Jan 01, 2021 News
Kaieteur News – One of the country’s biggest gold dealers, El Dorado Trading, is insisting that its supply link is not tainted by illegal purchases from Venezuela. The recent reports have worried El Dorado, a statement issued yesterday said.
Rather, the company claims, its purchases have been audited by an internationally recognised firm with the report available for perusal, attesting to the robust system that exists.
The company’s statement came yesterday after news that the Royal Canadian Mint has suspended processing of gold from El Dorado following questions over its origins.
According to El Dorado, a company which is controlled by well-known businessman, Tamesh Jagmohan, it is among Guyana’s largest gold dealers. This has been so for several years. “We insist that our operations meet the highest of verifiable standards in what is one of the most regulated of sectors in Guyana. As a result of strategic planning and capitalizing on the opportunities, El Dorado Trading has been in existence for over two decades. We contribute annually to the Consolidated Funds of Guyana through the payment of Royalties and Taxes in sums amounting to billions of Guyana dollars.”
In fact, the company insisted, it has established one of the most “modern” and “robust compliance regimes” under the Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) regulations.
The company said it took it upon itself to engage a world-recognised auditor, which has been approved and accepted by the London Bullion Market Association (LBMA) list of Auditors.
The audit firm, BDO (Binder Dijker Otte) International, is auditing the supply chain and compliance regime dating back to year 2018. The company said that it has authorised BDO to share with its international business associates all information necessary in keeping with the Precious Metals Industry best practices supervised by the LBMA. These reports are available to the competent authorities for perusal.
“El Dorado Trading has at all times accommodated our supervisory authority (The Guyana Gold Board) to conduct site visits to all of our locations, the most recent being 28th August, 2020. We have built a loyal base that has been increasing steadily. Over the past two years, gold prices has consistently increased which yield an influx of entrepreneurs entering the sector, spurring more declarations to the Guyana Gold Board. It is a fact that the regulated operations of El Dorado and the entire mining sector in Guyana predate Venezuela’s economic situation.”
Venezuela is in the throes of an economic downturn, brought by its crash of the oil industry. In addition to runaway inflation and millions fleeing, Venezuela has reportedly been selling off its gold and oil through questionable means.
In denying that it has been purchasing from Venezuela, El Dorado said that it has been able to build solid, verifiable operations, that meet internationally recognised standards.
“In the past, we have been declared as the dealer with the most annual declarations, a feat we are extremely proud of thanks to our hardworking staffers and our biggest stakeholders, the mining community.”
The company said that in consideration of its compliance system, it’s hopeful that this matter will be resolved very quickly as it involves the lives of thousands of local Guyanese.
“We have confidence in the independence and competence of the Guyana Gold Board. It is obvious that the author of the article “El Dorado Trading denies illegal Venezuela gold link” does not have the necessary facts in hand. This past year, despite the pandemic, has seen Guyana’s continued rise. It has been tough but we have weathered it. The year 2021 promises bigger things for Guyana. El Dorado Trading will continue to play its role,” the statement said.
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