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December 12,2017

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US oil company ExxonMobil did pay a signing bonus following the new agreement it clinched with the government on June 27, 2016 and why this was kept secret will pile pressure on the Granger administration over its claims to transparency particularly given concerns over accounting for revenue from the petroleum sector.

Stabroek News has seen correspondence (reproduced on this page) dated September 20, 2016 from the Ministry of Finance to the Bank of Guyana (BoG) pertaining to arrangements for the signing bonus. The letter did not specify the quantum of the bonus but commentator Christopher Ram said in October that he was told that US$20M was paid. This

statement was not contradicted by the government. Pressed for answers, Minister of Natural Resources Raphael Trotman would only say that that Cabinet would deliberate on the question of making the June 27 contract available to the public. On November 30, Minister of State Joseph Harmon said that the contract and presumably any information on the signing bonus would be made available sometime this month.

Aside from the secrecy over the bonus, the depositing of the funds at the BoG and outside of the Consolidated Fund would raise grave concern as this government when in opposition had been critical of monies kept outside of the Consolidated Fund and the accountability framework.

In the correspondence seen by Stabroek News, Finance Secretary in the Ministry of Finance, Dr Hector Butts wrote to the Governor of the BoG, Dr Gobind Ganga with the reference line ‘Signing bonus granted by ExxonMobil – Request to open bank account’.

Butts said in the letter “I shall be grateful if you would arrange for the under-mentioned Foreign Currency Account to be opened at Bank of Guyana, in order to receive a deposit in the form of a signing bonus to be given by ExxonMobil. This account should not be treated as part of the Bank’s reserves. Instead, the proceeds should be held in the currency of the deposit, that is, United States dollars, and invested in secured interest-bearing securities”.

Butts went on to say that the authorized signatories to the account were himself, his deputy, Louise Bouyea, Accountant General Jawahar Persaud and his deputy Jennifer Chapman.

The letter was copied to the Minister of Natural Resources, Raphael Trotman.

Who negotiated the signing bonus, the terms of such a payment and what has since become of the money are questions the government will likely face pressure over.

In February of this year, Trotman informed that  minor modifications to the original contract with ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEGPL) were made and had justified the non-disclosure by saying that only  “salient points” of the contract agreement will be made public for security and other reasons.

“In so far as full disclosure at this point in time, I think government is of the view that full disclosure would not be to the best of the national benefit or national interest,” Trotman had told a media breakfast where his ministry and ExxonMobil provided updates on the nascent oil and gas sector.

The issue attracted additional public scrutiny when columnist Ram stated in October this year  in Stabroek News that he understood that some US$20M was paid to the government as a signing bonus.

With  Stabroek News consistently probing as to why the contract could not be made public, Trotman then said in October that he would take the issue of disclosure to Cabinet for discussion and guidance on the way forward.

“Nothing on the contract I am discussing. I would like to take this whole issue of the publication of the contract to Cabinet for guidance because it is not a Trotman issue it is a government position and I won’t be able to discuss it,” he said when asked about whether government had collected a signature bonus from ExxonMobil when a new agreement was signed with it.

Following Trotman’s position, in early November, Government’s Petroleum Advisor, Jan Mangal, said that he had advised government to make the contract public but believed with public pressure the contract would be released quicker.

Replies sorted oldest to newest

Django posted:

Here you go guys,just saw this.

This Gov't lied trying to cover up the signing bonus.

It's great there are folks exposing the gov't in the homeland.

Really? What happen you had brain replacement???

Nehru
Nehru posted:
Django posted:

Here you go guys,just saw this.

This Gov't lied trying to cover up the signing bonus.

It's great there are folks exposing the gov't in the homeland.

Really? What happen you had brain replacement???

so abusive when u drunk

FM
Nehru posted:
Django posted:

Here you go guys,just saw this.

This Gov't lied trying to cover up the signing bonus.

It's great there are folks exposing the gov't in the homeland.

Really? What happen you had brain replacement???

Stop being a kvnt,you born suh?

was off GNI,that article was on SN 6 hrs ago, when i post it.

Django
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

Mitwah
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

suppose to and doing is two different thing the ppp had a long track record with this now this government is playing the same tune 

FM
warrior posted:
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

suppose to and doing is two different thing the ppp had a long track record with this now this government is playing the same tune 

And you fully support them?

FM
warrior posted:
Nehru posted:
Django posted:

Here you go guys,just saw this.

This Gov't lied trying to cover up the signing bonus.

It's great there are folks exposing the gov't in the homeland.

Really? What happen you had brain replacement???

so abusive when u drunk

Not only abusive but I does push kaak Ah Boiler.

