In last week’s article, we referred to the two recognized methods of accounting for costs relating to the exploration, development and production of crude oil and natural gas: the “successful efforts” (SE) method and the “full cost” (FC) method.
The pollution produced by companies which operate in less developed countries in ways they could never do at home, in those countries in which they raise their capital: We note that often the businesses that operate this way are multinationals.
In the news last week, more than 2,000 Tunisians protested in the country’s capital against proposed legislation that would provide amnesty in exchange for reimbursing the embezzled funds for officials being prosecuted for alleged corruption.
Demerara Waves reported Dr. Kalim Shah, Climate Change and Energy Policy expert, and Professor at Indiana University, as having stated as follows at a recent conference held in Belize:
Even though our countries are not responsible for significant greenhouse gas emissions in the global scheme of things, we are experiencing and projected to experience many of the effects of climate change on the frontlines.
… we are conscious of the disproportionate and unruly growth of many cities, which have become unhealthy to live in, not only because of pollution caused by toxic emissions but also as a result of urban chaos, poor transportation, and visual pollution and noise.
During the last week, there were two items making the international news headlines on the corruption front. First, the authorities in Nigeria seized US$43.4 million in cash during a raid on an apartment building in Lagos after a resident reported suspicious movement of bags in and out of the building.
Our last two articles dealt with the Integrity Commis-sion, its proposed amendment and revision of the Code of Conduct. One aspect of the proposed Code relates to removal from office for contravening any of the provisions of the Code.
Before proceeding with today’s article, there were two news items that deserve brief commentary. First, the Kaieteur News reported that the Minister of Finance and the Minister of Natural Resources would be meeting to discuss the future of the Guyana Lottery Control Commission since there was no meeting of the Commission since July 2015.
Before proceeding with today’s article, a comment on the work of the Public Accounts Committee (PAC) would not be inappropriate. At a recent meeting to examine the report of the Auditor General on the public accounts for 2015, the Chairman of the Committee requested the Regional Executive Officer (REO) of Region 1 to leave the meeting because of the inconsistent answers he gave in relation to some $30 million in overpayment to eight contractors undertaking works in the Region.
In the last few days, several controversial procurement issues were highlighted in the media, the latest being the Court battle and subsequent ruling in favour of the Government regarding the award of a contract for $4.6 billion for the Inter-American Development Bank-funded rehabilitation of the Guyana Power and Light’s medium voltage distribution.
In our column of 23 January 2017, we had stated that the Cabinet erred in assigning the transactions audit of NICIL to the Auditor General because the latter had given a “clean bill of health” on the accounts of NICIL for the years in question.
Corruption strangles people, communities and nations. It weakens education and health, undermines electoral processes and reinforces injustices by perverting criminal justice systems and the rule of law.