Full forensic audit of Gold Board ordered

A full forensic audit has been ordered into the operations of the Guyana Gold Board (GGB) as police continue a probe of a fraud at the operation that reportedly could involve the loss of tens of millions of dollars.

“The Guyana Gold Board has engaged the services of an external auditor to perform a full forensic audit of the activities of the GGB at its locations to assist with the current investigation by the Guyana Police Force,” the Board said in a statement released via the Ministry of Natural Resources and the Environment.

“All gold purchased by the Guyana Gold Board are first stored under the strictest security systems where it is impossible to allow for any tampering,” the statement said. “It must be emphasized that all gold purchased by the GGB are tested to ensure a definitive level of purity before any intermediation is undertaken,” it added.

Earlier this month, the GGB shuttered its Bartica sub-office and called in the police to probe allegations of tampering during the purchase of gold. Several persons were arrested. The office handles millions of dollars in gold transactions. A statement from the Board had said that Directors called on the police to probe an issue of gold being tampered with during the purchasing process and to facilitate the investigation, all operations at the Bartica Sub-Office have been closed temporarily.

“The Guyana Police Force is currently questioning several persons including the employees of both the Bartica sub-office and the main office in Georgetown,” the statement had said.

A source told Stabroek News that the scheme involved the purity of the gold being assessed at more than what it actually was. The gold was mixed, the source said. According to the source, it would be difficult to ascertain how much was lost and the fraud could be in the range of hundreds of millions of dollars since it has been ongoing for a while.

The Gold Board has had similar and other issues around it in previous years.

More in Local News

default placeholder

India beat West Indies by an innings and 92 runs

NORTH SOUND, Antigua,  CMC – India defeated West Indies by an innings and 92 runs, 25 minutes after tea on the fourth day of the opening Test at the Vivian Richards Cricket Stadium here today.

Jaikarran Chandradeo

Two more held as cops look for motive in Corentyne triple murder

Police yesterday detained two more persons as they continued to try to unravel the motive behind the gruesome shooting to death of two men and a teenage boy, whose bodies were discovered at Kokerite Savannah, Mibicuri Creek, on Friday.

These children enjoyed being pushed home by a cousin

Riverstown

Riverstown, a village on the Essequibo Coast, is pressed between Pomona and Airy Hall. Once you cross the railway-like bridge over a black water creek, you’re in Riverstown, where there are more than 700 residents.

Raphael Trotman

SARU operating legally despite absence of legislation

Minister of Natural Resources, Raphael Trotman said on Thursday that the State Assets Recovery Unit (SARU) is operating legally and despite its inability to prosecute persons, it is currently doing investigative work which is part of its mandate.

Dead: Orin Morris

Sophia stevedore killed in freak accident at wharf

The body of a stevedore attached to the John Fernandes Limited, Water Street wharf was retrieved from the Demerara River on Thursday evening, more than a day after he was involved in a freak accident.

The old abandoned Moco-Moco Hydropower Station

2018 deadline set for completion of Moco-Moco hydropower facility

Due diligence is currently being done on two firms that had bid to rehabilitate the Moco-Moco hydropower facility and the project should be completed by the end of 2018, Minister of Public Infrastructure David Patterson says.

Comments

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.



Stay updated! Follow Stabroek News on Facebook or Twitter.

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