Investor denies money laundering conviction claim by Gaming Authority

first_imgThe Guiana Holding Incorporated, trading as Superbet, is denying allegations by the Gaming Authority that one of its principals was convicted of money laundering and served a four-year sentence.In a letter sent to Guyana Times by Guiana Holding Incorporated’s attorney, Anil Nandlall, it was noted that the pronouncement by the Gaming Authority about the conviction is “both inaccurate and libelous…no principal of Guiana Holding Inc was ever convicted of money laundering or even charged with any such offence or, indeed, any offence at all.”On Wednesday, the Gaming Authority in a press statement said it made the alleged discovery back in January 2019 during the course of conducting due diligence while processing a good standing certificate, which was requested by Superbet in September last year.The Authority disclosed that it was provided with information of the allegation, after which it enhanced its due diligence, and issued a letter to Guiana Holding Inc to seek clarification on February 14, 2019.The gaming agency reportedly responded on March 4, 2019, and the Gaming Authority took steps to verify the information.“The response from Guiana Holding Inc and additional information received by the Gaming Authority on April 5, 2019, during the verification process, after careful analysis, led to determination, that an AML/CFT audit of Superbet operations was necessary to determine the veracity of the information received. This would allow the Gaming Authority to make an informed determination on the issuing of the good standing certification.”According to the statement, this was communicated to Guiana Holding Inc on April 23, 2019, and they have in principle, agreed to the audit.The Gaming Authority has been in the process of organising the audit team, it stated, adding that a Non-Disclosure Agreement has been sent to the said organisation for signature and for submission of a proposal and cost. A deadline of July 31, 2019, has been set for the conclusion and submission of the audit report.The outcome of the audit will determine the Gaming Authority’s position on the issuing of the good standing certificate.Stifling investorPrior to this requirement, Superbet has been operating in Guyana for more than five years. The business now has over 175 locations across Guyana, which brings in income for over 500 persons.General Manager Shrikant Kisoensingh complained that it is not being granted its renewal of licences owing to victimisation on the part of the Guyana Gaming Authority. In fact, Kisoensingh’s lawyer, Anil Nandlall, has already said he is ready to represent his client in the court as he feels he is being victimised.However, the Gaming Authority denied stymieing the investor in Wednesday’s statement explaining that the certificate of good standing, which is required by the agency, was not produced by the trending gambling attraction but is necessary to qualify the business for their licence renewal.According to the Gaming Authority, the certificate of good standing is just one of nine requirements needed by a business when applying for a Betting Shop Licence.Before 2018, a letter of good standing from the Authority did not form part of the process but was later introduced to ensure due diligence for the purpose of Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT), it added.last_img

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