Nehru

Right now being a fly on the wall and listening to how these guys try to come up with a great excuse would be funny tarass. "We din know what dat money was for so we shove it in a account and hopefully one day we find out, is only 20M US..chicken feed."

Shame on Granger and his govt, this is not what the peole deserve, another corrupt govt. It is no wonder they have not bothered going after the PPP even though they come up with the same news every few months on how SOCU has files...the police have files and other bullshit. They plan on doing the same and screw the rest of the nation. Shame on AFC if they stand quiet on this issue also.

cain
skeldon_man posted:
warrior posted:
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

suppose to and doing is two different thing the ppp had a long track record with this now this government is playing the same tune 

And you fully support them?

shit head i would have support anybody to kick out the ppp one gone a next can go 

FM
Nehru posted:
warrior posted:
Nehru posted:

Really? What happen you had brain replacement???

so abusive when u drunk

Not only abusive but I does push kaak Ah Boiler.

So how yo boiler doing, it working good or still plugged up?

cain
Last edited by cain
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

Are you doubting that the money was not received by the govt from Exxon?

Bibi Haniffa
Bibi Haniffa posted:
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

Are you doubting that the money was not received by the govt from Exxon?

Prove it. As an American, you have access to that info from Exxon.

Mitwah

What we are witnessing is testimony on why Guyana remains a poor country, though our new found wealth has moved us to a middle income country. There is no reason that with the resources we have and the small population, we should be a poor country.  But over the years we have had people in government who were not up to the job and many who believed that their role is to bring benefits to themselves instead of benefits to the general population and nation. We were objects in global competition where others agenda superseded the good of the Guyanese people.

I still despair that the future will not be bright for the Guyanese people as a whole and the working class and poor. We are part of the problem because we often believe their lies, and vote for them. We need a new breed of politicians who will do service to the nation instead of themselves.

Z

Zed,

Regarding your last sentence,i have been saying that for a while,the two peas of the same pod are corrupted.Constitutional Reform is the key,the future of the people are in their own hands.

Django
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

The government can easily clarify what happened. For a party/coalition that campaigned on transparency, why the silence? Why not show accountability to the people and forestall the opposition's accusations? Remember the PPP are experts at thiefing. They know exactly what to look for and expose.

A

Mits, if it walks like a duck, sounds like a duck and looks  like a duck, it is a duck. It is unrealistic to ask for proof when you know that such proof can only come from release of the contract, which the government has refused to do so far, someone leaking the bank balance or a copy of the cheque or money transfer documents which is illegal or the government actually coming out and confirming or denying the receipt of the bonus. 

Are we to believe that this letter was sent with no expectation of the imminent deposit of the signing bonus? 

We know that since this issue was raised, government ministers have tried to hide the fact that there was an agreement for a bonus. imagine the  minister of finance saying that he will have to check! And his officials were setting up the account. He lied to the people, unless of course if his officials did this without his knowledge. In both cases, he should be censured!

my concern is why hide the fact that there was or was supposed to be a signing bonus? This letter was sent in sept, 2016 so a long tome has passes. It is unlikely that in the span of time from then to now, the bonus was not paid.

this issue raises many questions, the answers to which will tell us how much impact the oil industry will have on alleviating the living conditions of all the people of Guyana.

Z

This confirms my claim that the AFC/PNC are much bigger thieves than the PPP. Shame on Moses and Ramjattan. Cheddi must be turning in his grave.

This is small change compared to what they will "collect" from the sale of the sugar estates. Did anyone every wondered why the pushed through the closure and eventual sale of the sugar estates ?

Lesson for those who supported the AFC/PNC, it is better to deal with the devil that you know rather and dealing with a devil Bigger than Satan. From hot water into a roasting oven. 

This stealing will get worse when oil money starts coming in. It shows you how the Oil Companies play their game in looting a poor nation. 

FM
Last edited by Former Member
Mitwah posted:
Bibi Haniffa posted:
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

Are you doubting that the money was not received by the govt from Exxon?

Prove it. As an American, you have access to that info from Exxon.

Prove that the PPP stole the amounts that you were clipping and pasting from Toilet Paper KN. They are in bed with the PNC. They have proven ZERO, Nil, Nada.

A bunch of less educated fools bought into the lies and BS that Toilet Paper KN was publishing. Glen Lalla is a scamp himself.

It took SN to break the news. Chris Ram first broke the news while Toilet Paper KN refused to break the news because PNC has them on a leash. 

Shame on Mitwah for defending these daytime thieves.

