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Chief Executive Officer of the State Assets Recovery Unit (SARU) Major (rtd) Aubrey Heath-Retemyer says that with billions of dollars in state assets stolen annually under the previous administration, the public must recognize that it will be a costly venture to pursue the guilty parties.

“The country must understand that the government will have to undertake the cost of hiring proper lawyers to help us prepare these cases so that we have a strong chance of bringing these people to justice,” Heath-Retemyer told the Sunday Stabroek during an interview last week.

He argued for the government’s need to ensure it has a strong legal team to recover stolen assets particularly in light of the head start that perpetrators have had.

Aubrey Heath-Retemyer

The biggest area being looked at by the unit is the misappropriation of money, he said, while adding that the PPP/C was in office for 23 years and a number of offices and agencies had been compromised. “This is not witch hunting. This is common sense. Nobody that was prepared to stand up to the last administration would have survived,” he said, while adding that a lot of corrupt deals were allowed to go unchecked and unreported.

“When people steal government money, they don’t keep it where with one flick of a page or a click of the computer mouse you can find it. It is layers and that is why money laundering is such a problem when you have people who steal government money. Some of it would stay in the country, a lot of it would be banked in other safe havens around the world,” he explained.

Noting that these types of thefts are designed to present obscurity rather than transparency, he said that the unit is already in discussions with international agencies that would collaborate with SARU once it is properly constituted. “Contrary to what the opposition is saying, there is money out there. It is just a matter of the number of years’ lead time that people had to layer it,” he said.

According to Heath-Retemyer, there is evidence to show that dating back to 2008, the country was losing about $300 billion a year, which is an estimate that international organizations believes is low.

The estimates by SARU of money stolen under PPP/C administrations have been queried by analysts and commentators.

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”

However, he said that there are challenges, including limited funds which are provided by the Ministry of Presidency. He said that he doesn’t believe that the public understands the level of tediousness that is required to prove cases. “It goes without saying that people who have pilfered government money can afford to hire the best lawyers,” he stressed, while adding that as a result the unit will have to get “legal heavyweights.”

Heath-Retemyer noted too that specialists are also integral to the proper functioning of the unit, including financial analysts, forensic accountants and investigators, all of whom will make a team so that “when we are working on a case, we have the best skills and the best advice.”

He said that many of the perpetrators have calculated that the will may not be there to go after them. Asked how he reached such a conclusion, Heath-Reteymer said, “I think that they know it is extremely tedious and the quantities that they stole are in some cases mind boggling.”

Noting that after taking office, government found massive corruption and other evidence of wrongdoing, Heath-Retemyer stressed that “these are not just vain words, this information is credible because you can look at a number of other sources and confirm.”

He said that the unit, upon its establishment, sought to “put our local house in order. That is to check within the systems what we could fix.” Noting that the unit’s mission is “to help reduce corruption, increase transparency within the government agencies and to utilize all legal means in order to retrieve stolen national wealth,” Heath-Retemyer went on to explain that corruption prior to May, 2015, resulted in Guyana losing because of procurement fraud, which cost between $28 billion and $35 billion a year, illicit capital flight in the sum of about $90 billion a year, and the underground economy, which cost around $188 billion a year. “These are not figures that we just concocted,” he stressed, while adding that after the unit started off with looking at the “basic things,” it later narrowed its focus to four areas, including matters involving money.

He said that vehicles and movable assets were looked at and it was recognized that “there was a mass of confusion within ministries.” He said that there was a row over who had what, vehicles were unaccounted for and worst of all there was no paper trail. He said that SARU systematically tried to work with various agencies and ministries.

He said that last year 54 agencies were looked at. “That was not just taking the inventory (or) the words of the people who run those agencies. We have actually physically sent people to count and check the vehicles,” he informed, while adding that from those checks it was determined what vehicles were serviceable and what should be gotten rid of.

He said that this physical check did not pertain only to the agencies but work was also done in the regions. He said that all the regions, except Region One, were visited last year. In the case of Region One, he said that the unit has information but was unable to visit.

