US$500M rice payment probe… GBTI to file submissions

Jan 27, 2018 News

Chief Justice (ag) Roxane George-Wiltshire has ordered the Guyana Bank for Trade and Industry, through its Attorney-at-law, Ralph Ramkarran SC, to file written submissions in a matter brought against the financial institution by the Special Organised Crime Unit (SOCU).
The matter involves documents requested from the bank by SOCU pertaining to one of the biggest fraud investigations.
At the centre of the case is the request by SOCU for transaction documents regarding a US$500M investigation at the state-owned Guyana Rice Development Board (GRDB).
SOCU is tracking, based on a forensic audit report on GRDB, where some US$500M was transferred under the tenure of the People’s Progressive Party/Civic, relating to a rice for oil deal between Guyana and Venezuela.
After the in chambers proceeding, Ramkarran SC told Kaieteur News that the bank has submitted over 12,000 documents to SOCU.
He explained that in instances where SOCU said it did not receive certain documents, the documents were resubmitted. One of the documents SOCU is requesting that the bank hand over is the Bankers’ Book. However, GBTI is contending that it is not required to submit the Bankers’ Book. The Chief Justice instructed the bank to file submissions in support of its contention. SOCU, which is being represented by the Attorney General’s Chambers, was given time to reply.
The submissions are expected to be filed within the next two weeks.
The matter was adjourned until February 26, for reports.
The matter started early this year when SOCU asked the bank to provide the documents.
Initially, the bank was hesitant to comply, claiming at first that the account was a private one.
Then there were claims that some of the documents were lost because of new scanning technology introduced. The bank, which said it has now submitted over 12,000 documents, is claiming that it has complied. However, SOCU is insisting that some of the documents are still missing.