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FM
Former Member

Stolen public assets must be recovered – Dr. Clive Thomas

May 29, 2015 | By | Filed Under News 

‘Forensic audits geared to ensure this’ – Finance Minister

By Kiana Wilburg While the new government, A Partnership for National Unity plus Alliance For Change (APNU+AFC) is

Economist, Dr. Clive Thomas

Economist, Dr. Clive Thomas

still settling in, Economist Dr. Clive Thomas, insists that it is of critical importance for attention to be placed on recovering public stolen assets. He said that the “rampant corruption under the 23-year rule of the People’s Progressive Party/Civic (PPP/C)” should not be ignored. Dr. Thomas stated that any new government pursuing good governance would seek to recover the nation’s assets, which were mismanaged in “some of the most despicable and corrupt ways.” The economist said if this matter is not dealt with, “we are only leaving the nation to continue on a dangerous precipice.” He emphasized too that the new administration should not fail its attempts to hold those who mismanaged and wounded the economy in so many areas, accountable. Finance Minister Winston Jordan related that he is in support of the points raised by Dr. Thomas and sought to remind that the APNU+AFC administration is determined to be a government of transparency and accountability. He reminded that there are several forensic audits to be conducted to ascertain where assets have been transferred, sold or disposed of illegally. This newspaper understands that these audits are to start very soon, before April month end, in fact. Dr. Thomas believes that in the interim, Guyanese will broadly support the view that the newly-elected

Finance Minister, Winston Jordan

Finance Minister, Winston Jordan

government should neither misuse nor abuse state power in pursuit of witch-hunts against the PPP/C political leadership. “While I share this view entirely, I am however, equally convinced that this position would not condone a blanket or indeed other pardon for legally proven public corruption, thieving, and plundering of the nation’s wealth over recent decades. “More is at stake in this matter than the political preferences of the new government, which I expect it recognizes. A clear line must be drawn against past illicit/corrupt behaviours in order to prevent their future repetition,” Dr. Thomas said. He asserted that the corruption that has been taking place in Guyana can be deemed public and not private, because it is based on; fraudulent public procurements contracts, illegal capital flows, particularly illicit mis-invoicing of exports and imports and illicit financial transactions, and an underground economy that is driven principally by criminal endeavours; illegal evasion of taxes; and, regulatory evasion. Dr. Thomas believes that the new administration can make bountiful gains by eradicating certain practices such as the aforementioned. The economist projected that the APNU+AFC government could rake in a modest $21B in total revenues, and another $6B from PetroCaribe savings once illicit siphoning-off practices are halted. “I have also estimated that Guyana can recover almost $333-340 Billion from the areas I cited earlier, but I wish to emphasize that I cannot provide independent valuation of corrupt practices in state enterprises…So the $333-$340B estimation therefore understates the actual size of the pool of annual recoverable stolen public assets. What part of this clearly underestimated pool of stolen public assets might actually be recovered is open to speculation,” he added. The economist noted, however, that the massive scale of corruption in Guyana cannot all be attributed to the PPP/C political leadership. He said that it certainly embraces corrupt state officials and executives of state-owned enterprises, organizations, agencies and other bodies who have accepted bribes, sold influence, and generally pursued rent-seeking behaviour. “Because public corruption has been so widespread, there is a political dividend available to the new government if, but only if, the APNU+ AFC’s promise of good governance is substantially achieved in the coming years.” He said that this dividend is based on his estimation of popular expectations. Dr. Thomas then proposed a mechanism whereby the newly-elected government could, “at this unique democratic opening,” embark on seeking resources and justice for Guyanese whose national wealth has been stolen by “the greedy” in recent years. He said that this can be done through some simple steps in which the APNU+AFC administration can proceed with a stolen public assets recovery programme. He said that the first step would be to establish a public body dedicated to the initiative for recovering stolen public assets, followed by invoking Guyana’s responsibilities, duties and entitlements under the United Nations Convention against Corruption (UNCAC). That Convention came into force in 2005. Guyana acceded to it in 2008. It states that: “stolen public assets recovery is a fundamental principle of the Convention”. Further, all 175 UN Members of the Convention have formally agreed to confiscate such assets returning it to the state requesting it, “to send a message to corrupt officials that there will be no place to hide their illicit assets”. Further, Dr. Thomas said that the third step would be for the local body suggested at step one, to formally request assistance technical and otherwise as is available under UNCAC, whose implementation is supported by the United Nations Office of Drugs and Crime (UNDOC). Given the coalition origins of APNU+AFC, the economist said that for the fourth step, he would recommend that civil society organizations, especially the internationally-affiliated Human Rights Association, the local chapter of Transparency International, the Trades Union Congress, and private sector, be encouraged to participate in the initiative, as presently permitted.

