Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America
Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America
The South African country of Guyana is taking US-based oil firm Exxon Mobil Corporation to court. The Guyana Revenue Authority (GRA) has issued a summons to the oil giant over the misstated value of oil-well equipment. The tax agency claims that one of Exxon's suppliers, Ramps Logistics, said it mistakenly inflated the value of imported goods by 200 times to about $12 billion. Exxon and Ramps say the overvaluation occurred due to a clerical issue that denoted the sum in US dollars instead of Guyanese dollars, adding that the issue would be resolved. Meanwhile, Guyana's Vice President Bharrat Jagdeo asked the country's tax agency to check previous invoices for the past several years. Notably, Guyana is one of the fastest-growing oil-producing nations and the overvaluation could have had a significant impact on its profits.
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Пікірлер: 532
Of course we all know it wasn’t a mistake, they think that the Guyanese people are fools!
@skp8748
Ай бұрын
They are. They saw what happened to their neighbours in Venezuela and STILL chose to do business
@glynemartin
Ай бұрын
@@skp8748 Assuming that you never saw what happens to nations that "play ball" with the U.S.?
@cancerking9416
Ай бұрын
@@skp8748 that was the government and not the people! That is why there is a daily protest against it!
@bhajikhan7660
Ай бұрын
No, they see they're weak.
@SteveXNYC
Ай бұрын
Guyanese are great fools. If ExxonMobil never installed a oil rig it Guyana, Guyana would look worse than a 3rd world country. The people of Guyana are a nation and not a country is what the government leaders don't understand. Guyana independence went INVALID in 1980 for a GECOM management of guyanese people.
So let me get this straight Exxon makes 87.5% of the revenue of oil production while Guyana only receives 12.5%. That sounds like exploitation to me.
@RUTHLESSambition5
Ай бұрын
Guyana signed it. They don't own anything. Wyte people own it
@Fintertainment-qz5dh
Ай бұрын
That's Business!!! Margin margin margin... Mr. Ali go back to business school.🤣🤣🤣
@jayr6839
Ай бұрын
It’s business alright, but I also know a bad deal when I see one.
@Travel_plus_adventure
Ай бұрын
Guyana signed terrible deals. That's the way it goes
@THE01GC
Ай бұрын
Suriname the neighbouring country of Guyana has the same deal
Im a Trinidadian and i could safely say, THATS NO MISTAKE.. TIME FOR THIS RACKETEER TO END!
@avibhagan
Ай бұрын
Yeah, so you realise that it's the opposition party in Guyana that signed this stupid contract right? Racism is why Guyana in this BS. Just like T&T. How shocking 😲. Who is the 'people', who trying to blame the current government in Guyana for the shit the opposition did when they were in power? Yes, racism is the MF problem.
@kayodebanjo
Ай бұрын
This is what happens when you don't call in the Chinese, these Europeans are rogues
@selectashawn809
Ай бұрын
my thoughts exactly
@rodniegsm1575
Ай бұрын
200% mistake?? Really? Do american really think people are that stupid???
Guyana 🇬🇾 should not allow this people to in oil fields too still country profits
@justinfranklin254
Ай бұрын
Yes. Instead they should allow Maduro to invade and there will be no more Guyana. Smart
@Syo-tc7kl
Ай бұрын
What the fuck are you talking about
@Syo-tc7kl
Ай бұрын
Wtf are you trying to say
@jaybajan
Ай бұрын
They were trying to say, that Guyana should not allow these people into the country to steal the country's profits.
@jaybajan
Ай бұрын
But little do they know. Guyanese government does not never did and never would have the tech and experience to drill and refine their own oil, that's why big oil companies do it for them. To set up an oil company takes vast experienced people and hundreds of billions of dollars. Which Guyanese government doesn't have
It's quite a bold move. Wonder how it will pan out.
