The Auditor General’s Report for 2006 has revealed a number of financial discrepancies, such as the overpaying of contractors for various projects amounting to millions of dollars.One such inconsistency identified was the fact that the Education Ministry has still not resolved the issue concerning the apparent overpayment of $32M on the construction of the male dormitory at President’s College. This matter is engaging the attention of legal authorities.This contract, according to the report, was awarded to the sum of $78.894M. The original completion date was December 29, 2005.Two extensions were granted,Wholesale China NFL Jerseys, and a new completion date was set for 29 July 2006. This deadline also was not met.Physical verification carried out by the Office of the Auditor General and rechecked by the Social Impact Amelioration Programme (SIMAP) revealed that the contractor was overpaid amounts of approximately $32M, resulting from payments to the contractor exceeding the actual works found at the time of inspection.The circumstances giving rise to an overpayment of such magnitude could not be determined, but it did appear that the management and supervision of the contract was negligent.The ministry has also still not recovered overpayments of $178,000 on the rehabilitation of the GITC building; $704,000 on the renovation of the library building, and $12.142M on the construction of a science laboratory at the University of Guyana.It was noted that included in the overpayment for the construction of a science laboratory at UG is an amount of $7.907M, which was included by the consultant for variation in rates that had already been paid, while $2M, as explained by the consultant, was paid for land.However, no documentation was provided for audit for this payment for land; and, as such, the auditor was unable to verify the accuracy of the payment.The remaining amounts were paid to the contractor to maintain a presence on site.It was explained by the Head of the Budget Agency for the Ministry of Education that an agreement had been worked out with the contractor for the recovery of overpayment of $7.907M.The ministry wrote the contractor in May 2007 requesting that the overpayment be repaid,Cheap MLB Jerseys China, and the contractor replied, agreeing to repay the amount, but subsequently wrote in June 2007 stating that the company was experiencing cash flow problems and that the amount would be repaid as soon as their cash flow problem was rectified.In relation to the rehabilitation works to East Ruimveldt Secondary,cheap nfl jerseys elite, this contract was awarded to the lowest of ten bidders in the sum of $5.734M during the year 2006.An examination of the bid documents revealed that the lowest bidder had initially bid $11.02M (highest bid at the time of opening) but this amount was corrected to $5.734M, whilst the engineer’s estimate was $7.335M.There was an approved variation of $2.021M, taking the revised project cost to $7.755M. As at 31 December 2006, the contractor was paid amounts totalling $7.041M, but physical verification revealed that there was an apparent overpayment totalling $239,800 on the floor boarding.The actual quantity found was 1150 square yards, while the ministry paid for 2240 square yards.The ministry explained to the Auditor General that the Head of the Budget Agency acknowledged the finding and indicated that he would investigate same with a view to recovering the amount overpaid.It was recommended that the ministry promptly investigate this matter and aggressively follow up with the contractors to recover the overpayment made, and institute appropriate measures to avoid any recurrence.Accounts for the University of Guyana’s Berbice Campus revealed the sum of $28M was allocated for the purchase of text books and furniture.The sum was expended in relation to the purchase of text books, but the contract was awarded by sole sourcing in the sum of US$13,467 equivalent to approximately $2.779M.A bank draft was prepared and sent to the supplier in September 2006, but audit checks revealed that none of the books was delivered.Additional checks revealed that, in November 2007, the supplier claimed that the draft was never received, and,Cheap Nike NFL Jerseys China, as such, no order could have been processed.The ministry wrote the bank earlier this year to stop the draft and to process a new one. However,Cheap Jerseys Free Shipping, it was observed that while the amount of US$13,467 mentioned above was paid to the bank, the draft was only processed for US$9,056, with the difference of US$4,411 being refunded and paid over to revenue.The ministry’s response to the issue was that the ne

…Barbados,Wholesale NFL Jerseys China, Republic Bank option also being pursued – Ramjattan Leader of the Alliance for Change (AFC), Khemraj Ramjattan, is maintaining that the people behind the Marriott Hotel, specifically Winston Brassington, former President Bharrat Jagdeo and the Finance Minister Dr Ashni Singh are in talks with a British Virgin Islands (BVI) Incorporated investor for the purchase of two-thirds of the Marriott Hotel.Ramjattan yesterday named the investor as Ace Square Investment Inc registered in the BVI.Under BVI law,Jerseys From China, there is difficulty in accessing information as to shareholders and directors of companies, according to Ramjattan, hence there are no names behind the company as yet.Works ongoing at the Marriott Hotel in Kingston yesterday.The AFC leader further pointed out that recently, the law firm of Pollonais and De La Bastide out of Trinidad and Tobago (T&T), was asked to, and did prepare a ‘Guarantee’ to be signed by Ace Square Investment Inc.That document however has not been signed as yet.Chairman of Atlantic Hotel Inc (AHI),Cheap China Jerseys, Winston Brassington, when asked about the transaction yesterday, told this publication,Wholesale NFL Store, “no comment.”The AFC Leader said, too, that there are other strategies being pursued by the architects of the project.He said that Republic Bank in Trinidad and Tobago has set up a subsidiary in that country to solicit investors to raise the US$27M to see the completion of the project.According to Ramjattan,NFL Jerseys 2018, “Brassington, Ashni and Jagdeo have been urging Republic Bank T&T, to fast-track the process in view of the money running out and the hotel being left half-way…They are pleading that it is making them look embarrassing!”Ramjattan said that one of the syndicates showing an interest in investing in the project is SAGICOR Barbados.He says however that SAGICOR wants a due diligence on the entire project to determine “whether it is feasible and economically viable.”Another option being pursued by AHI, according to Ramjattan, is to issue bonds to be purchased by proposed investors to raise the US$27M.He said that in pursuing this method of financing, should there be a shortfall, then Republic Bank T&T will take up the slack in the form of a loan.Ramjattan said that in order to secure itself, Republic Bank T&T, will execute a debenture over all of the assets of AHI, including the land and building,NFL Jerseys Cheap, which would be inclusive of Guyanese taxpayer’s $2B already spent.He said that should Republic Bank have to issue the loan, it would also look to secure the casino license for the Marriott Hotel.The AFC Leader said that based on information that the party has managed to uncover, the National Industrial and Commercial Investments Limited (NICIL) has already arranged to assign its shares in AHI, to Republic Bank.According to Ramjattan, “Having come by these recent developments, the AFC is now convinced that this whole project is born of fraud and will suffer even worse ignominy (humiliation/embarrassment) if allowed to continue in its present configuration.He said that the AFC definitely will not be bound by the terms of such a transaction as is presently being conjured up “to complete this unhappily disgraced Marriot.”Chinese Construction workers on the sixth storey of the Marriott plastering concrete.Ramjattan says that he is hopeful that other Opposition forces in and out of Parliament will take up this stance.He says that support for the project will only come if there is a forensic audit done immediately, “to investigate among so many things, all the players involved including Jagdeo and Brassington!”Brassington has this past week denied that there was any negotiation with a BVI Incorporated investor on the Marriott hotel.He did indicate that the company is in the closing stages of a deal with a foreign investor and that the name of this investor will be announced when there is financial closure which is expected before the end of the year.