Latest update March 19th, 2024 12:59 AM
Apr 26, 2017 News
Legal Officer of the Guyana Gold Board (GGB), Suzanne Bullen, is maintaining her innocence. The
attorney at law is claiming that she was instructed to “help” embattled gold dealer Saddiqi ‘Bobby’ Rasul set up his gold mining company. This is what she told investigators.
Recently, Kaieteur News broke the story that Bullen was instrumental in helping Rasul form the company that was later issued a licence by the GGB.
The details are part of the Articles of Incorporation documents, as filed in the business registry. In the Declaration of Compliance, Bullen said that she assisted in the formation of the company. She even used the GGB address of Upper Brickdam.
Bullen’s role would raise serious conflict of interest questions as she is also the Compliance Officer of the state-owned GGB.
Bullen was one of three persons sent on administrative leave Thursday by the Ministry of Natural Resources, to facilitate a police probe into alleged money laundering activities by Rasul.
Also sent home were General Manager, Lisaveta Ramotar, and her deputy, Andrea Seelochan. Ramotar is the daughter of former President, Donald Ramotar.
Kaieteur News understands that the finger pointing has begun. Investigators say that Bullen is claiming that she was told to set up the company and while Bullen is saying this, Ramotar is holding out that she knows nothing about what transpired.
The operation started under the People’s Progressive Party/Civic Government but became finalized under the APNU+AFC government.
According to the registry documents, SSS Minerals Trading Enterprise Inc. was incorporated on October 16, 2015. But Bullen had sworn to the Declaration of Compliance since March 26, 2015. The company took a number of months to be incorporated. Kaieteur News understands that the uncertainty about what would have been the fate of top officials at GGB is what slowed down the “operation” in the beginning.
However, it seems as if after the so called ‘witch hunt’ did not extend to the GGB top brass, the green light was given for a resumption of the process and so the company came on stream in October.
Investigators would want to know why GGB did not red-flag Rasul’s transactions. The gold deal burst onto the gold trading scene last year, rapidly rising to become one of the biggest sellers to GGB.
According to data, between September and November last year, Rasul conducted over $7.6B in transactions with GGB, selling both at the Bartica branch and at the Upper Brickdam office.
What should have raised staffers’ suspicions was the fact that Rasul allegedly used a company he owned – R. Mining – to conduct the majority of his business with GGB.
There was a reason for this. Under regulations, mining companies are not required to pay the two percent tax. They are, however, mandated to pay the five percent tax.
In essence, Rasul is alleged to have bought gold through his gold dealing company, SSS Minerals, later passing it through R. Mining to the GGB.
Between September and November, the state reportedly lost an estimated $100M in taxes, because of what the gold dealer allegedly did. Those alleged transactions are said to be money laundering.
Rasul’s activities have drawn the attention of not only SOCU but also the Guyana Revenue Authority.
In recent weeks, a Lexus SUV and Toyota pickup, both bullet-proofed, were seized.
Investigators have also raided the Bartica and city operations of Rasul as well as the premises of his business associates.
Police have also seized several guns and a significant quantity of documents.
Rasul has also been charged with a $950M fraud at the Bartica branch of the Guyana Bank for Trade and Industry. He has been placed on $3M bail.
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