The trinidad Guardian / The report on the forensic investigation by Kroll Consulting Canada into the “fake oil” scandal at State-owned Petrotrin will now be delivered to the company’s board of directors in mid-November.
Petrotrin chairman Wilfred Espinet had said the report was due to be delivered last week, four weeks after the start of Kroll’s assignment. However, officials now say the Canadian company still has work to complete. They explained that over the past four weeks officials from Kroll Consulting have been doing on site work and are now in the final stages of electronic data analysis.
In late September, Petrotrin retained the firm after an internal audit report indicated collusion involving an employee and a contractor who supplied crude oil to the company, resulting in an overpayment of close to $80 million.
The August 17 audit report also found that crude oil supplies from the Catshill Field contracted to A&V Oil and Gas spiked by over 150 per cent in a ten-month period and Petrotrin paid for oil which was never received. The internal audit committee report identified an employee who was involved in the process. That employee was sent on leave.
Kroll started its work in early October and has been reporting directly to the board’s audit committee. Apart from the forensic audit, Kroll was retained to verify the facts contained in the internal audit report, identify any relevant parties/entities from the standpoints of accountability and culpability and any systemic inadequacies or short comings which may have contributed to the findings.