Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America

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Mitwah

Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America

The South African country of Guyana is taking US-based oil firm Exxon Mobil Corporation to court. The Guyana Revenue Authority (GRA) has issued a summons to the oil giant over the misstated value of oil-well equipment. The tax agency claims that one of Exxon's suppliers, Ramps Logistics, said it mistakenly inflated the value of imported goods by 200 times to about $12 billion. Exxon and Ramps say the overvaluation occurred due to a clerical issue that denoted the sum in US dollars instead of Guyanese dollars, adding that the issue would be resolved. Meanwhile, Guyana's Vice President Bharrat Jagdeo asked the country's tax agency to check previous invoices for the past several years. Notably, Guyana is one of the fastest-growing oil-producing nations and the overvaluation could have had a significant impact on its profits.

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MitwahSenior Member

Could someone educate Firstpost America that Guyana is not a South African Country! Please!

5/31/246:13 AM

MitwahSenior Member

So if Guyana receives only 12.5% then Exxon gets 87.5%. Is this not exploitation?

5/31/246:25 AM

cainTired old hippie

This is akin to what is happening where I am, this area has gold and nickle mines but yet this town is a s_ hole, product goes out and the town is thrown a few scraps. The mayor's in neighbouring towns and ours are finally growing some Baltz and now requesting funds be passed on to the towns.

6/2/241:49 PM

TotaramSenior Member

The big problem for Guyana is that Irfaan and his acolytes are raising expectations sky high. While some money will flow to the government it will not be at the level to satisfy the expectations being created. As of now, the oil money has not trickled down to the masses.

6/3/245:54 PM

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Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America

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