A section of the BaiShanLin operations in Guyana… State robbed of hundreds of millions of US dollars annually − PhillipsThe Government’s State Asset Recovery Unit (SARU) has set its sights firmly on Guyana’s logging sector, since the State is being robbed of hundreds of millions of US dollars on an annual basis through underpricing and price transfers among other unscrupulous practices.This is according to SARU Executive Member, Dr Eric Phillips. The SARU operative was at the time responding to assertions made by Janette Bulkan and John Palmer that Government has been losing millions annually through the shady practices and called on SARU to investigate with a view to recovering what they termed lost State assets.Speaking exclusively with Guyana Times on Tuesday, Dr Phillips said Bulkan is right and the matter is something that entity will be vigorously pursuing in the coming days.He told this publication that the entity has already begun having monthly meetings with land stakeholders in Guyana, such as the Guyana Forestry Commission (GFC), the Guyana Land and Surveys Commission, the Guyana Geology and Mines Commission and the Mahaica Mahaicony/Abary land development group among others, to begin to rectify the annual losses being incurred by the State through varying anomalies.Monthly meetingsHe said the monthly meetings are already being held with about eight such bodies and are looking at issues such as the negligible leases being paid for large swaths of land across the country for logging and mining among other activities.According to Phillips, the entities have begun to look at ways to have many of the applicable rates be revised so that Government can be able to benefit from its fair share of the natural resources being exploited by the many large companies – many of which are overseas-based.On the matter of the price transfers and underpricing, Dr Phillips told Guyana Times that this is a matter that will be taking prominence on SARU’s agenda.Phillips went on to say that Bulkan has already submitted a range of documents related to the matter at hand which the investigative body has begun looking at.Bulkan, along with Palmer, was quoted in sections of the media on Tuesday questioning “which Government Ministry or agency deals with persistent underpricing of public assets.”Bulkan is of the view that the matter should be dealt with by SARU and argues that the monies lost by the State through the unscrupulous practice does in fact constitute lost State assets that must be recovered.Wamara logsShe used as an example the export of Wamara logs – one of Guyana’s premier high-priced wood species – and said that over 100,000 cubic metres (m3) of Wamara logs were exported to China in 2014 alone.According to Bulkan, the Freight on Board (FoB) price for Wamara logs declared in Georgetown was in the range US$200-220/m3 in 2014.Containerised log freight and insurance Georgetown to China is in the range US$25-36/m3 according to the Guyana Manufacturing and Services Association and Cost Insurance and Freight (CIF) reported by China Customs US$700-1000/m3.Bulkan in pointing out the glaring inconsistencies, explains that “the equation FoB+freight+ insurance=CIF, clearly does not work with these values, and the obvious explanation for the US$500/m3 discrepancy is transfer pricing….100,000 m3 X US$500/m3 = US$50 million.”According to Bulkan, no part of this sum was returned to Guyana’s Consolidated Fund and the GFC has over the years denied that large scale logging companies operating locally such as BaiShanLin, have been engaged in the practice despite the fact it offers no contrary evidence.“Underpricing leads to lower export commissions on the logs than the law provides, and on this massive scale the loss of revenue is considerable,” said BulkanThe illicit financial flows out of Guyana have since been estimated by the Washington-based Global Financial Integrity at US$84 million in 2003 rising almost continuously to US$440 million in 2012It has been reported that around half of the illicit flows between 2003 and 2012 are as a result of export under-invoicing.Bulkan in her assessment has stated that the logs harvested from State forests and shipped to China cannot be retrieved and restored to be living trees again, so to that extent, these State assets cannot be recovered, “but the lost revenue can be recovered.”She said too that the private property and other assets acquired through the contraventions of the civil service Code of Conduct (Integrity Commission Act) would surely come under the purview of SARU and if this is the case, “let us hope to see them high up in the list for early prosecution,” a commitment now given by SARU’s head, Dr Phillips.
