According to Auditor General, Deodar Sharma, the APNU+AFC regime had spent every cent of the controversial signing bonus that was received from American oil giant, ExxonMobil.
Sharma recalled that the US$18M or G$3.717 billion that was received from the oil company was later deposited into the Ministry of Finance’s ExxonMobil Account №.845L5086 at Bank of Guyana. The AG noted that the Bank maintained a Cash and Investment Accounts to independently account for proceeds from investments.
During the period November 9 to 17, 2016, amounts totalling US$15.831M or G$3.269 billion were transferred to the Investment Account and expended to purchase overseas bonds. The balance of US$2.176M or G$449M remained in the account №. 845L5086. Sharma said that the Government of Guyana earned interest of US$498,775 or G$103.629M from its investments
during the period November 9, 2016 to 31 December 2018, while account №. 845L5086 interest totalled US$2,889 or G$598,443.
On 28 December 2018, Sharma said that the Ministry of Finance instructed the Bank to transfer the sum of G$788.100M or US$3.780M from account №. 845L5086 to the Consolidated Fund. The amount was transferred to the Consolidated Fund on 31 December 2018, leaving a balance of G$23.452M or US$112,480 in the account. Guyana Standard understands that these funds were used to support the nation’s team in the Guyana-Venezuela border case.
In the month of January 2019, Sharma said that the value of investments appreciated to US$14.545M from US$14.477M, an increase of US$67,705. In addition, interest earned on the Investments and Cash Accounts totalled US$42,378.
He also reported that the Ministry instructed the Bank in January 2019, to close account №. 845L5086 and transfer all balances to the Consolidated Fund. In keeping with the directive of the Ministry, an amount of G$3.065 billion or US$14.699M was transferred to the Fund on 24 January 2019. A final transfer of G$104,867 or US$502.96 was made on 14 February 2019, resulting in nil balances in the accounts. Sharma said that the Bank closed the accounts in February 2019.
To date, no breakdown of what this money has been used for, was provided to the citizenry for scrutiny.