@Andres_853
Ай бұрын
If they win, it could have a significant impact on Exxon's finances and possibly their stock price
@Tylerredn
Ай бұрын
That could ripple through portfolios worldwide, especially those heavily invested in energy sector stocks.
@roseylumber
Ай бұрын
Absolutely, investors need to stay vigilant. A sudden drop in Exxon's stock could lead to losses if they're not diversified. I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
@Annie2229
Ай бұрын
Indeed. It's not just about picking stocks; the problem is that people don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@Larry1-pl2wq
Ай бұрын
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
This is the second time that company Ramps tried defrauding Guyana
@randysingh6548
Ай бұрын
Ramps trying to scam guyana. Exxon should replace Ramps with more credible company.
@nazeershaw66
Ай бұрын
Exxon has already defraud GUYANA 🇬🇾🙌💯 worse oil 🛢️ contracting ever in Exxon history which is the best contract for Exxon 😂
@kernalexis9283
Ай бұрын
That's how they thief money with their politician friends in Trinidad and Tobago. I applaud Guyana and their leadership. I hope they keep it up.
@MrEmmanueldje
Ай бұрын
They should be kick out!
@stevesteve7162
Ай бұрын
@@nazeershaw66when I heard the americans was helping you subconsciously I Saud to my self finally the Caribbean people gonna see how these ppl are because all of you seem to think these are such good ppl
They should have understood why chavez kicked Exxon out of Venezuela..
@jecinasema5190
Ай бұрын
I am sure that you understand that Exxon is back in Venezuela, sorry my bad I mean Guyana. A rose by any name is still a rose.
@rgnldrse193
Ай бұрын
ChaveZ did so because he wasn't getting enough financial kickbacks, only fools will believe he didn't or doesn't know of these inflated oil prices and oil manipulation. ChaveZ isn't innocent and is a greedy capitalist that sells out his country for personal financial gains as many do, and unless his own people overthrow him or ensures he disappears from political power, this region will be embroiled in a regional war, as in the case of Russia/Ukraine, Japan/tiawan, Iran/Iraq, as all these leaders have social ties with each other and follow the same power hungry ideology. Watch. People better act before it's too late, or even more deadlier than it already is.
@John_.Cabell_.Breckinridge
Ай бұрын
He still allowed Chevron to stay, maybe they're a lot more reliable
@ArchStandford
Ай бұрын
@@John_.Cabell_.Breckinridge Chevron stayed as they agreed to comply with Chavez's renegotiated terms and conditions as far as I know.
@WorldVidzz
Ай бұрын
Do you think that Venezuela is doing any good? Lol
Please you can’t do business with these thieves
@TrueThatTucson
Ай бұрын
Honor amongst thieves. The oil belongs to Venezuela.
@Syo-tc7kl
Ай бұрын
@@TrueThatTucsonI don't think so
@TrueThatTucson
Ай бұрын
@@Syo-tc7kl Essequibo belongs to who will populate it. I believe the Americans will prevail over the Asians and the Europeans laying false claim over the land and resources of Venezuela.
@marijnnn4992
25 күн бұрын
@@TrueThatTucson it belongs more to the usa then venezuela😂
@ahjxhdkns
16 күн бұрын
Yeah america have been taking everybodys money. Like russian 50b
As usual US oil supermajor modus operandi..... squeeze the little guy...and generate excessive profits
Guyana needs to be careful or a coup might happen
@leonfrancis3418
Ай бұрын
Try it.
@RichardKing-sx6xc
Ай бұрын
It's called bringing DeMoCrAcY and FrEdOm 😆😂🤣😅
@Syo-tc7kl
Ай бұрын
@@RichardKing-sx6xc😂😂
@Fintertainment-qz5dh
Ай бұрын
@@RichardKing-sx6xc Prosperity and Abundance!!!🤣🤣🤣 just sign the contract
@lgrthegreat1977
Ай бұрын
They need to get that PPP government out anyway
There was no mistake. They already had the excuse ready in case they c Got caught by saying it was submitted in the wrong currency
@jecinasema5190
Ай бұрын
Yea right. If they had said Trinidad Dollars I might have given it some thought. As it is I just laugh out loud. Lambs led to the slaughter by the Redeemer.
