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FM
Former Member

US$18M signing bonus transferred to Consolidated Fund

May 31, 2019 | Kaieteur News

https://www.kaieteurnewsonline...o-consolidated-fund/

The Government of Guyana has finally transferred the US$18M signing bonus it had received from ExxonMobil to the Consolidated Fund along with an extra US$480,000.

Finance Minister, Winston Jordan

The money was initially being kept in an account at Central Bank but was closed since January 2019.
Finance Minister, Winston Jordan confirmed the close of the account yesterday afternoon. The economist said that this is without prejudice to the pending High Court ruling on whether keeping the signing bonus outside of the Consolidated Fund is lawful.
Documents seen by Kaieteur News last night reveal that when the government received the bonus from Exxon, it was placed into an account at Central Bank which subsequently opened a special account to manage proceeds from investments.
In November 2016, US$15.8M was transferred to the investment account and expended to purchase overseas bonds. The balance of US$2.176M stayed in a cash account.
This newspaper understands that the Government earned an interest of US$498,775 from its investments during the period November 2016 to December 2018. The interest on the cash account totaled US$2,889.
On December 28, 2018, this newspaper understands that Bank of Guyana received instructions from the Finance Ministry to transfer US$3.78M from the cash account to the Consolidated Fund. This left the cash account with a balance of US$112,480.
Furthermore, in January last, the value of government’s investments appreciated to US$14.545 M from US$414.477M.
The Bank subsequently received instructions to transfer all moneys being held to the Consolidated Fund. The total transfer was US$18.480M.
The transfer occurred before the High Court ruled that the No-Confidence Motion was validly passed.
GOVT. VS CRITICS
Several anticorruption advocates such as Chartered Accountant, Christopher Ram and Transparency International Guyana Inc. have been extremely critical of the government for keeping the money out of the Consolidated Fund and in a special account at Central Bank.
But Finance Minister, Winston Jordan, had insisted that the decision taken by Government to use a special account is one that was above board and is representative of its commitment to transparency and accountability.
Jordan had told Kaieteur News that the bonus is for a specific purpose; to help in the matter of protecting Guyana’s territorial integrity.
The Finance Minister had emphasized, too, that from the time the money was received it was placed into the system immediately and was always managed by Bank of Guyana.

Replies sorted oldest to newest

Dave posted:

Why was it kept a secret until they were exposed.

Why wasn’t the 18M deposit in the consolidation funds in the first place. 

Answer those questions Mr Thomas ( Ronna) 

jagdeo had all alyuh stupids shaking alyuh batty and braying to his dumbass tune

now all y'all stumbling around with egg pan alyuh faces

yes, Coalition ministers stupidly mishandled the matter . . . probably planned to use it as a 'legal fees' slush fund

what's your point?

FM
Last edited by Former Member
Labba posted:

Hey hey hey hey...what yuh need foh focus pon is de 2016 contract yuh PNC/AFC buddy dem negotiate. Yuh need foh ask what dem receive personal foh accept de pittance...

new limb, eh? . . . de fuss one alyuh been hanging on done break

poor you

banna, if you got information, why have you not reported to your congressman?

you know  . . . the Foreign Corrupt Practices Act, 15 U.S.C. Β§ 78dd-1, et seq. and all that

but you got NOTHING, so i suggest you stop embarrassing yourself and shut up

FM
Bibi Haniffa posted:

Is it the same $18 million? Didn't they say the money was used to pay lawyers for the international court case?  

 

 

0
 

The entire Cabinet approved of the setting up of a special Foreign Currency Account to receive the US$18 million signing bonus from ExxonMobil and not all of it will go towards legal fees to settle the border controversy with Venezuela, Foreign Affairs Minister Carl Greenidge told the National Assembly Thursday morning.

However, he said that only those directly involved knew how the monies would be spent. Further, Mr Greenidge revealed that not all of the money would go towards paying an β€œenlarged” legal team to represent Guyana’s interest once the border controversy is referred to the International Court of Justice by the United Nations Secretary-General at the end of this year.

He said US$15 million would go towards legal fees and the other US$3 million would go towards urgent training for Guyanese in areas such as petroleum and geology.

