I refer to Robin Singh’s letter in SN of May 24th titled: “An unlimited parent guarantee must be backed by an asset register”, and wish to respond as follows: Robin Singh argues, “it must be backed by an asset register, all of which would then be under lien and would require Guyana’s assent for any decision involving them. It is similar to a bank loan against a property, once executed; the asset cannot be disposed of or altered without notification and permission by the bank. Does the PhD. [Dr Vince Adams] think ExxonMobil is willing to place all of its assets worldwide under Guyanese control?” He is dreaming up arguments against a PCG. He later labels environmentalists as hustlers. Let me ask Robin Singh a very simple question: Did the Oil Companies pick up the last dollar of damages in the Exxon Valdez and BP’s Deepwater accidents? Did they do it out of the goodness of their hearts? Try figuring that out.
Bottom Line
Guyana should not be exposed to that risk. Oil companies always bore the full risk for such accidents. PCG is a legal document. It is a letter stating a promise to pay for the cost in the event of an Oil Spill. No one asks for assets of Parent company to be placed under an asset-lien to be controlled by GoG. Robin Singh dreamed this up. Judge Sandil Kissoon’s court ruling stipulated no such thing. It is a letter on Exxon’s stationery. Does not cost a penny. No asset checks. No lien. Purpose of PCG letter: To be used in a court of law – in the event of an Oil Spill – if oil companies refuse to pay for clean-up.
From where did Robin Singh get these ideas about asset registers and asset-liens to be under control of GoG? What’s the root of his prejudices against environmentalists? He called them hustlers. How about if I say you Robin Singh might be under the influence of hallucinatory drugs. Turning environmentalists into bogeymen – just so Robin Singh can fight a court order that seeks to make oil companies bear the onus and risk for an oil spill accident? With Robin Singh and his patrons presenting themselves as patriots, I say what refuge for scoundrels?
Sincerely,
Mike Persaud