Thòse in charge in Guyana know what is going on
That's just the beginning
@williamkunte5361
Ай бұрын
Wow 😳
As we say in Guyana that's not a mistake that's a beefsteak. 😢😢
Well no need to wonder why countries end up nationalizing oil reserves. Exxon is in a shark feeding frenzy at the expense of Guyana’s People.
Guyana needs to demand Guyanese is trained in this field and has to work along with these bastards.Glen Lall is not wrong...No errors it's thieving them doing ..Get all these oil contracts revised.
@evil_inside1332
Ай бұрын
Glenn Lall? You mean the guy who shot and killed a man in cold blood by "accident" I wonder in Kaiteur News has a licensed shooting range at La Penitence to back up his story
@sherryanncarrington4414
Ай бұрын
Exactly
@ashakuldip1657
Ай бұрын
Yes.
This What happen you invited US mafia to your resources .
@jasonlives6923
Ай бұрын
Right
@nickbroughton928
Ай бұрын
I mean, don't include the rest of the usa in the greedy operations of some oil giant corporation. They do not represent the feeling of the US. Just the greed of investors. People here in the usa, believe it wrong too.
@jonathand.7878
Ай бұрын
The Venezuelan resources
@dominiqueallums-farley6704
Ай бұрын
Exactly..
Well, what can you expect, it's the West, they've been like this for centuries..
@shirleyramoutar1801
Ай бұрын
What ’the hel you mean
@kaimanyu586
Ай бұрын
@@shirleyramoutar1801 the West are always trying to rob developing nations... That's how the West is so wealthy..
Ramps Ramps Ramps not to be trusted
@daggerin4life726
Ай бұрын
Never trust a Trickidadian.. !!
@phillipdaguiar_01
Ай бұрын
@@daggerin4life726 You are correct.......
@augurcybernaut4785
Ай бұрын
It’s Indians in Exxon Trin Guy
@whz366
Ай бұрын
@@augurcybernaut4785Exactly. Racketeering as usual by those east indians.
@alexb8926
Ай бұрын
@@daggerin4life726😂😂😂
And if Guyana don’t comply, USA wont supply Guyana with arms and military aid to deter Venezuela. It’s all gonna make sense if you have not figured it out yet. USA will pretty much allow Venezuela to advance into disputed territory of Guyana and then Guyana will have to make choice. Lose territory or make a deal with Exxon.
Public comment..Guyana must investigate and over see every invoice and expenses..transparency and accountability regarding expenses by ExxonMobil . Guyana 🇬🇾 government must get back every dime of money. Don't allow ExxonMobil to violate the rules and regulations and laws . Stand firm against corruption practices.
They need to take them to court for the blatant theft perpetrated on the nation!!!
Clerical error my azz.. exxon gotta pay up
Thats a terrible deal! Guyana need to buy their own equipment
Glory to Guyanese people. Aum Shanti, Shanti Shantihi.
Exon bought Guyana government off along with all the Lawer’s that matters…😢
They intended to steel.
@johnhouston9764
Ай бұрын
steal is theft; steel is a metal
@MrRobertzingela
Ай бұрын
@@johnhouston9764 LOL....
@haileselassie9630
Ай бұрын
@@johnhouston9764So u understood de message? Y den waste ya energy?
@Syo-tc7kl
Ай бұрын
They do not need to steal the Guyanese president, will give them whatever they want as long as they fill his pockets,ALI Is corrupt
@lelandarcher4760
Ай бұрын
An example of the no child left behind policy of Guyana's education ministry 😢😮😢
Good on Guyana!
Please do a Special Report on how a previous Gov't signed a "Lopsided Contract" with EXXON under alleged dubious conditions.