The matter of the signing bonus with ExxonMobil has taken on scandalous proportions after it was revealed that one was in fact received despite denials by some government ministers.

The government was forced to admit to the bonus after a letter was leaked to the press showing that the instructions were passed to set up the account over a year ago.

But in the House today, the Minister of Foreign Affairs preferred to say that the facts were β€œstraightforward” though pointing out the leak of the letter to the press β€œdemonstrates just how porous our system is as regards confidentiality.”

He said that Guyana negotiated and received US$18 million in connection with the signing of a contract for the renewal of ExxonMobil’s petroleum license.

β€œWhether or not a contract was necessary is a matter of opinion on which I would waste no further time,” the Foreign Affairs Minister stated.

He said that while such payments are not unusual, there is no standard arrangement or formula concerning β€œeither the quantum or the procedure for signing bonuses.”

Mr Greenidge declared that governments have negotiated with petroleum companies to be paid various amounts in light of evolving prospects of the sector or industry.

β€œDuring the course of 2015/2016, after discussions with ExxonMobil, the Minister of Natural Resources proposed to Cabinet that the payment of a bonus on the extension of an agreement by the company, be undertaken; Cabinet agreed,” Mr Greenidge stated in the National Assembly.

He added: β€œOn June 7, 2016, the Minister duly reported that the negotiations had been concluded. The full Cabinet approved the terms negotiated and the arrangements to receive the funds on that date.”

According to Mr Greenidge, β€œgiven the importance for which the funds were to be used and its implication for national security, neither the President nor the Minister saw any merit in advertising the matter.”

β€œIn fact, so great was the concern that only those that needed to know were informed as to the purpose of the deposit,” the Minister further stated.

Mr Greenidge said there was nothing secret since many agreements are made without announcement.

Regarding questions about the decision not to deposit the funds into the Consolidated Fund, Mr Greenidge said the intended use of funds received by the government usually determines how they are passed through the government accounts. He said that that aspect does not normally attract the attention of Cabinet.

Mr Greenidge said that both he and the Minister of Finance advised that the funds be kept separately to pay legal fees on the border issue.  He emphasised that only those members of Cabinet directly involved and the relevant technicians were informed.

According to the Foreign Affairs Minister, the funds would be paid into the Consolidated Fund at the β€œappropriate time” and that this is provided for in the Fiscal Management and Accountability Act.

President David Granger on Wednesday said that the decision to place a US$18M signing bonus received from ExxonMobil into a separate bank account instead of into the Consolidated fund β€œwas the thing to do…at that point in time,” as he took full responsibility for the transaction.

β€œI am the Head of Government; I am responsible and I am aware of it and it is a legitimate Government of Guyana exercise and I am aware that it is in the Bank of Guyana is Escrow which means it cannot be used for the purpose it’s not intended,” Mr Granger said.

https://newsroom.gy/2017/12/14...us-foreign-minister/

FM
ronan posted:
Dave posted:

Why was it kept a secret until they were exposed.

Why wasn’t the 18M deposit in the consolidation funds in the first place. 

Answer those questions Mr Thomas ( Ronna) 

jagdeo had all alyuh stupids shaking alyuh batty and braying to his dumbass tune

now all y'all stumbling around with egg pan alyuh faces

yes, Coalition ministers stupidly mishandled the matter . . . probably planned to use it as a 'legal fees' slush fund

what's your point?

The Ganda egg get thrown back in yo face .. the 18M is been recycle nah .. 

https://newsroom.gy/2017/12/14...us-foreign-minister/

FM
Bibi Haniffa posted:

Is it the same $18 million? Didn't they say the money was used to pay lawyers for the international court case?  

they didn't . . . that was the earmark

that the money was "used [up] to "pay lawyers" was a wholesale LIE by you and the PPP when alyuh were astride the, now abandoned, mangy dankey named "PNC TIEF US$21 million"

part of your inquiry is a good one though . . . was any money spent, so far, on lawyers?

