The Guyana Oil Company (GuyOil) today announced the termination of the services of its Managing Director, Badrie Persaud.
An unsigned statement from GuyOil today said that the decision was made after the Board of Directors of the company along with the Forensic Auditor reviewed the verified findings of the forensic audit done by Nigel Hinds Financial Services for the period November 1,2011 to May 31, 2015. It said that based on the actions that had been taken by Persaud during this period, the Board of Directors at a Special Board Meeting on February 18th determined that it could no longer have confidence in Persaud’s ability to execute the functions of Managing Director.
The statement said that the board then decided to terminate the services of Persaud whose annual leave ended on February 27th 2016 with immediate effect and to pay him in lieu of notice in line with the provisions of the Termination of Employment and Severance Pay Act.
In July last year, Persaud had been sent on 210 days leave so that the forensic audit of the state-owned company could be completed.
Finance Minister, Winston Jordan told Stabroek News then that it was advised that Persaud be sent on leave “so the auditors can go in and speak to people without them being fearful.”
