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ExxonMobil Pleads Not Guilty in Guyana to Misstating Equipment Value

Signage at an Exxon Mobil Corp. gas station in Houston, Texas, U.S., on Wednesday, Oct. 28, 2020. Exxon is scheduled to release earnings figures on October 30. Photographer: Callaghan O'Hare/Bloomberg , Bloomberg
Signage at an Exxon Mobil Corp. gas station in Houston, Texas, U.S.

Denis Chabrol, Bloomberg News

GEOPRGETOWN
EnergiesNet.com 05 12 2024

Exxon Mobil Corp. and one of its suppliers pleaded not guilty in a Guyana court Friday to charges related to overstating the value of oil-well equipment on a customs declaration by 200 times to about $12 billion.

The oil company’s local unit, Exxon Mobil Guyana Limited, is accused of making and subscribing to a false declaration. The supplier, Trinidad-based Ramps Logistics, is charged with making an untrue declaration. A magistrate adjourned the case until June 28.

Exxon and Ramps have said the issue stemmed from a clerical error by the contractor in late 2023 that denoted the value of equipment in US dollars instead of Guyanese dollars. A Guyana dollar is worth about one-half of a US cent. 

In a statement, Exxon’s Guyana office said the mistake did not lead to any loss in revenue to the nation or its tax agency. The information on the customs declaration is not used to calculate any cost recovery or taxes, according to the statement. Exxon says it’s cooperating with the investigation and has provided the Guyana Revenue Authority with the corrected value. 

“We are dedicated to ethical practices,” Exxon said in its statement. “Mistakes are promptly corrected when uncovered.” 

The prosecutor in the case, Guyana Revenue Authority Deputy Commissioner Jason Moore, said the investigation is ongoing. 

bloomberg.com 05 10 2024

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