Moses and Ramjattan are a bunch of shameless scamps.

FM
Last edited by Former Member
yuji22 posted:

Lesson for those who supported the AFC/PNC, it is better to deal with the devil that you know rather and dealing with a devil Bigger than Satan. From hot water into a roasting oven.

I thought is is better to hold Politicians accountable.Get rid of the corrupted.It appears you have a different take,keep on supporting the crooks.

Django
Django posted:
yuji22 posted:

Lesson for those who supported the AFC/PNC, it is better to deal with the devil that you know rather and dealing with a devil Bigger than Satan. From hot water into a roasting oven.

I thought is is better to hold Politicians accountable.Get rid of the corrupted.It appears you have a different take,keep on supporting the crooks.

Excuse me. You have been carrying AFC/PNC slop for a very long time now, it smells good on you today.

FM

Django, it is a myth that constitutional reform is the answer to the problems that Guyanese currently faces. All institutions, policies, regulations, laws have to be implemented, observed, obeyed by humans. It is the human element that really determines what really happens. Sometimes all the laws, good constitution, etc are in place but they become subverted by individuals. Remember those honey nests that have a niceouter shell but nothing inside. Well, that is often what happens. No substance!

Z
yuji22 posted:
Django posted:
yuji22 posted:

Lesson for those who supported the AFC/PNC, it is better to deal with the devil that you know rather and dealing with a devil Bigger than Satan. From hot water into a roasting oven.

I thought is is better to hold Politicians accountable.Get rid of the corrupted.It appears you have a different take,keep on supporting the crooks.

Excuse me. You have been carrying AFC/PNC slop for a very long time now, it smells good on you today.

It appears you support and defend crooked Politicians,at the least i speak out against the crooked.

Big difference.

Django
Zed posted:

Django, it is a myth that constitutional reform is the answer to the problems that Guyanese currently faces. All institutions, policies, regulations, laws have to be implemented, observed, obeyed by humans. It is the human element that really determines what really happens. Sometimes all the laws, good constitution, etc are in place but they become subverted by individuals. Remember those honey nests that have a niceouter shell but nothing inside. Well, that is often what happens. No substance!

Exactly. Django lacks the mental capacity to understand the facts at this level. The AFC/PNC took him for a nice ride.

FM
Zed posted:

Django, it is a myth that constitutional reform is the answer to the problems that Guyanese currently faces. All institutions, policies, regulations, laws have to be implemented, observed, obeyed by humans. It is the human element that really determines what really happens. Sometimes all the laws, good constitution, etc are in place but they become subverted by individuals. Remember those honey nests that have a niceouter shell but nothing inside. Well, that is often what happens. No substance!

Constitutional Reform will bring about a level Electoral playing field.I am sure there are some decent minded individual who can work in the interest of the people,the current Constitution is stymieing their intentions.

Guyana needs reform or it will be same old..same old.

Django
Last edited by Django
yuji22 posted:
Mitwah posted:
Bibi Haniffa posted:
Mitwah posted:
RiffRaff posted:

now, to account for the money

That's right! The above document is not proof that the money was paid or received. It's simple a request to open a Bank Account for the purpose of a signing bonus granted by Exxon. Why do we need this when we have the Contingencies Fund Account(s) to handle this type of transaction?

Isn't Cabinet approval needed as to how this fund is to be invested or distributed?

 

Are you doubting that the money was not received by the govt from Exxon?

Prove it. As an American, you have access to that info from Exxon.

Prove that the PPP stole the amounts that you were clipping and pasting from Toilet Paper KN. They are in bed with the PNC. They have proven ZERO, Nil, Nada.

A bunch of less educated fools bought into the lies and BS that Toilet Paper KN was publishing. Glen Lalla is a scamp himself.

It took SN to break the news. Chris Ram first broke the news while Toilet Paper KN refused to break the news because PNC has them on a leash. 

Shame on Mitwah for defending these daytime thieves.

Moses and Ramjattan are a bunch of shameless scamps.

You are an idiot. Won't argue with you.

Mitwah
yuji22 posted:
Zed posted:

Django, it is a myth that constitutional reform is the answer to the problems that Guyanese currently faces. All institutions, policies, regulations, laws have to be implemented, observed, obeyed by humans. It is the human element that really determines what really happens. Sometimes all the laws, good constitution, etc are in place but they become subverted by individuals. Remember those honey nests that have a niceouter shell but nothing inside. Well, that is often what happens. No substance!

Exactly. Django lacks the mental capacity to understand the facts at this level. The AFC/PNC took him for a nice ride.

Oh please.... you are clueless.

Django

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