Suriname company named in gold scandal

(De Ware Tijd) PARAMARIBO — Kaloti Jewelry International is likely involved in doubtful gold transactions. In 2012 the company allegedly failed to report over US$ 5.2 billion in potentially suspicious cash transactions.

This has exposed the company to laundering and buying gold from conflict zones in Africa. The accusations are included in the recently issued report ‘City of Gold’ by the London based human rights organization Global Witness. Kaloti national representative, Winston Wilson, says that inspection of the books by accountants firm Ernst & Young has indeed revealed some irregularities. However, the accountant and the Dubai Multi Commodities Centre (DMCC), the market regulator in Dubai, took immediate corrective measures.

Wilson says that stricter control mechanisms, standards, procedures and rules have resulted from the Dubai audit which will be applicable on the Kaloti Mint house operations in Suriname. The foreign firm opens its gold refinery in July. It will play an important role in restructuring the gold sector and export of gold from Suriname.



About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Get the day's headlines from SN in your inbox every morning:

Most Read This Week

  1. Ramesh Manbodh

    Man beaten with bat passes away

  2. Bibi Shareema (left) and her mother Bibi Shameela in
happier times

    Greenwich Park woman died 44 days after brutally stabbed by ex-partner

  3. Fast food lovers inside KFC yesterday

    KFC back in business

  4. Bharrat Jagdeo

    Meeting of Cabinet at GDF HQ pilloried by Jagdeo

  5. Ameer Abdool Subrati

    Man dies after bandits target overseas-based couple at Herstelling

  6. Updated: Man dies after bandits attack overseas-based Guyanese at Herstelling

  7. The building housing the home and grocery

    Bandits invade Alness businessman’s house, shots fired

  8. Barry Dataram

    Datarams getaway passports had been issued to other people

  9. Alimudeen Gobin’s demolished house

    Violent storm lashes No. 19 Village

Recommended For You