FM
ronan posted:
Labba posted:

Hey hey hey hey...what yuh need foh focus pon is de 2016 contract yuh PNC/AFC buddy dem negotiate. Yuh need foh ask what dem receive personal foh accept de pittance...

new limb, eh? . . . de fuss one alyuh been hanging on done break

poor you

banna, if you got information, why have you not reported to your congressman?

you know  . . . the Foreign Corrupt Practices Act, 15 U.S.C. Β§ 78dd-1, et seq. and all that

but you got NOTHING, so i suggest you stop embarrassing yourself and shut up

Nahhh...doh law does wuk foh place like walmart...not Exxon and de shell company in Caribbean. Yuh know bout de shell dat Exxon gat? Is de shell does pass out de ting under de table...hey hey hey. Bai yuh AFC/PNC buddy closin in pon dem PPP bais in tiefmanery...hey hey hey. 

FM
Labba posted:
ronan posted:
Labba posted:

Hey hey hey hey...what yuh need foh focus pon is de 2016 contract yuh PNC/AFC buddy dem negotiate. Yuh need foh ask what dem receive personal foh accept de pittance...

new limb, eh? . . . de fuss one alyuh been hanging on done break

poor you

banna, if you got information, why have you not reported to your congressman?

you know  . . . the Foreign Corrupt Practices Act, 15 U.S.C. Β§ 78dd-1, et seq. and all that

but you got NOTHING, so i suggest you stop embarrassing yourself and shut up

Nahhh...doh law does wuk foh place like walmart...not Exxon and de shell company in Caribbean. Yuh know bout de shell dat Exxon gat? Is de shell does pass out de ting under de table...hey hey hey. Bai yuh AFC/PNC buddy closin in pon dem PPP bais in tiefmanery...hey hey hey. 

clearly, you know nothing about these matters

the fact that something is possible is not EVIDENCE that it happen

PPP stray dog 'logic'

smfh

FM
ronan posted:
Labba posted:
ronan posted:
Labba posted:

Hey hey hey hey...what yuh need foh focus pon is de 2016 contract yuh PNC/AFC buddy dem negotiate. Yuh need foh ask what dem receive personal foh accept de pittance...

new limb, eh? . . . de fuss one alyuh been hanging on done break

poor you

banna, if you got information, why have you not reported to your congressman?

you know  . . . the Foreign Corrupt Practices Act, 15 U.S.C. Β§ 78dd-1, et seq. and all that

but you got NOTHING, so i suggest you stop embarrassing yourself and shut up

Nahhh...doh law does wuk foh place like walmart...not Exxon and de shell company in Caribbean. Yuh know bout de shell dat Exxon gat? Is de shell does pass out de ting under de table...hey hey hey. Bai yuh AFC/PNC buddy closin in pon dem PPP bais in tiefmanery...hey hey hey. 

clearly, you know nothing about these matters

the fact that something is possible is not EVIDENCE that it happen

PPP stray dog 'logic'

smfh

Bai like yu forget de Durban Park ting and de money disappear...hey hey hey. 

FM
Dave posted:
ronan posted:
Dave posted:

Why was it kept a secret until they were exposed.

Why wasn’t the 18M deposit in the consolidation funds in the first place. 

Answer those questions Mr Thomas ( Ronna) 

jagdeo had all alyuh stupids shaking alyuh batty and braying to his dumbass tune

now all y'all stumbling around with egg pan alyuh faces

yes, Coalition ministers stupidly mishandled the matter . . . probably planned to use it as a 'legal fees' slush fund

what's your point?

The Ganda egg get thrown back in yo face .. the 18M is been recycle nah .. 

https://newsroom.gy/2017/12/14...us-foreign-minister/

not sure what you are "refuting" here

and some other fool "liked" your inability to filter ignorance and express yourself in an adult coherent form

smh

FM
Labba posted:
ronan posted:
Labba posted:
ronan posted:
Labba posted:

Hey hey hey hey...what yuh need foh focus pon is de 2016 contract yuh PNC/AFC buddy dem negotiate. Yuh need foh ask what dem receive personal foh accept de pittance...

new limb, eh? . . . de fuss one alyuh been hanging on done break

poor you

banna, if you got information, why have you not reported to your congressman?

