JIS News

Cabinet has approved the appointment of a three-man Commission, to enquire into the collapse of several financial institutions during the 1990s, and the subsequent creation of the Financial Sector Adjustment Company (FINSAC), Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Dwight Nelson, has announced.
Speaking at today’s (Oct. 15) post-Cabinet media briefing at Jamaica House, Senator Nelson said that consensus was reached to appoint retired Supreme Court Judge, Justice Boyd Carey; accountant, Dale Blair; and investment manager, Charles Ross, as the persons who will comprise the Commission.
Senator Nelson said their appointment is to be formalised by the Governor-General on a date to be announced.
The Minister informed journalists that the Commission’s terms of reference are “very wide” and include, among other things, a review of FINSAC, in relation to borrowers, and determining whether those individuals were fairly treated.
“You will recall that, during his Budget presentation, the Prime Minister spoke to the fact that he was petitioned by a number of borrowers, who claimed that they were unfairly treated by FINSAC. And he, during that presentation, alluded to the intention to create this Commission. The fact of the matter is that the question of whether or not debtors were treated fairly and equally is a very substantial question that needs to be answered. And the constituency of persons, who are so concerned, is large enough for us to take notice of. The appointment of this Commission is (intended) to put to bed, once and for all, whether or not those concerns are real,” he said.
While not stating a specific date when the Commission would commence the enquiry, the Minister advised that “as soon as their appointment is formalised by the Governor-General, they can begin immediately.”
The Minister informed that existing legislation would enable the Commission to “receive oral and documentary evidence, as they so require.”
“Once the Commission has been appointed by the Governor-General, then we will have a full press briefing, where all the unanswered questions will be answered,” Senator Nelson assured.