Jagdeo called Gold Board GM on Troy Resources US$7.2M payment, but failed to address Exxon’s questionable expenses exposed in audit - Glenn Lall

Jagdeo called Gold Board GM on Troy Resources US$7.2M payment, but failed to address Exxon’s questionable expenses exposed in audit – Glenn Lall

Oct 30, 2023 News

Kaieteur News – Publisher and businessman, Glenn Lall, during his radio show, ‘The Glenn Lall Show,’ questioned Vice President (VP) Bharrat Jagdeo, priorities and the government’s selective focus on certain financial matters.

Publisher and businessman, Glenn Lall

Lall’s primary point of contention is the situation involving Troy Resources, an Australian company that departed these shores without paying US$7.2 million in royalties owed to Guyana.

During his last press conference, Jagdeo seemingly accepted that his government is partly responsible for Troy Resources escaping with unpaid royalties. Jagdeo was seeking to shift most of the blame for “the great escape” by Troy Resources with Guyana’s cash on the previous David Granger-led administration.

The Vice President in response to a recent Stabroek News article headlined, ‘PPP/C govt. fully to blame over unpaid Troy royalties’, said that it’s the coalition government that failed to collect the bulk of the $2.6B owed yo Guyana.

Vice President (VP) Bharrat Jagdeo

Jagdeo said that he learnt this after doing some digging and calling the General Manager of the Guyana Gold Board, Eondrene Thompson for some clarity. “So, she said to me in 2018, you had 5,639 ounces of gold in royalty that they should have paid, but did not pay. That is equivalent to the value of US$7.2 million or a Guyana dollar value of 1.5 billion dollars. So that is the bulk of the money already made there in unpaid royalties in 2018”, the Vice President noted.

Jagdeo’s commented while admitting that he only called the General Manager of the Gold Board about the unpaid royalties which came under scrutiny by Lall during his programme on Friday night.

Addressing the Jagdeo’s response, Lall raised questions about the Vice President’s commitment to addressing more substantial financial irregularities.

Lall also expressed his dissatisfaction with how foreign companies like Troy Resources and ExxonMobil are given leeway to benefit at the expense of Guyana’s resources. He highlighted that these entities walked away with substantial profits, including the US$7.2 million royalty, and criticized the blame-shifting to the Opposition.

Lall argued that while Jagdeo emphasized the money Troy Resources got away with, he downplayed the much larger amounts reportedly mishandled by ExxonMobil, highlighting instances where they used Guyana’s profits for expenses unrelated to the nation’s benefit.

In fact, he said, “Now I am sure all of ayuh missed the most important words that came out that man’s mouth just now. Remember he said 30 minutes ago he called the General Manager for the Gold Board to find out that issue. The auditors that checked Liza 1 and 2 bills found out that ExxonMobil spend our profits, half million US dollars a day to have drill ships stand by to work in Kaieteur and Canje oil blocks for months, wha nah got nothing to do with Guyana as yet – that figure must be 10 times wha Troy gone with. Uncle, did Bharat Jagdeo call ExxonMobil? No.”

Moreover, Lall called into question the priorities of the Vice President.

“Uncle, ExxonMobil spend US$58.5 million USD, 8 times of what Troy run away with of our profits on COVID expenses for them, flying in chartered private jets, did he call ExxonMobil about that? Aunty, ExxonMobil used Guyana’s profits on Christmas cook-out, Zumba and Yoga classes for the foreigners – did Jagdeo call ExxonMobil?” Lall questioned.

Lall went on to state that the audit showed Exxon using money from Guyana oil resources to pay for like private drivers, and for Exxon employees’ children to attend private school.

“ExxonMobil taking out US millions in VAT… did Bharat Jagdeo pick up he phone and call Exxon? No, no uncle, he said Guyana Revenue Authority (GRA) and the ministry gon deal with that. But he can find time to call the Gold Board General Manager to find out about US$7.2 million Troy Resources thief out from we,” Lall noted.

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Bharrat Jagdeo, during his radio show, ExxonMobil, Glenn Lall, highlighting instances, Lall during his programme, priorities and the government's

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