you know  . . . the Foreign Corrupt Practices Act, 15 U.S.C. Β§ 78dd-1, et seq. and all that

but you got NOTHING, so i suggest you stop embarrassing yourself and shut up

Nahhh...doh law does wuk foh place like walmart...not Exxon and de shell company in Caribbean. Yuh know bout de shell dat Exxon gat? Is de shell does pass out de ting under de table...hey hey hey. Bai yuh AFC/PNC buddy closin in pon dem PPP bais in tiefmanery...hey hey hey. 

clearly, you know nothing about these matters

the fact that something is possible is not EVIDENCE that it happen

PPP stray dog 'logic'

smfh

Bai like yu forget de Durban Park ting

cowardly non sequitur

however, the "Durban Park ting" didn't give taxpayers anything near value for their money

it was corrupt

any other random limbs you wanna jump pan?

FM

It has to be a really sex starved person who would get an orgasm over A REPORT that the Coalition finally transferring the $18M into the consolidation fund.

Here are the surrounding circumstances regarding that money.

1. It was received in secrecy way back in 2016.

2. It was over a year afterwards that someone gave Christopher Ram information pertaining to it which he IMMEDIATELY reported.

3. The entire Coalition acted like the $18M (or Ram's reported $20M) never occurred.

4. It was not until a BOG bank account held by a few private citizens containing the money  was exposed that the Coalition suddenly got their collective memory back.

5. With the exposure of the private account, they invented the story that Granger himself directed them to deposit the money there which he intended to use in his legal fight against Venezuela territorial claim.

6. WHAT HAPPENED? VENEZUELA DROPPED CLAIM TO A LARGE PART OF GUYANA?

7. Suddenly, after the sudden successful passing of the NCM, the money began making its way to the Consolidate Fund.

8. Now their low IQ followers are having orgasms over a REPORT that the funds have been transferred. A REPORT. ONLY TIME WILL TELL IF IT IS ANYTHING MORE THAN A REPORT.

FM
ksazma posted:
Now their low IQ followers are having orgasms over a REPORT that the funds have been transferred. A REPORT. ONLY TIME WILL TELL IF IT IS ANYTHING MORE THAN A REPORT.

well, i checked at the BOG, and Bharrat and labba did too . . . how about you?

the money-NOT-there whine is the desperate, pathetic fantasy of a dumb PPP soldier continuing to battle shadows in a cave after the bosses done sign articles of surrender

FM
ksazma posted:

It has to be a really sex starved person who would get an orgasm over A REPORT that the Coalition finally transferring the $18M into the consolidation fund.

Here are the surrounding circumstances regarding that money.

1. It was received in secrecy way back in 2016.

2. It was over a year afterwards that someone gave Christopher Ram information pertaining to it which he IMMEDIATELY reported.

3. The entire Coalition acted like the $18M (or Ram's reported $20M) never occurred.

4. It was not until a BOG bank account held by a few private citizens containing the money  was exposed that the Coalition suddenly got their collective memory back.

5. With the exposure of the private account, they invented the story that Granger himself directed them to deposit the money there which he intended to use in his legal fight against Venezuela territorial claim.

6. WHAT HAPPENED? VENEZUELA DROPPED CLAIM TO A LARGE PART OF GUYANA?

7. Suddenly, after the sudden successful passing of the NCM, the money began making its way to the Consolidate Fund.

8. Now their low IQ followers are having orgasms over a REPORT that the funds have been transferred. A REPORT. ONLY TIME WILL TELL IF IT IS ANYTHING MORE THAN A REPORT.

WATAX. 

FM
Dave posted:
ksazma posted:
Now their low IQ followers are having orgasms over a REPORT that the funds have been transferred. A REPORT. ONLY TIME WILL TELL IF IT IS ANYTHING MORE THAN A REPORT.

WATAX. 

well, i checked at the BOG, and Bharrat and labba did too . . . how about y'all?

the money-NOT-there whine is the desperate, pathetic fantasy of dumb PPP soldiers continuing a fite to the death with shadows in a cave after the bosses done sign articles of surrender and moved on

uh huh

FM
ksazma posted:

Yuh shudda checked BOG back in 2017 when yuh wuz embarrassing yuhself dat Ram was talking schupidness regarding de signing bonus.

what schupidness you referring to?

i am on RECORD noting that the signing bonus was $18 million NOT $21 million (refuting Chris Ram), and that the money was in a non-secret BOG account and not stolen

and i was right

what's your STUPID issue again?

