๐ง๐ต๐ฒ ๐๐๐ฎ๐ด๐ด๐ฒ๐ฟ๐ถ๐ป๐ด ๐ถ๐บ๐ฝ๐ฎ๐ฐ๐ ๐ผ๐ณ ๐ด๐ผ๐น๐ฑ ๐๐บ๐๐ด๐ด๐น๐ถ๐ป๐ด: ๐ข๐ป๐ฒ ๐ฒ๐ป๐๐ถ๐๐ ๐บ๐ผ๐๐ฒ๐ ๐ด๐ญ% ๐ผ๐ณ ๐๐๐๐ฎ๐ป๐ฎโ๐ ๐ฎ๐ป๐ป๐๐ฎ๐น ๐ด๐ผ๐น๐ฑ ๐ฒ๐ ๐ฝ๐ผ๐ฟ๐๐โ๐ฒ๐ป๐ผ๐๐ด๐ต ๐๐ผ ๐ฏ๐๐ถ๐น๐ฑ ๐ฏ๐ฟ๐ถ๐ฑ๐ด๐ฒ๐, ๐ณ๐๐ป๐ฑ ๐ฒ๐ฑ๐๐ฐ๐ฎ๐๐ถ๐ผ๐ป, ๐ฎ๐ป๐ฑ ๐๐ฟ๐ฎ๐ป๐๐ณ๐ผ๐ฟ๐บ ๐น๐ถ๐๐ฒ๐.
โby Joel Bhagwandin
It is profoundly perplexing to my faculty of reasoning that there exist intellectuals and others who would so brazenly prostitute their supposed credibility in defense of an indicted, OFAC-sanctioned gold smuggler in Guyana, in such an unashamedly profanatory manner, as though the authorities are obliged to absolve the accused of all alleged crimes. Furthermore, a rational mind would find it exceedingly difficult to comprehend how these very so-called intellectuals, under different circumstancesโhad the alleged offenses been attributed to an agent of the incumbent political partyโwould have upended the world with vociferous opposition, protests, and cries of corruption and illegality.
Having established this on unapologetic grounds, let us now contextualize the quantifiable magnitude of the financial crime under discussion, not to mention the related and unrelated transgressions.
Ten thousand kilograms of smuggled golequatees to 352,740 ounces. With the average price per ounce of gold between 2015 and 2019 standing at US$1,400, this results in a staggering sum of US$494 million, or GY$105 billion. Consequently, the US$50 million owed in taxes represents a mere 10% of that total. It is important to note that the royalty rate for large-scale mining operations is 8%. However, the calculation of the US$50 million (or GY$10 billion) omits corporate taxes, which are not included in this figure.
To further elucidate: this is no ordinary instance of smuggling. It is vast in its scope. Consider the following:
– Total declared gold exports in 2024 amounted to 434,067 ounces. This means that the volume of gold smuggled by a single entity over five years was equivalent to 81% of the total declared gold exports for the entire country in a single year.
– To offer additional perspective, GY$105 billion could finance two and a half Bharrat Jagdeo Demerara River bridges.
– It could fund ten years of “Because We Care” cash grants for schoolchildren.
– It could cover three years of old age pensions for all pensioners.
– It could construct 10,500 low-income housesโbenefiting 10,000 families.
– It could underwrite the cost of an entire year’s fuel consumption for the entire country.
– This sum ($105B) equals approximately 7,291 years of the Opposition Leader’s salary.
This list is by no means exhaustive.
