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KINGSTON — The Association of Finsac’d Entrepreneurs (AFE) says that the treatment of debtors, who were victims of the 1990s financial meltdown, is a travesty of justice which has been ongoing since then. “We view the treatment of our members as a travesty of justice, that was a political conspiracy with malicious and envious motives and intentions of those who...

KINGSTON — The Financial Sector Adjustment Company (FINSAC) admitted Thursday May 12, that many depositors with the defunct Century National Bank (CNB) have not been repaid their deposits, some 16 years after the bank was taken over and closed down by the Government. But, FINSAC's General Manager, Errol Campbell, told the Commission of Enquiry that it was not its fault...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has attributed the $597 billion increase in the country's debt stock between September, 2007 and March, 2011, to pre-2007 residual factors. This includes $117 billion from the effects of exchange rate movement and consumer price index indexation which, he says, is significantly related to the debt structure the...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has emphasised  that the effects of the global economic crisis on the local economy should not be downplayed. Closing the 2011/12 Budget Debate in the House of Representatives on May 11, Mr. Shaw pointed out that, “countries in the region that enjoyed economic growth at an average of...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has shot down the Opposition’s arguments that the Government’s recently announced revenue measures favour the rich. Closing the 2011/2012 Budget Debate in the House of Representatives, Mr. Shaw emphasised that the only basis for wealth creation is to stimulate investment, and that this is where the Government is...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has pointed out that this is the first time in 20 years that the national budgetary process has been under such scrutiny. “We are scrutinised by at least three multi-laterals: the IMF, the World Bank and the IDB. This self-imposed scrutiny is ongoing. No longer can we hide...

KINGSTON — Group Managing Director of National Commercial Bank (NCB), Patrick Hylton, has suggested that “every single debtor’s file” from the FINSAC experience be opened up to public scrutiny, to allow for informed public opinion on whether the Financial Sector Adjustment Company (FINSAC) acted fairly. Testifying at the Commission on Tuesday, Mr. Hylton said that to make a determination as...

KINGSTON — Attorney-at-law, Anthony Levy, accused the FINSAC Commission of Enquiry of acting unconstitutionally, in barring debtors without legal representation, from questioning witnesses from financial institutions at the enquiry. Mr. Levy made the remark, as the enquiry was about to take its luncheon break, during the testimony of former FINSAC Managing Director and current Group Managing Director of the National...

Prime Minister the Hon. Bruce Golding says this year's budget is consistent with a clearly defined, coherent strategy that will facilitate investment and stimulate economic growth. Making his contribution to the 2011/12 Budget Debate in the House of Representatives, Mr. Golding said that the core elements of this strategy includes providing a framework of transparency and accountability so that people...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, will table in the House of Representatives today, a Green Paper on tax reform proposals as a means of informing and engaging discussion among the public on the issue. This was disclosed by Prime Minister, the Hon. Bruce Golding, yesterday, during his contribution to the 2011/12 Budget Debate...

KINGSTON — Chairman of the FINSAC Commission of Enquiry, Worrick Bogle, on Thursday chided the Financial Sector Adjustment Company (FINSAC) for failing to keep a list or copies of documents, including securities, transferred to the Jamaica Redevelopment Foundation Inc. (JRF) when it sold bad debts from the 1990s financial meltdown to the Texan firm in 2002. The issues highlighted the...

Officials from the Ministries of Agriculture and Fisheries and National Security have welcomed the extension of multi-billion support to Jamaica under the United Nations Development Assistance Framework (UNDAF). The  ($3.4 billion) US$39.4 million agreement, which was signed at the Planning Institute of Jamaica’s (PIOJ) Oxford Road offices on May 4 will support the implementation of long-term development and medium-term plans...