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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...

KINGSTON — Former head of the defunct Horizon Merchant Bank, Elon Beckford, admitted Wednesday (May 4) that the bank's high interest rates contributed to the demise of creditors in the 1990s, including developers whose loans were, eventually, sold to the Jamaican Redevelopment Foundation Inc. (JRF) as bad debts. “If we knew these rates would have continued, we would not have...

KINGSTON — Two members of the financial community have been subpoenaed to appear before the FINSAC Commission of Enquiry this week. Former Jamaica Bankers Association (JBA) president and chairman of the defunct Horizon Group, Elon Beckford,  was examined Thursday (March 24) and has been subpoenaed to return today, to be cross examined by lawyers for the Jamaican Redevelopment Foundation (JRF)...

KINGSTON — The Tax Administration Jamaica will be introducing a mechanism to allow the public to confidentially call or mail in information on persons suspected of cheating the Government out of much-needed revenue. A Tax-Cheat toll-free line, 1-888-292-4328, will be introduced on May 1, Minister of Finance and the Public Service, Hon. Audley Shaw revealed, as he opened his budget...

KINGSTON — The Jamaican economy is expected to grow beyond the 1.5 per cent target envisaged for this fiscal year, says Finance and Public Service Minister, Hon. Audley Shaw. “It is a modest growth target...and it is my intention that with the signs that I have seen, and with the hard work that we are all committed to, it is...

MANDEVILLE — Minister of Agriculture and Fisheries, Hon. Dr. Christopher Tufton says the agricultural sector is currently receiving more favourable attention from financial institutions. Speaking at an Arable lands Irrigated and Growing for the Nation (ALIGN) business meeting on April 27, at the St. Dorothy’s Anglican Church, in Church Pen, St. Catherine, the Minister said that while he is yet...

KINGSTON — The Government will be seeking a 24-month extension of the present 27-month Stand-by Arrangement  (SBA) with the International Monetary Fund (IMF), which expires in May, 2012. This was announced  by Finance and Public Service Minister, Hon. Audley Shaw,  when he opened the 2011/12 Budget Debate in the House of Representatives, on  April 28.  The Minister added that  Cabinet...

KINGSTON – The Government says it is now in a position to fully engage public sector leaders on issues relating to the outstanding seven percent salary increase owed to civil servants. Opening the 2011/12 Budget Debate at Gordon House on Thursday (April 28), Minister of Finance and the Public Service, Hon Audley Shaw, said this decision follows consultations between Government...