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Yes 100% agreement.  Perform independent forensic audits.

 

Also, baseman would support the an audit of the "newly rich" civil servants who flaunt expensive properties all over the nation on a civil servant income.  Reconcile the cost basis of these properties with their income.  Let them explain and discrepancies and explain how the acquired the wealth.  Don't prejudge, they could have inherited from an independently wealthy relative.

 

Furthermore, extend this to very wealthy self-employed vs declared income to the GRA.  Any unexplained differences should become taxable income.

 

People need to pay their fair share of income taxes, people should not use their position of power for personal enrichment.

 

That is baseman's position.

FM
Last edited by Former Member

Totally in agreement with Dr. Thomas. If they have stolen, then they must pay the price. Do not stop with the guilty politicians and high state officials, but with all instances where someone is found guilty. We have to change the idea that it is open season and that everyone needs to make a raise outside of the salary they receive. Charge also those who bribe.

Z
Originally Posted by Zed:

Totally in agreement with Dr. Thomas. If they have stolen, then they must pay the price. Do not stop with the guilty politicians and high state officials, but with all instances where someone is found guilty. We have to change the idea that it is open season and that everyone needs to make a raise outside of the salary they receive. Charge also those who bribe.

Don't go overboard, then you have to fence in "all" of Guyanese population.  Then abie goa cry "blackman dictatorship".

FM

Your point is well taken. Corruption so permeates the things are done in Guyana. It needs to change and I am at a loss of how else. Certainly education, religion, development of personal pride and commitment are some possibilities. These need to be combined with legal sanctions. How else do we create the critical mass necessary for sustained change?

Z
Originally Posted by Zed:

Your point is well taken. Corruption so permeates the things are done in Guyana. It needs to change and I am at a loss of how else. Certainly education, religion, development of personal pride and commitment are some possibilities. These need to be combined with legal sanctions. How else do we create the critical mass necessary for sustained change?

Take down the big fish, grant amnesty to all "small fries", raise awareness of code of ethics and the penalties and go forward on  a clean slate.

FM
Originally Posted by Zed:

Your point is well taken. Corruption so permeates the things are done in Guyana. It needs to change and I am at a loss of how else. Certainly education, religion, development of personal pride and commitment are some possibilities. These need to be combined with legal sanctions. How else do we create the critical mass necessary for sustained change?

When a fish rots, it starts from the head. Go after the heads of the big fishes. Ignore the small kakabelly for now.

Mitwah
Originally Posted by Mitwah:
Originally Posted by Zed:

Your point is well taken. Corruption so permeates the things are done in Guyana. It needs to change and I am at a loss of how else. Certainly education, religion, development of personal pride and commitment are some possibilities. These need to be combined with legal sanctions. How else do we create the critical mass necessary for sustained change?

When a fish rots, it starts from the head. Go after the heads of the big fishes. Ignore the small kakabelly for now.

I agree with both of you. Going after the big ones might send the message to the others that there is a serious commitment to end corruption. And that there are serious consequences if they persist.