What’s the future for Sears Canada? U.S.-based Sears Holdings announced yesterday it may sell its 51 per cent interest in the Canadian division.Marvin Ryder of McMaster University’s DeGroote School of Business joined us earlier with his take.
admin | email@example.com
REVEALED Latest transfer gossip on talkSPORT.com Danny Murphy has urged Tottenham Hotspur fans to stop moaning about the club’s lack of spending this summer, saying it’s a sign of how strong their team is.Spurs haven’t made a single signing in the summer transfer window, while their Premier League top four rivals have all strengthened.DONE DEALS: Every Premier League signing in the 2018 summer window so farThe north London club are said to have dropped their interest in Crystal Palace winger Wilfried Zaha, but they remain locked in talks over a deal for Aston Villa’s Jack Grealish and have also been linked with a move for Celta de Vigo midfielder Stanislav Lobotka.It pales in comparison to the likes of Liverpool, who have splashed out around £175million this summer on goalkeeper Alisson, midfielders Naby Keita and Fabinho, plus Swiss forward Xherdan Shaqiri. Top nine Premier League free transfers of the decade Cavani ‘agrees’ to join new club and will complete free transfer next summer moving on “They’ve got players like Lucas Moura on the bench, they have Harry Winks coming through, who is probably one of the best young midfielders I’ve seen I recent seasons and Davinson Sanchez who did brilliantly at the World Cup.“So I don’t worry so much about Tottenham.”Listen back to Danny Murphy on talkSPORT above! Tony Cascarino backs Everton to sign two strikers for Carlo Ancelotti Where every Premier League club needs to strengthen in January RANKED LATEST Arsenal transfer news LIVE: Ndidi bid, targets named, Ozil is ‘skiving little git’ Kevin De Bruyne ‘loves Man City and wants to keep winning’, reveals father Tottenham could land Jack Grealish from Aston Villa – but his arrival may not appease frustrated Spurs fans targets Lucas Moura has impressed in pre-season and is expected to play a bigger role for Spurs this term IN DEMAND But Murphy says he is ‘not worried’ about Spurs’ lack of spending ahead of the new season, insisting they have a strong squad with plenty of options on the bench.Speaking to talkSPORT host Jim White, Murphy said: “Tottenham fans are worried about the lack of investment, but you don’t always need to spend for the sake of spending.“You’ve got to buy some real quality to get in that Tottenham first XI.“Would Zaha or Martial make a difference for Tottenham? Yes, of course they would, they are top quality players who would add something to their team.“But they know what they’re doing.“Like Manchester City, they’ve got their tactics and philosophy ingrained in them by the manager and the superb coaching he does, and they got the new stadium which will give everyone a boost.“You see people moaning about Tottenham not making signings, but they have competition for places. targets Man United joined by three other clubs in race for Erling Haaland LIVING THE DREAM 2 2 The biggest market value losers in 2019, including Bale and ex-Liverpool star
Tickets for the All-Ireland Football Final between Donegal and Mayo are already fetching more than SIX times their face value.As fans begin the hunt for the golden passes, it has already become clear that many may have to pay well above the odds to see their heroes at Croker Park.A number of on-line agencies are demanding hugely inflated prices for the game. One online ticket agency www.needaticket.ie is offering the cheapest tickets in the Upper Davin Stand for a wallet-thumping €300 while seats in the Hogan or Cusack Lower Tiers are being advertised for €500 each.It is estimated that Donegal clubs will get a total of up to 14,000 tickets despite the fact that more than 35,000 Donegal fans attended the semi-final against Cork.Fans are being advised to try all possible avenues and contacts to get their hands on tickets.Fans are also testing the water in a bid to get their hands on tickets. One fan, Lisa Boyle, has put an advert on the DoneDeal website offering €150 per ticket and is looking for up to 8 tickets.She also said she is willing to pay more cash for better seats and will take pairs of seats.County Secretary Hugh Martin Ferry has told fans to try all in their powers to get a ticket warning that many clubs will simply not have enough to meet demand.Most clubs are offering adult members tickets first and then trying to accommodate the juvenile members. COUNTDOWN TO CROKER – ‘CHEAPEST’ ALL IRELAND FINAL TICKET NOW FETCHING €300 was last modified: September 6th, 2012 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:All Ireland ticketsdemanddonegalMayo