Dear Editor,
I refer to the article in the March 2 edition of the Stabroek News (‘Sun and Sand plans US$12M open pit mine at Mazaruni’). A similar article appeared in the March 1 Guyana Chronicle.
Permit me please to make the following observations regarding Sun & Sand Mining & Minerals Resource (UK) Limited which appears to be going by another name, ie, Sun and Sand Mining Resources Inc.
This company has been registered in the United Kingdom since September 2011 with an authorised share capital of £100.00 (one hundred British pounds) or approximately G$31,000. There is currently one director of this company who is recorded as residing in India.
This company since its inception and registration in the United Kingdom has not had any commercial activity. Since its inception, it was twice brought to the brink of being struck off the Register of Companies in the United Kingdom due to failure to file basic information, called the Annual Return. On both occasions they were saved from being struck off after these returns were completed after a Gazetted Notice was issued on both occasions.
Just recently in February this year, one of the two directors resigned.
All the accounts (Total Exemption Small Business Accounts) for the years ending 2012, 2013, 2014 have been submitted, but as I indicated earlier, there has been no activity in any of the years of accounts. It is worth pointing out that even the Authorised Share Capital of £100.00 has not been paid into the company’s bank by the shareholder of the company.
The documents obtained from the EPA website shows figures and projections based on data since 2014. There is no mention of this firm’s financial background, their previous experience in similar activities, and even their current exposure to this type of mining activity. The company’s accounts do not reflect any assets; however, there is a note which indicates that the company is indebted to a certain financial institution. Very strange situation!
Whilst I can appreciate the efforts of the EPA and the government to attract inward investments which would naturally involve employment of the local workforce, I am deeply concerned that a company with this sort of background would be purely speculating and, to put it bluntly, could represent a complete disaster for the country.
Yours faithfully,
Faoud Khan