Z

Corruption is very simple to control if they use the US methods - set up sting operation with mandatory jail time for the perps. Make example of few to send a strong message bribery will not be tolerated.

That motor bike robbery gang also definitely need a task force with sting operation to bring it down...

sachin_05
Originally Posted by sachin_05:

Corruption is very simple to control if they use the US methods - set up sting operation with mandatory jail time for the perps. Make example of few to send a strong message bribery will not be tolerated.

That motor bike robbery gang also definitely need a task force with sting operation to bring it down...

These are all good ideas. Why are those who were responsible not doing these things? I wonder. Let us wait and see what the government is going to do. They have clearl stated that if peopke do the crime, they will do the time.

Z

The thiefing was mainly off the book kick backs. And they abused state resources for personal and family use. The non transparency of PPP took away the credibility and the world sees them as stealing on the books. They were shifting money from one account to fill another, hence the perception of on the books stealing. There is no way they will find G$333 billion in stolen funds on the books. And I don't see how you can count the underground economy in this calculation given that most are illicit transactions that can never be calculated as legal activities. PPP also wasted a lot of money on poor project choices. That's where you can save, but that's not going to be realized in the audited books.

FM
Originally Posted by sachin_05:

Corruption is very simple to control if they use the US methods - set up sting operation with mandatory jail time for the perps. Make example of few to send a strong message bribery will not be tolerated.

That motor bike robbery gang also definitely need a task force with sting operation to bring it down...

Simplistic, In China you get a bullet in the head and they still thief.  Any society where you have an empowered but under-compensated Govt working class pitted to provide services to a tax-evasive [seemingly] 'highly-compensated' business class provides the breeding ground for corruption.

 

Unfortunately, the top dogs (civil servants) acquire unbridled wealth from the largest/richest evaders and the culture of corruption "trickles down" to the struggling clerks whose only "prey" and the lowly struggling small fry non-govt man/woman struggling themselves to make ends meet and keep a shirt on their kids back.

 

Many countries grapple with corruption and the root-cause.  There are umpteen studies and there and even more proposals, yet it's pervasive.  If you look at corruption, generally speaking, the developed nations, particularly the Nordic Europeans and Singapore and few other places, see the lowest levels of corruption.  Why?

 

Well, how about FIFA?

 

What is needed is a multi-pronged approach bringing together fair compensation (not only pay), accessibility (to services), and deterrence.  I'm sure there are more.

 

The US has it's on form of "corruption" and when it becomes big enough, it's coded into a legit business model and as long at they pay taxes, they are legal.

FM
Last edited by Former Member

 Bribery and corruption is cultural in Guyana.

Leave your bicycle unlocked and see what happen. Plane crash in Guyana....taxi driver charges victims to drive them to safety. Traffic accident...victims relieved of their jewellery and watches.

FM
Originally Posted by TI:

 Bribery and corruption is cultural in Guyana.

Leave your bicycle unlocked and see what happen. Plane crash in Guyana....taxi driver charges victims to drive them to safety. Traffic accident...victims relieved of their jewellery and watches.

Are Guyanese a "Galapagos" specie?

FM
Originally Posted by Dondadda:

While I agree that stolen assets should be recovered, I should also include the 28year reign of the PNC.

That bread crumbs lead to Brooklyn and Toronto bai.  But after 23 Years, trail gone cold.  Them PNC bannas smart, dem tief, smuggle out the money and buy properties in NY and Toronto.  The PPP thieves invest in mansions and resorts in Guyana.  Watch, Tax/Treasury auction coming.  I gat mi eyes pon a nice piece of property in a place they call "Prodo 2", not sure who live deh.

FM
Originally Posted by Dondadda:

While I agree that stolen assets should be recovered, I should also include the 28year reign of the PNC.

i hope nothing for you will be taken away 

FM
Originally Posted by Jay Bharrat:

It was the PPP's job to enquire into the PNC's years.  Did they do it?

Yes they did, they went after any Indian associated with the PNC, no Afros.

FM

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