Government buildings are also a focus of the unit. “Lots of government buildings were not properly utilized,” he said, while noting that in the regions it was usual for the unit to find the relatives of the original occupants living in a government building after that person would have either left the job or been reassigned to another location. “This is at the expense of other persons entitled to them so the government either had to go rent a place or the person… rented and they (the government) give you back your money or something but those things were common occurrences, so at least we have highlighted them,” he said.

According to Heath-Retemyer, the unit is working along with the regions to send out letters to demand that people give up the government buildings that they occupy. He said that the unit is also tabulating the number of buildings that have gone up around the city. “The opposition jumps up and screams that we are after business people. It’s nonsense. The fact is there is money laundering taking place in this country…and it is not hard to recognize that there are a number of buildings in this country, one floor occupied, two or three unoccupied and as far as we know there are no mortgages,” he said. He stressed that the unit is committed to making sure that the nation is not “held hostage by a number of illegal practices which we have to account for.” He said too that several government buildings have been sold to several individuals.

According to Heath-Reteymer land is another area of focus. While explaining that this is a big issue, he singled out land at Liliendaal. He said that a group came to Guyana from Trinidad and met with GuySuCo and this meeting resulted in an offer which would have seen GuySuCo raking in US$25 million once the lands were developed. “Lands would just be developed. No questions asked (and) Guyana gets US$25 million,” he said, while adding that this deal was scrapped and the land was parceled and sold at prices way below the true value. Other parcels at other locations were also sold below market value, he said.

According to the CEO, they realized early on that a number of agencies had to account for land in Guyana—the Central Housing and Planning Authority, the Guyana Geology and Mines Commission, the Guyana Lands and Surveys Commission, GuySuCo, the Forestry Commission and the Mahaica, Mahaicony, Abary/ Agricultural Development Association. “We are still not where we want to be but we were able to bring some semblance of order,” he stressed.

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“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

Django
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

Do you think the sum is realistic?

FM
Imran posted:
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

Do you think the sum is realistic?

Seriously that figure is bloated,for a small country.

Django

I think this Reteymer guy is speaking out of his ass. Sounds like a lot of assumptions there. Looks like he too desire the opportunity to siphon off money like those that did the earlier audit that resulted in no actions taken. He sounds like a politician peddling the PNC kool aid.

FM
Django posted:
Imran posted:
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

Do you think the sum is realistic?

Seriously that figure is bloated,for a small country.

I am glad you realize this . I was expecting a lengthy comment from you.

Anyhow, what he did was tarnished and destroyed the average Guyanese mentality about PPP without providing the evidence .

For two years, we are still waiting for evidence of offshore banking. 

I am waiting for the fire storm from PPP and if a lawsuit can be filed by the alleged thieves... this will satisfy the general public the previous government had nothing to hide.

I support jailing any thieves and mismanagement by government officials.

in conclusion Django bai, I appreciate you posting the article but expect your honest opinion in a lengthy comment... the same way you do against PPP and Indians officials.... don't be bias ... 

FM

Imran,

That figure is bloated how do they arrived at that amount is mysterious,unless they bloating the gold smuggling.

Jagdeo said billions of dollars of gold are smuggled.

I have noticed a lot of development in housing and business [viewing COCOT videos] during the PPP rule,money was flowing due to the high price rice farmers were getting from the Petro Caribe Deal,high Gold Prices..etc and some Underground Activities.Sweet deals don't last forever especially with commodities,when prices drop it can be devastating.

The PPP did some good which is overshadowed by Cronyism and Corruption,look at all them funny fellas,some that i know was riding bicycles,today they live like kings among the poor.

The Corruption and Cronyism is the cause of their downfall,this administration is working hard to weaken the PPP,also in my view BJ Egoistic behavior will further decimate the party.

I maybe wrong,we shall see.

Django
Last edited by Django

Losing $300 billion a year. Wow! And yet they had enough left to steal and left a ton of money for the PNC to give themselves 50% raises, sport up and wind down and pass "some duchie on de leff hand side(like Joe hiding $5 mil US)". Guyana must have had a very booming economy under the PPP. What do you say??????? Reinstall the PPP????