FM
Last edited by Former Member
Stormborn posted:

The money should not be in "some" account elsewhere known to a few. That reeks of crookedness. It should be where it should be. 

the money was NEVER in ""some" account elsewhere known to a few""

EVERY relevant "account" including the investment account was in the name of the GOG and handled by the BOG

EVERY top level professional in the MOF and the BOG knew about this

that is a FACT

it is now properly transferred to the consolidated fund, likely thwarting the sticky-fingered coalition tap dawgs who had ideas to steal 'legally' like the PPP

i give Christopher Ram some credit

the PPP case for THEFT of the money is now dead

FM
ronan posted:
Stormborn posted:

The money should not be in "some" account elsewhere known to a few. That reeks of crookedness. It should be where it should be. 

the money was NEVER in ""some" account elsewhere known to a few""

EVERY relevant "account" including the investment account was in the name of the GOG and handled by the BOG

EVERY top level professional in the MOF and the BOG knew about this

that is a FACT

it is now properly transferred to the consolidated fund, likely thwarting the sticky-fingered coalition tap dawgs who had ideas to steal 'legally' like the PPP

i give Christopher Ram some credit

the PPP case for THEFT of the money is now dead

The fracas is PNC made. They hid the funds. If the process was open it would be in the consolidated fund. This is no less wicked as the PPP doing what they please with the funds they received from selling ATN stocks or the whole scale robbing of the PetroCarbide fund. Those were in the name of the GOG! This is Guyanese politicians seeking rent as usual. The aim ...beyond all reasonable doubt...was to ferret it away.

FM
Last edited by Former Member
Stormborn posted:
ronan posted:
Stormborn posted:

The money should not be in "some" account elsewhere known to a few. That reeks of crookedness. It should be where it should be. 

the money was NEVER in ""some" account elsewhere known to a few""

EVERY relevant "account" including the investment account was in the name of the GOG and handled by the BOG

EVERY top level professional in the MOF and the BOG knew about this

that is a FACT

it is now properly transferred to the consolidated fund, likely thwarting the sticky-fingered coalition tap dawgs who had ideas to steal 'legally' like the PPP

i give Christopher Ram some credit

the PPP case for THEFT of the money is now dead

The fracas is PNC made. They hid the funds. If the process was open it would be in the consolidated fund. This is no less wicked as the PPP doing what they please with the funds they received from selling ATN stocks or the whole scale robbing of the PetroCarbide fund. Those were in the name of the GOG! This is Guyanese politicians seeking rent as usual. The aim ...beyond all reasonable doubt...was to ferret it away.

carping nonsense

that i would have to spend time pointing out the difference to you is the surest of signs that you have lost your way

smh

FM
Last edited by Former Member
ronan posted:
Stormborn posted:
ronan posted:
Stormborn posted:

The money should not be in "some" account elsewhere known to a few. That reeks of crookedness. It should be where it should be. 

the money was NEVER in ""some" account elsewhere known to a few""

EVERY relevant "account" including the investment account was in the name of the GOG and handled by the BOG

EVERY top level professional in the MOF and the BOG knew about this

that is a FACT

it is now properly transferred to the consolidated fund, likely thwarting the sticky-fingered coalition tap dawgs who had ideas to steal 'legally' like the PPP

i give Christopher Ram some credit

the PPP case for THEFT of the money is now dead

The fracas is PNC made. They hid the funds. If the process was open it would be in the consolidated fund. This is no less wicked as the PPP doing what they please with the funds they received from selling ATN stocks or the whole scale robbing of the PetroCarbide fund. Those were in the name of the GOG! This is Guyanese politicians seeking rent as usual. The aim ...beyond all reasonable doubt...was to ferret it away.

carping nonsense

that i would have to spend time pointing out the difference to you is the surest of signs that you have lost your way

smh

Carping nonsense is braying about others commenting on naked usurpation of financial rules. These fellows intended to abscond with that cash pure and simple. They made lots of excuse of what is being done with it and would clearly have ferreted it away if they were not caught napping and asked to account .

FM

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