Apr 04, 2016 News
It appears that the Guyana Energy Agency (GEA) adopted a “free-for-all’ approach in its management of the billion dollar sector as it allowed a chain of gas station services to operate without licences.
This is according to the recently published forensic audit report on the GEA which was prepared by Nigel Hinds Financial Services.
The forensic auditing team found that GEA issued invoices for licence fees to three of the seven service stations belonging to Two Brothers Corp.
But based on its examination of GEA records, the auditors revealed that there was no evidence that any of the three service stations were issued retail licences for the period under review.
The auditors were basically facing a situation where GEA gave the impression that Two Brothers paid for the licences but the company never got them.
The team concluded in no uncertain terms that none of the Two Brothers Corp. Service Stations were operating with retail licences for the review period. The auditors even elaborated a bit more on this front.
They said that based on the documents obtained and examined from the Two Brothers Group of Companies and/or any of its Directors, no evidence could be found that Two Brothers Corp. had ever been issued with any licence, with the exception of two.
One was a Bulk transportation licence issued to Javed R. Ali, a Director of Two Brothers Corp. for vehicles GHH 5738 and GHH 6682. The other was a retail licence issued to Two Brothers Variety Shop located in Kumaka Water Front, North West District.
Additionally, the forensic auditors discovered that GEA’s Chief Executive Officer, Dr. Mahender Sharma had issued a letter dated August 17, 2015, captioned “Petroleum License Fees” to Mr. Javed Ali, along with invoice # 1507/002 for retail licensing fees. The total amount of that invoice was $1.4M.
But what baffled the auditing team was the fact that not a single shred of evidence could be found to prove that Two Brothers Corp. paid the invoiced amount as of October 26, 2015.
The auditors stressed that Two Brothers Services Stations should not be allowed to operate without GEA retail licences. They recommended that this be corrected.
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