…says Guyana does not want corrupt investors

GUYANA is not open to any investor who is interested in getting by on bribes. It is not looking to build investor confidence on lies and pretense, while turning a blind eye to possible cases of fraud and corruption reportedly committed by the previous administration.

This was the firm position of junior Finance Minister Jaipaul Sharma, when he addressed claims of damage to investor confidence as a result of charges brought against former People’s Progressive Party (PPP) officials. A recent report by one of the local dailies said that investors were becoming “nervy” because of challenges brought against members of the former People’s Progressive Party (PPP) government for questionable agreements made during their time in office. Apparently concerned about the same issue, the Private Sector Commission (PSC) has also requested a meeting with all sides of the political spectrum to address what is being described as a “hostile political climate.”

It is currently being said that business persons and entities are scared that the sanctity of agreements made with the last government is being disturbed. They are reportedly questioning the implications for future deals in the event of a change in government, while some persons are claiming that charges against former officials for business deals previously made, is making Guyana a risky investment location.

Sharma noted, however, that “Guyana needs to portray a good image to boost investor confidence by creating a healthy economy.” He argued that it is much better to address the issue of corruption than to put on a show for investors. The minister noted that in reality, Guyana is seen as a corrupt country given its recent history. He said this is proven in the corruption perception index which is one source of information for investors. Sharma said that index is what needs to be reduced to place Guyana in a better position for investments.

The use of damage to investor confidence as a means of defending the charges against the alleged corrupt officials is one with no weight, Sharma indicated. He said this argument is only useful if Guyana is seeking investors who offer bribes. “We cannot lie to the investors and the people of this country and pretend like everything is okay. We cannot turn a blind eye because we do not want bribes by investors, and if that is the case, then we do not want them.”

As a person who played a role in conducting forensic audits of some agencies, Sharma said he knows what the documents entail. He said reports with numerous questionable transactions were handed over to the police who in turn did their own investigations. The force’s Special Organised Crime Unit (SOCU) is leading the charge regarding the particular matters.

Sharma said that files have been going back and forth between the police, their legal advisor, and the Director of Public Prosecutions (DPP) who have been giving investigators advice on the way forward. SOCU, he said, sought the services of international experts who are capable in relation to these white collar crimes. These experts would have also trained ranks and assisted in investigations that would have led to the charges against the officials.

Sharma added that while some sections of the media would like to say the charges against the former officials are politically motivated, he assured that they are not. He told this newspaper that numerous discrepancies were unearthed involving transactions by the last government and it is expected that many more charges would follow. He said despite the timing, the government is not the one responsible for the cases; when and how charges are laid.

Sharma said that the PPP and the PSC seem to want to promote lies to attract investor confidence, while keeping the grave issue of corruption and other economic ailments a secret. The numerous concessions and unusual transactions done by the last government are a peep at what was going on in that government.

As SOCU increases action against those suspected of breaching their public offices, the PSC which prides itself as the nation’s leading private sector body, said it is “conscious of the dangerously deleterious and harmful impact of the increasingly hostile and confrontational political climate between our parliamentary parties.”

They have called for an audience with all political parties. It was only recently however, fingers started pointing at some of the body’s figures. A senior member within the body was recently identified as receiving state property below market value from the then PPP government. It is those types of transactions where state assets were sold below the market price that have landed the PPP officials before the courts.