FM
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

He started by using "if". Should answer your question.

no, the figure is not realistic. Same with the figures given by Clive zthomas. They are meant for the uninformed. Maybe to inflame.

Z
Django posted:
Imran posted:
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

Do you think the sum is realistic?

Seriously that figure is bloated,for a small country.

Could be unrealistic if you are talking about the productive capacity of the country which has a GDP of about US$3B.  However, if you are talking about underhand sale of state assets such as forest, mining and communication rights, smuggling and money laundering god knows.

FM
Last edited by Former Member

A lot of estimates and talk with no evidence to support.  Numbers are way overblown.  How much are they paying this guy and his team. They should save that money and get rid of the parking meters.

alena06
alena06 posted:

A lot of estimates and talk with no evidence to support.  Numbers are way overblown.  How much are they paying this guy and his team. They should save that money and get rid of the parking meters.

The evidence and support coming; hold on nah these things take time mostly if it is layered hiding of corrupt money.

FM
VVP posted:
Django posted:
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”

Seriously that figure is bloated,for a small country.

Could be unrealistic if you are talking about the productive capacity of the country which has a GDP of about US$3B.  However, if you are talking about underhand sale of state assets such as forest, mining and communication rights, smuggling and money laundering god knows.

Can that  amount to [G$300B] US$1.1B ?? that's 1/3 the GDP,doesn't sound plausible.

Django
Last edited by Django
VVP posted:
alena06 posted:

A lot of estimates and talk with no evidence to support.  Numbers are way overblown.  How much are they paying this guy and his team. They should save that money and get rid of the parking meters.

The evidence and support coming; hold on nah these things take time mostly if it is layered hiding of corrupt money.

I wouldn't hold my breath..reminds me of Rodney COI.

FM
Django posted:
VVP posted:

Could be unrealistic if you are talking about the productive capacity of the country which has a GDP of about US$3B.  However, if you are talking about underhand sale of state assets such as forest, mining and communication rights, smuggling and money laundering god knows.

Can that  amount to [G$300B] US$1.1B ?? that's 1/3 the GDP,doesn't sound plausible.

 Right now it seems a lot mostly if it a "YEARLY" loss. However, I would wait and see before I draw conclusions because they claim they have the details.  Didn't someone quantify the amount lost to Gold smuggling?  How much was that?

FM
VVP posted:
Django posted:
VVP posted:

Could be unrealistic if you are talking about the productive capacity of the country which has a GDP of about US$3B.  However, if you are talking about underhand sale of state assets such as forest, mining and communication rights, smuggling and money laundering god knows.

Can that  amount to [G$300B] US$1.1B ?? that's 1/3 the GDP,doesn't sound plausible.

 Right now it seems a lot mostly if it a "YEARLY" loss. However, I would wait and see before I draw conclusions because they claim they have the details.  Didn't someone quantify the amount lost to Gold smuggling?  How much was that?

here is an article.

https://guyaneseonline.wordpre...rmation-on-suspects/

Django
Django posted:
VVP posted:
Django posted:
VVP posted:

Could be unrealistic if you are talking about the productive capacity of the country which has a GDP of about US$3B.  However, if you are talking about underhand sale of state assets such as forest, mining and communication rights, smuggling and money laundering god knows.

Can that  amount to [G$300B] US$1.1B ?? that's 1/3 the GDP,doesn't sound plausible.

 Right now it seems a lot mostly if it a "YEARLY" loss. However, I would wait and see before I draw conclusions because they claim they have the details.  Didn't someone quantify the amount lost to Gold smuggling?  How much was that?

here is an article.

https://guyaneseonline.wordpre...rmation-on-suspects/

Excerpt from Eric Phillips letter in SN on March 7:

 If one were to calculate the value of 15,000 ounces of gold smuggled on a weekly basis this adds up to more than  750,000 ounces of gold per year, and at an average value of just US$1000 per ounce (one must remember gold reached almost US$2000 per ounce during the peak years), this translates to US$750 million per year. Over a 10-year period, this is US$7.5 billion. Guyana’s GDP is under US$4 billion per year. Guyana’s poverty rate would surely have been reduced if the government had received its fair share of the royalties from this illegal act. Guyana’s 2017 budget is US$1.25 billion.

