabroek News article, on 28th September, 2020, El Dorado Trading engaged a world-recognized auditor, approved and accepted by the London Bullion Market Association (LBMA) list of Auditors, BDO (Binder Dijker Otte) International to audit our supply chain and compliance regime dating back to year 2018 and authorized BDO to share with our international business associates all information necessary in keeping with the Precious Metals Industry best practices supervised by the LBMA.

  These reports are available to the competent authorities for perusal,” the release informed.

“El Dorado Trading has at all times accommodated our Supervisory Authority (the Guyana Gold Board) to conduct  site visits to all (our)  locations, the most recent being 28th day August 2020.We have built a loyal base that has been increasing steadily. Over the past two (2) years gold prices has consistently increased which yield an influx of entrepreneurs entering the sector, spurring more declarations to the Guyana Gold Board. It is a fact that the regulated operations of El Dorado and the entire mining sector in Guyana predate Venezuela’s economic situation,” it added.

The company underscored that it has been able to build a solid, verifiable operation that meets internationally recognised standards. “In the past we have been declared as the dealer with the most annual declarations, a feat we are extremely proud of thanks to our hardworking staffers and our biggest stakeholders, the mining community. In consideration of our compliance system, El Dorado Trading is hopeful that this matter will be resolved very quickly as it involves the lives of thousands of our local Guyanese,” it stressed.

El Dorado Trading said that it has confidence in the independence and competence of the Guyana Gold Board.

Django
@Mitwah posted:

Let's guess, the source of your post is your poop chute.

Mits like he is speaking from experience. Like he ran into a sex starved big bubba in the past who made him poop in his chute. Happy New Year 💖🎈🎉

Prashad

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