Police to probe report that top officials siphoned money off Guyana’s state-owned power company

July 23, 2015 in Regional

Guyana Power & Light-1GEORGETOWN, Guyana, Thursday July 23, 2015 – A top official at the Guyana Power and Light Company (GPL) has been sent on administrative leave after it was discovered that millions of dollars from the state-owned company had been transferred to his personal account without approval.

Minister of Public Infrastructure David Patterson disclosed yesterday that Deputy Chief Executive Officer in charge of Administration, Aerswar Deonarine, is on leave pending further investigations.

A director of the GPL’s board, Carvil Duncan, is also under the microscope for paying himself without approval.

Patterson further disclosed that the matter is now in the hands of police.

The minister told reporters at a post-Cabinet media briefing that the unauthorized transfers in April, May and June totaling almost GUY$30 million (US$144,785) were discovered during a forensic audit at GPL.

Both Deonarine and Duncan were signatories to the GPL bank account which received disbursements from the PetroCaribe Fund that held the money from Guyana’s rice trade with Venezuela.

“[Deonarine] transferred the sum of GUY$27.8 million (US$134,168) to his account,” Patterson said.

He alleged that Deonarine, in collusion with Duncan, transferred the money to his account as retroactive payments for a salary hike that was never approved.

Patterson explained that Deonarine had made several approaches to the board of directors to move his salary up to the same level as the GPL’s Deputy Chief Executive Officer (Operations & Projects).

However, the minister said, at no time did the board give him the green light, neither did the former prime minister Sam Hinds nor former president Donald Ramotar assent to the transfer.

It is further alleged that Duncan, who is also president of the Federation of Independent Trade Unions, approved GUY$948,000 (US$4,575) for himself.

Patterson said Duncan had approved retroactive payments, dating back 48 months.

He explained that while Duncan was paid a GUY$5,000 (US$24.13) allowance per month as a board member, he repeatedly insisted that the amount be quadrupled to GUY$20,000 (US$96.52). No approval was given for that increase either.