@marvinpercival4717
Ай бұрын
Maduro
@bgoodorhell4u
Ай бұрын
They would not 😂😂😂😂 you could buy the previous administration with bananas.
@RajSingh-ro9vu
Ай бұрын
The dunce pnc signed this contract
Guyana needs freedom 🦅🇺🇲
12.5% smh
If Ramps has done this before why are they still doing business with them?
We need a renegotiation of the contract 😮
I do not believe this was a mistake they have been doing this to poor countries for years and discontinues to happen. Guyana need to negotiate the deal that the previous governor or government made because that was a dumb stupid deal 2%, who gets the other 98% this is wickedness.
Please break ties
@Fintertainment-qz5dh
Ай бұрын
Impossible!!! they just got a fish🤣🤣🤣
A Trinidadian always has to be the one that’s corrupt.
BRAVO GUYANA USA and its companies as well as behaviours are showing the truth whether they alike it or not
They got caught with their hands in the cookie draw
🇬🇾 we need to get rid of Exxon there’s too many other options available for us
BOOM...YES GUYANA. THEY THINK WE STUPID.
@ArchStandford
Ай бұрын
They already caught you lacking
To remedy future clerical errors, fine Ramps 10% of overstated amount. No need for court.
So Guyana is solely dependent on external sources for extraction of the oil but Ramslogistics should be terminated for this was done in the past and it happened again so when is Guyana going to learn.
Us always try to out smart the Caribbean countries.
@tattoomarc1000
Ай бұрын
Are u listening Trinidad brought the declaration with Exxon they too are apart of this
@user-jq2of2qw6f
Ай бұрын
🤣🤣🤣. Now it's not working for you guys!!! but Mr. Ali the head of CARICOM is making decisions for HAITI under U.S command.🤣🤣🤣.
@staywoke9172
Ай бұрын
@@tattoomarc1000 they brought them together but Exxon change the price on them.
Guyana needs to wise up and be very careful when doing business with the US.
MISTAKENLY……Riigghhtt!! 🤔🤥herd that before how is it that their the only ones that can make mistakes 🤔
They have gotten away with a lot, not any more.God.is now looking out for us. They should leave Guyana.
Give the oil away to anyone else rather than dealing with an unethical people
That's why you don't invite their military in Guyana. Its not about Venezuela alone. 🤫
Guyana should never forget who owns that oil and never be afraid to turn the oil taps off to get what they want. Accounting firms have always been in the pocket of global mega corporations and these types of "clerical errors" are standard practice and that is why they quickly admit the mistake and return the funds on occasions that they get caught. Kudos for Guyana to audit 2 years in arrears and if they find more irregularities, Guyana should insist that this accounting company and it officers should never be allowed to work at any current or future accounting or auditing company on any contract that Guyana signs. In effect these managers should be banned from doing business in Guyana. It is after all Guyana's oil
@rockeynypaul5592
13 күн бұрын
I agree 100%
That profit margin is so bad, someone at Guyana is making cut backs from Exon.
🇯🇲💯Who else Exxon do the same thing to ?? Over to you African country
@newtonpeart8573
Ай бұрын
I think Equatorial Guinea with its corrupt government.
What a dump deal 😅
This happens all the time. CARICOM and Trinidad better be careful.
Obviously it would mean exxon gained more profit snd guyana less... how can they say no harm was done?
They needs to renogociate the contracts its the right time for it.
Clerical errors=thieves.
Clerical error= sorry bro…😂 I was just playing to see if you were paying attention. My bad bro. 😂😂
Great move
Wish Guyana a good luck, ask Nigeria, Angola ,Lybia, Iraq and the likes what it means for a developing nation to dine with the devil... They need to nationalize their oils exploration and refinery like aramco and invest the profit in a sovereign wealth funds like norway otherwise they would end up a rich but poor nation like Gabon ...
