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Fri 27th Sep 2019

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Should PM Gonsalves be put on trial for running SVG’s finances without bank reconciliations?

The SVG 1979 Constitutionally Appointed Director of Audit failed Gonsalves on the audit of SVG Public Accounts for 2008, 2009 and 2010. There was no bank reconciliation for these years of the government’s account at the National Commercial Bank (NCB) - (Source SVG Audit Reports – researched by Warrant Officer Ivan Bertie O’Neal BSc (hons), MSc, MBA).

Warrant Officer Ivan Bertie O’Neal, who has a BSc (hons) degree in Accounting and Finance and Economics from Oxford Brookes University, England, very strongly contends that Gonsalves as SVG Minister of Finance, should have known or must have known, that there are essential requirements for bank account reconciliation.

The ability to reconcile bank accounts is an organisation’s most important financial process. The bank reconciliation process is essential to thwart financial fraud.

To reconcile a bank account, one compares the internal record of transactions and balances to the monthly bank statement. Then one needs to verify each transaction individually, making sure the amounts match perfectly, and note any differences that need more investigation.

Ralph Gonsalves has been Saint Vincent and the Grenadines’ worst prime minister by far.

The NCB was killed by an outrageous bank overdraft of EC$185 million in 2008 by the ULP regime. There was no bank reconciliation by the ULP Regime. It is an example of grossly incompetent and crazy banking by the ULP regime.

The audit reports for 2008, 2009 and 2010 have revealed that hundreds of millions of dollars have gone missing under the ULP regime. Minister of Finance at the time, Gonsalves, had overseen widespread wrongdoing in the public accounts.

There was a massive failure in accountability and transparency and in reconciling bank accounts and it is impossible to know which cheques have been cashed and where the money went. Hundreds of millions of dollars are missing.

The Leader of SVG Green Party, Warrant Officer Ivan O'Neal BSc (hons), MSc, MBA, says it is very serious and wrong for the Minister of Finance at the time, Gonsalves, to have not carried out statements of reconciliation about the missing millions at the NCB that were highlighted by the Director of Audit.

Gonsalves is stopping the Director of Audit from seeing where the missing hundreds of millions are. The Director of Audit has been denied access to check the accuracy of the assessment of revenue at the Inland Revenue Department.

According to The Leader of SVG Green Party, Warrant Officer Ivan Bertie O’Neal BSc (hons), MSc, MBA, to refuse the 1979 Constitutionally Appointed Director of Audit access to check the accuracy of the assessment of revenue at the Inland Revenue Department is a very serious offence. No one is above the law.

An SVG Green Party government would provide a highly-qualified Minister of Finance and a high level of competence and transparency of the public accounts to ensure our country produces a fiscal surplus every year, to invest in a knowledge-based economy and free, high-quality education for every child from pre-school to university.

A Green government would ensure that all public accounts are ‘dual controlled’ - needing TWO persons’ signatures to deposit and withdraw money - to prevent any individual from acts of wrongdoing in dealing with taxpayers money, as has been seen while the ULP regime has been in office.

Government bank accounts would be reconciled at least once a month to prevent financial fraud and taxpayers’ money being stolen.

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