--------------------

Just posting what he said.  Since the PNC will stop this there will be no more poverty in Guyana  Of course the state only loses the royalties on the smuggled gold so it not like the coffers will be US$750M larger.

FM
Last edited by Former Member

And this is proof, right? Give me a break. It is just a politician mouthing off. These guys were the one that lied to us that they will stop corruption, grow the economy, unite the country, keep the PNC tendencies in check, etc.

The one case they are referring to if my memory serves me correct is the guy wearing a lot of jewellery when leaving the CBJ. We are still awaiting the US to state how much smuggled Guyana gold it processed at Customs. 

The figures are unrealistic and unsupported by any reliable data. The new government which presumably would have halted all these illegalities would have had massive amounts of money to spend. Instead, they are asking employees to reuse envelopes, turn off lights and air conditioners, etc. They projected a budget deficit  of $38 billion. The only extra money they have is the funds raised by the many taxes and fees they raised or instituted.

Maybe, I am wrong, that the numbers they peddle are correct and now, instead of the PPP as they often allege, they have become the main beneficiaries.

 

Z
Zed posted:

And this is proof, right? Give me a break. It is just a politician mouthing off. These guys were the one that lied to us that they will stop corruption, grow the economy, unite the country, keep the PNC tendencies in check, etc.

The one case they are referring to if my memory serves me correct is the guy wearing a lot of jewellery when leaving the CBJ. We are still awaiting the US to state how much smuggled Guyana gold it processed at Customs. 

The figures are unrealistic and unsupported by any reliable data. The new government which presumably would have halted all these illegalities would have had massive amounts of money to spend. Instead, they are asking employees to reuse envelopes, turn off lights and air conditioners, etc. They projected a budget deficit  of $38 billion. The only extra money they have is the funds raised by the many taxes and fees they raised or instituted.

Maybe, I am wrong, that the numbers they peddle are correct and now, instead of the PPP as they often allege, they have become the main beneficiaries.

 

Like I said I only posted the excerpt.  But it was Jagdeo who said that they should chase after the smuggled gold rather than chase after him so Jagdeo agrees.

FM
Last edited by Former Member

Zed,

All the gov't revenue earning departments should be computerized,periodically the public should have access to the information,too much antiquated system in third world countries,currently the technology is cheaper,no more destroying of bill of sales and money pilfered.

I will relate a little story.

When i bought the business in 2005, there was two software system,one for Accounting and the other for creating Work Orders when jobs are completed the work orders for warranty and insurance claims are billed and a paper copy given to the accountant when payments [Checks or EFT] received it will be entered in the Accounting Software.

Same goes for out of pocket Customers,when work order payments[Cash,Checks,CC] received paper copy is given given to the accountant and entered in the accounting software.

First month i caught the accountant stealing cash[good chunk] destroying the work order,he left after being caught,i took over the Accounting with help from my kids [ two who studied Business Admin major in Accounting] was able to run reports from from the Work orders software to check sales,my former boss never did that,one day he stop by to see how i was doing,i told him what was happening,he could not believe it,i said to him you and workers both lost.

Django
Last edited by Django
Django posted:

Imran,

That figure is bloated how do they arrived at that amount is mysterious,unless they bloating the gold smuggling.

Jagdeo said billions of dollars of gold are smuggled.

I have noticed a lot of development in housing and business [viewing COCOT videos] during the PPP rule,money was flowing due to the high price rice farmers were getting from the Petro Caribe Deal,high Gold Prices..etc and some Underground Activities.Sweet deals don't last forever especially with commodities,when prices drop it can be devastating.

The PPP did some good which is overshadowed by Cronyism and Corruption,look at all them funny fellas,some that i know was riding bicycles,today they live like kings among the poor.

