Dear Editor,
Over the last four years, reading Joel Bhagwandin’s missives in the Stabroek News, I was 90% certain (to put a percentage # on it) that Bhagwandin was working in the best interests of Exxon – and not for the State of Guyana. But who would have suspected or believed he was being paid directly by Exxon to do propaganda work for Exxon? Some of the things he wrote:
Bhagwandin argued in support of 2% royalty; he says Renegotiation = Nationalization; Negotiation means Guyana will end up like Venezuela; Letting Exxon take 85% of revenues under the pretext of Cost Recovery, he argues, is good, that will produce the ramp-up (Reinvestment of Retained Earnings). Bhagwandin does not understand that ramp-up is to the benefit of the partnering companies and their shareholders and that Guyana is neither a partner nor a shareholder – and therefore cannot benefit in the same way as shareholders of Exxon do. Bhagwandin released a letter admitting he was receiving pay from Exxon (SN July 16th). Bhagwandin explained he was breaking with Exxon – not because of the bad fiscal items of the oil contract, causing Guyana to lose billions of dollars, but for a political reason, namely, he wants Exxon to break with Nigel Hughes. [Exxon has a contract with Hughes’ law firm for legal and professional services].
Mr. Bhagwandin used the word “incestuous” to describe the relationship between the Hughes’ law firm and Exxon. The fact is Bhagwandin is working for GoG and at the same time also doing propaganda work (he calls it professional services) for Exxon – and receiving remuneration from both. Now that is “incestuous” or Conflict of Interest – or both. Dr. Jerry Jailall, some four years ago, said GoG and Exxon are joined at the hip and here you have Bhagwandin working for both – and no one knew Bhagwandin was on the payroll of Exxon, until he himself revealed it – almost inadvertently – a few days ago. No matter what way you cut and slice the working relationships of these three parties it will always be seen as partly incestuous, partly conflict of interest, and sooner or later one or other parties selling out each other.
Guyana is losing billions of dollars on this lopsided contract. VP Jagdeo has admitted that much – says he is helpless to do anything about it (sanctity argument, driving away investors, go blame Trotman) – but at every turn Bhagwandin would invent a false argument to support Exxon into ripping off the Guyanese nation. Not once has Mr. Bhagwandin made an argument to say Guyana deserves a fair deal contract and fair value for its oil resource.
The independent newspapers – KN, SN – have consistently supported the call for renegotiation in their editorials and coverage – but Bhagwandin was adamant in his opposition. He relentlessly supported Exxon in the execution of its lopsided contract – and the reason, the Guyanese people now know – is that he was being paid lucrative sums of money by Exxon to essentially sell-out Guyana.
Sincerely,
Mike Persaud
