The recent $3 billion loan to the Central Housing and Planning Authority (CH&PA) by the Guyana Geology and Mines Commission (GGMC) violates several laws according to financial experts who warn that the permanent secretaries could be held liable.
“GGMC cannot go off tangentially and makes loans unrelated to its activities or functions and claim compliance with the Act. Therefore, the $3 billion loan to the CH&PA to continue the Administration’s housing development programme sector is clearly inconsistent with GGMC’s mandate, notwithstanding the Cabinet’s approval of the arrangement. The Cabinet cannot make a decision that violates any law,” former Auditor-General Anand Goolsarran wrote in his column which appears in today’s Stabroek News.
Last month, the GGMC and CH&PA inked an agreement for a $3 billion loan to be used for the development of the housing sector. The legality of the