The Corruption and Cronyism is the cause of their downfall,this administration is working hard to weaken the PPP,also in my view BJ Egoistic behavior will further decimate the party.

I maybe wrong,we shall see.

Django, there is no question about a few corrupt government officials and Ministers,  but Guyana economy rise under the PPP government, there was massive development from Skeldon to Essequibo.

You can recognize more development in Indian neighbourhood because that's INDIAN culture... work hard ... save and build. 

The PPP took Guyana from the gutter and raise Guyana on a upward trend.

I recall you said on this forum, you went back home once/ twice for 1-4 days ( My apology if I am wrong)

Two years ago , you should have visit Guyana and drive around the country... I believe you would be speaking differently today. Bai Guyana is not the same , it's going down hill in the last two years . We don't make a profit on our business... we barely break even .

Whats rise in Guyana is Divorce , drugs, thieves, bribery.

Regarding PPP official riding bicycle, that's a poor way of thinking. Oh man you don't expect people to move up in life like you  ... you don't know how hard people work. Your thoughts of thinking is coolie man mentality.  Your 500 G saving in investment and  with 7000 sq ft warehouse in 20 years....dude should I believe your two quick trip to Guyana has anything to do with corrupt deals ... absolutely not . Good Luck and all the best . 

FM
VVP posted:
Zed posted:

And this is proof, right? Give me a break. It is just a politician mouthing off. These guys were the one that lied to us that they will stop corruption, grow the economy, unite the country, keep the PNC tendencies in check, etc.

The one case they are referring to if my memory serves me correct is the guy wearing a lot of jewellery when leaving the CBJ. We are still awaiting the US to state how much smuggled Guyana gold it processed at Customs. 

The figures are unrealistic and unsupported by any reliable data. The new government which presumably would have halted all these illegalities would have had massive amounts of money to spend. Instead, they are asking employees to reuse envelopes, turn off lights and air conditioners, etc. They projected a budget deficit  of $38 billion. The only extra money they have is the funds raised by the many taxes and fees they raised or instituted.

Maybe, I am wrong, that the numbers they peddle are correct and now, instead of the PPP as they often allege, they have become the main beneficiaries.

 

Like I said I only posted the excerpt.  But it was Jagdeo who said that they should chase after the smuggled gold rather than chase after him so Jagdeo agrees.

What does he agree with? The fact that gold is smuggled. From anything i have seen, he did not agree with the absurd numbers tossed about like AFC promises prior to the election.

no vvp, I am not blaming you. But, one needs to question the reliability of the info thrown around.

Z
Django posted:

Zed,

All the gov't revenue earning departments should be computerized,periodically the public should have access to the information,too much antiquated system in third world countries,currently the technology is cheaper,no more destroying of bill of sales and money pilfered.

I will relate a little story.

When i bought the business in 2005, there was two software system,one for Accounting and the other for creating Work Orders when jobs are completed the work orders for warranty and insurance claims are billed and a paper copy given to the accountant when payments [Checks or EFT] received it will be entered in the Accounting Software.

Same goes for out of pocket Customers,when work order payments[Cash,Checks,CC] received paper copy is given given to the accountant and entered in the accounting software.

First month i caught the accountant stealing cash[good chunk] destroying the work order,he left after being caught,i took over the Accounting with help from my kids [ two who studied Business Admin major in Accounting] was able to run reports from from the Work orders software to check sales,my former boss never did that,one day he stop by to see how i was doing,i told him what was happening,he could not believe it,i said to him you and workers both lost.

Django, in Guyana, stealing going on all over the place, in so many ways and forms. It is mind boggling. It seems at times that so much collusion occurs, a conspiracy of silence. Even when we employ people to help us in our work, and they are contributing to something good,  they steal. It is frustrating. I know that this happens in other countries, but it still hits home and if one does not have a strong moral grounding, one , little by little will become like so many here. 

Z

Django, since the coalition came into power, the economic prospects for a large majority of the country has dimmed. Sugar has diminished, so has rice. The only good thing is gold production  which has gone up. Everywhere I go in this country, and I do travel a lot, people complain about how things are bad. 

