300 bank accounts were for transactional purposes- Jagdeo.

Opposition Leader, Bharrat Jagdeo, on Thursday noted that the PPP opened 300 bank accounts at the Central Bank for transactional purposes.

Jagdeo at a press conference on Thursday, said that there is a huge difference between the PPP government opening 300 bank accounts and one account with US $18 million signing bonus that the current government received from ExxonMobil.

Jagdeo in responce to the Government’s claim is that the account which was opened by the current government for the signing bonus, was opened by the Ministry of Finance, with instructions to the Governor of the Central Bank that the assets must not form part of the reserves and the proceeds form part of the Consolidated Fund, however, the monies which were used to open the 300 accounts were already part of the Consolidated Fund and that spending would have been audited by the Auditor General, Jagdeo said.

The Opposition Leader is of the belief that the monies have been placed in a separate account for surreptitious reasons.

The Government has said that the PPP Government never deposited a loan from the Inter-American Development Bank (IDB) of US$15 million into the Consolidated Fund, but in a similar manner as the US $18 million signing  bonus was dealt with.

“The Consolidated Fund, as provided by Section 51 of the Fiscal Management and Accountability Act of 2003, includes public monies which are kept in the Official Consolidated Fund Account and include deposits of public monies held at any other bank as the Minister of Finance may direct,” the GOG noted in an affidavit in response to the legal challenge mounted by the PPP to have the US$18 million deposited in the Consolidated Fund.


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