An independent investigation has uncovered serious irregularities in Grassalco’s Guyana operations, revealing that the Surinamese state-owned company holds no legal ownership of its purported subsidiary GuySure. The findings expose a troubling pattern of financial mismanagement and questionable corporate governance within the state enterprise.
The investigation, commissioned by Grassalco’s supervisory board, determined that despite being publicly promoted as the company’s first international expansion in May 2025—with former President Chan Santokhi personally attending the Georgetown opening ceremony—GuySure was actually established in 2021 as an independent entity under private ownership. Official registration documents from Guyana show the shareholders as Faye Hunte, Moria Kastiel, Abby-Gale Chona Jeanella Mers, Wanisha Priya Bharie, and Grassalco director Wesley Rozenhout, each holding 20% of the company’s 50 shares.
Financial records examined during the investigation reveal alarming expenditure patterns: GuySure spent approximately US$9 million against only US$2 million in revenue, with costs attributed to logistics, transportation, port services, and land rental in Guyana. Crucially, investigators found no documentation proving share transfer to Grassalco, formal business plans, investment decisions, or return-on-investment analyses justifying the venture.
The report further highlights systemic issues within Grassalco itself, noting that the company failed to produce audited financial statements from 2020 to 2025. These findings have created political sensitivity within the coalition government, particularly affecting the ABOP party which controls the Ministry of Natural Resources. Rozenhout, who was suspended on January 12 to ensure investigation integrity, faces separate charges regarding the disappearance of nearly 4 kilograms of gold from the company.
In response to the crisis, Natascha Kalo (nominated by ABOP) has been appointed as delegated commissioner with enhanced powers to exercise tightened supervision over the state company. The National Assembly is concurrently addressing related interpellation proposals concerning other state entities, underscoring broader governance concerns within Suriname’s public sector.