In our days, people rode bicycles and aspired to have a motor bike. Now, during the PPP government, people were looking at getting cars. Lately, they are losing the cars they had acquired. Debt default has gone up from the Bank of Guyana figures. Bank of Nova Scotia recently had to increase their allowance for bad debt write off. Dim times, with its social consequences.

Z

Our resident PNC apologists are not yet ready to concede the demise of the economy. They still hold out hope for this farce of a coalition as their spammers continue to deluge the board with PNC propaganda and distraction masked as asset recovery initiatives. 

FM
Zed posted:

Django, since the coalition came into power, the economic prospects for a large majority of the country has dimmed. Sugar has diminished, so has rice. The only good thing is gold production  which has gone up. Everywhere I go in this country, and I do travel a lot, people complain about how things are bad. 

In our days, people rode bicycles and aspired to have a motor bike. Now, during the PPP government, people were looking at getting cars. Lately, they are losing the cars they had acquired. Debt default has gone up from the Bank of Guyana figures. Bank of Nova Scotia recently had to increase their allowance for bad debt write off. Dim times, with its social consequences.

Zed, as an economist you have be realistic and understand what was driving "progress" under the PPP.  In couple words it was drugs, money laundering and corruption (US reports).  These things can grow an economy, but this is not the way to build a country.  They have severe repercussions in the long run some of which we are seeing right now.

The PNC is an idiotic regime.  They do not know how to govern, but let's not fool their bumbling performance to say that the PPP was running an efficient government.

FM
Zed posted:

Django, since the coalition came into power, the economic prospects for a large majority of the country has dimmed. Sugar has diminished, so has rice. The only good thing is gold production  which has gone up. Everywhere I go in this country, and I do travel a lot, people complain about how things are bad. 

In our days, people rode bicycles and aspired to have a motor bike. Now, during the PPP government, people were looking at getting cars. Lately, they are losing the cars they had acquired. Debt default has gone up from the Bank of Guyana figures. Bank of Nova Scotia recently had to increase their allowance for bad debt write off. Dim times, with its social consequences.

Heard the same from one of my cousin,they are into large scale cash crop,ground provision,plantains etc farming they have to sell the produce at reduced prices,comparing the prices we pay here,they can rake in the dough,i wish they could have export produce to the US.

Last year the same cousin and two of her kids got US Visa they visited last  summer and are back home,they kids are still looking for jobs,most of my other relatives are ok working in the Private sector and public sector.

The rice farmers will feel the brunt,the Petro Caribe Deal had increased their income,that deal would have certainly collapsed now they are back to where they were.I can envision the feelings of the workers in the Sugar Industry which is heavily subsidize,closing some of the Estates will surely have an impact on their lively hood,I am hoping this gov't have some real plan to reduce the impact.The sad thing is they are mostly Indo Guyanese and it will appear it's oppression.

The past two years with increased budget,where is the Economic stimulation for the shortfall in Rice and Sugar,is it on paper only ?? they need to spend the money or are they blowing hot air.

Looks like they are banking on oil,if it doesn't materialize come 2020,the economy will further collapse.

There is truth what VVP said about the underground economy,the effects are there.

Django
Last edited by Django
Drugb posted:

Slowly the pnc apologists are coming to their senses. One claim to have 500K US investment but not in Granger's Guyana. So much for putting your money where your mouth is. 

He is investing his time here to educate y'all with SN articles posted for free.  At least the man invested a subscription.  How many here can say that?

FM
Last edited by Former Member

The least SARU can do is to show how can anyone in Guyana steal approx. $1,300,000,000 every working day for over 10 years and no one knows about it during that time. There are hundreds of loyal PNC public servants employed during that time in all spheres of Govt business. They are intelligent enough to know what took place and should be singing.The Auditor General is supposed to pick this up. This figure of $300 Billion per year was larger than the country's annual budget; stealing that sum boggles the mind. That figure is straight out of a magician's hat. SARU should be realistic, this sum is not so and hence SARU have lost all respectability by most Guyanese. Thomas, Retemeyer et al seems to be big dunces.

