September 14 ,2021
An emergency meeting of the board of the Guyana Office for Investment (G-Invest) was convened yesterday in the wake of reports that confidential information had been misused by a person close to the agency to boost their business.
A letter to this effect had been published last week in Stabroek News and another letter has appeared elsewhere.
Stabroek News yesterday contacted Chairman of G-Invest, Clement Sealey for information on the meeting that was convened. He queried why the newspaper was calling him and then declined to address the question. He said: “I am out on some business here right now. I can’t talk about that right now”.
Stabroek News was unable to contact G-Invest Chief Investment Officer Peter Ramsaroop for comment on the matter.
Sources say the letters in the media and other information have raised concerns about the improper use of information in the purview of the agency. According to sources, the person who has been accused of misusing the information had summoned a G-Invest Investment Officer to go over investment committee minutes pertaining to current and prospective clients. The officer was said to be concerned about being summoned.
Other sources say competitors of the person who summoned the officer have also lodged formal letters with government officials on the issue without the matter being addressed.
In the year that G-Invest has been in operation, Ramsaroop has stressed that there will be an even playing field. A number of investors have since nailed down deals for the establishment of large investments here.
The questions that now surround the board of G-Invest could pose a potential challenge to the administration of President Irfaan Ali in ensuring that the image of the agency is preserved and that investors can feel confident of fairness and transparency.