Good. Hold them accountable too much stealing.
Hahahaha SHAME THATS WHAT YOU GET.. THEY DONE THIS TO VENEZUELA AND YOU DIDNT CARE
Lol Trinidad again. trickydadions
@sleepinggiant5876
Ай бұрын
😂😂
🤣😂 - 200%...clerical mistake
No Mistake Blatant Theft Driven by Greed.Some Mankind is Never Contented.
I was waiting for this
GUYANA IS IN SOUTH AMERICA!!!
WHAT A BRAVE MOVE ITS ABOUT TIME GUYANA TAKE DRASTIC MEASURES AGAINST THE GREEDY EXXONMOBIL.
@MyPamela2000
Ай бұрын
All North American countries do this to the 3rd world countries ppl. They think third world are stupid. They are bullies that is why they are not at peace. Earn hugh salaries but still not satisfied.
What will be the repercussion tor Trinidad company ramps
Crooks and scammers....? Check them out thoroughly.
Someone taking oil from your country and you having to share 25% of the profit sounds like some serious exploration
We're all watching to see what comes out of it 😳😳😳😳
@threewest5498
Ай бұрын
US will just issue out free visas and everyone will be fine
Exon do it on purpose, them must sue them.
I'm very disappointed Ramps is implicated with this.
hold up, no one notice at all that cake at 2:16???
An 8 billion dollar clerical error? Really?
this is american debt trap
Guyuna, Suriname and other oil and gold giants must stay strong. the Caribbean countries should not be fooled by these other countries trying to screw us all over. Caribbean community will stick together
Exxon doesnt make clerical errors like that
Get them Guyana 👍
Sounds like the economic hit men got Guyana. I pray the country remains stable as you know a crisis can be manufactured like Haiti for theft resources. Pray for peace and fairness.
@newtonpeart8573
Ай бұрын
Maybe Venezuela is thinking how they are been robbed.
Guyana is gonna realize who it’s real friends are and who the opportunists are.
2:15 Why baby girl double cheeked up on the oil rig like that?
Thanks to Glen Lal
Awwee sh$t. Here we go... Better pay for local security.
who they want to show they going to court, no doubt it's a clerical mistake , they become so honest now , HALLELUJAH
Please do report on Guyanese teachers strike for livable salaries. 😊 Guyana teachers on strike presently. 😊🇬🇾
YES GUYANA!
200 times can't be a mistake 😮 that's trying to treat Guyanese as stupid 😮
@newtonpeart8573
Ай бұрын
Maybe they are.
What if it was just a mistake? A 12 billion dollar misktake to a tiny country seems more like a mistake than malice.
It was done with the approval of the oil sheikhs why do you think there is no renegotiation of the oil contract even for the new finds
Never..never...expected .....
It wasn’t a mistake it was done on purpose. This is what all companies do to the US government who pays out and doesn’t really care or check because we the people pay for their wasteful spending.
I kind of believe it was a mistake, simply because of how blatant it is and how obviously they would get caught…
That's great dont come an take everything like them do Trinidad an Tobago
This is a bad deal period. Guyana is being exploited.
@briandeen5845
Ай бұрын
Tell that to pnc they made the deal not ppp now we have to live with it
@newtonpeart8573
Ай бұрын
Kick out ExxonMobil mobil!!!
Yeah well..when Trinis get involved in business you can expect to get the shaft from them.
Good hope day win. These greedy corporations have to go.
How can such a mistake be made? Typo? This probably has been going for decades. Guyana is within its rights to recover all stolen monies
They got caught ripping off the Native American of their oil and gas that is found on the Native 's land. Millions won in settlements and the tribes sent their people to school to lear about the production process and how to monitor them. Seeing this in Africa, draining of resources via hook or crook they need to do the same and stay on top of whom you're doing business with👌
They should sue ExxonMobil for that contract also,,it sgould be 50/50,but I stand with them on this