R
VVP posted:
Zed posted:

Django, since the coalition came into power, the economic prospects for a large majority of the country has dimmed. Sugar has diminished, so has rice. The only good thing is gold production  which has gone up. Everywhere I go in this country, and I do travel a lot, people complain about how things are bad. 

In our days, people rode bicycles and aspired to have a motor bike. Now, during the PPP government, people were looking at getting cars. Lately, they are losing the cars they had acquired. Debt default has gone up from the Bank of Guyana figures. Bank of Nova Scotia recently had to increase their allowance for bad debt write off. Dim times, with its social consequences.

Zed, as an economist you have be realistic and understand what was driving "progress" under the PPP.  In couple words it was drugs, money laundering and corruption (US reports).  These things can grow an economy, but this is not the way to build a country.  They have severe repercussions in the long run some of which we are seeing right now.

The PNC is an idiotic regime.  They do not know how to govern, but let's not fool their bumbling performance to say that the PPP was running an efficient government.

Just let us assume that tgese jokers are correct with their statement, then it follows that with their election, the drainage has stopped, the money has been taken from the economy, though we are all at a loss to figure out where it now resides. Then, why the heck will they increase taxes and fees on the population when so much money has been reduced from the economy? Why  will they reduce employment by closing down estates, fire Amerindian workers. In addition, the productive sector has diminished adding to less money in the economy. To compound their folly, they alienate the private sector and thereby reduce their confidence in the government's ability to manage the economy. Now, the people who have some money are worried about spending for investment purposes while workers, the rising middle class, peasant cultivators, etc  are worried about the future so have reduced discretionary spending. 

They know squat about managing an economy.

Z

Vvp, not many third world regimes fall into the category of running an efficient government. Many have argued that if third world regimes reduce inefficiency and corruption, they will increase their growth by at least 50 percent. What we hear about in Guyana is not the exception. Also, last year, the head of the European Union stated that corruption was a major issue in the EU.

Z
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

Add up these numbers and tell me the sum, bai: "Heath-Retemyer went on to explain that corruption prior to May, 2015, resulted in Guyana losing because of procurement fraud, which cost between $28 billion and $35 billion a year, illicit capital flight in the sum of about $90 billion a year, and the underground economy, which cost around $188 billion a year."

FM
Gilbakka posted:
Django posted:

“I don’t want to alarm anybody, but we are talking about a lot of money. If you’re losing $300 billion a year, if you multiply it by six or eight years…,” he reasoned, while stressing that though all of that money may not be retrievable, it is felt that the unit is in a position and has the ability to “go after substantial amounts.”


 

Is this amount realistic ?,it's more than the amount of any yearly budget.

Add up these numbers and tell me the sum, bai: "Heath-Retemyer went on to explain that corruption prior to May, 2015, resulted in Guyana losing because of procurement fraud, which cost between $28 billion and $35 billion a year, illicit capital flight in the sum of about $90 billion a year, and the underground economy, which cost around $188 billion a year."

$90B+$188B=$278B that's is aprrox one year Budget,the home land is a rich country.

Django

More than a year's budget and some. Shows how ludicrous is the statement about how much is lost.

Maybe, they are setting us up for when oil comes on stream and if they return to power in 2020.

Still waiting for Harmon to tell us about the US$5 million from the GT&T deal.

by the way, where is Moses? Have not heard anything from him lately. Seems like Harmon /Trottman are the Prime Ministers. Missing also is the WPA minister Roopnarine.

Z
Zed posted:

More than a year's budget and some. Shows how ludicrous is the statement about how much is lost.

Maybe, they are setting us up for when oil comes on stream and if they return to power in 2020.

Still waiting for Harmon to tell us about the US$5 million from the GT&T deal.

by the way, where is Moses? Have not heard anything from him lately. Seems like Harmon /Trottman are the Prime Ministers. Missing also is the WPA minister Roopnarine.

Achieved his goal,me thinks he will exit come 2020 and enjoy his pension,also Roopnarine will follow to enjoy his little pension.

Django
Last edited by Django

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