(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.