JIS News

The Commission appointed by the Government to review the 1990s financial sector collapse, which led to the creation of the Financial Sector Adjustment Company(FINSAC), will start meeting on July 1.
Minister of Finance and the Public Service Hon. Audley Shaw, made the announcement today (Wednesday May 6) as he closed the 2009/2010 Budget debate at Gordon House.
Mr. Shaw also announced a change in the original list of commissioners, with chartered accountant, Worrick Bogle, from the firm, Bogle & Company, replacing Dale Blair, an accountant. The other members are: retired Supreme Court judge, Justice Boyd Carey, chairman; and investment manager, Charles Ross.
The secretary will be Fernando DePeralto, a financial consultant and former Deputy Governor of the Bank of Jamaica, who has also served on the boards of the National EX-IM Bank and Petrojam, as well as with the International Monetary Fund (IMF).
“I invite everyone who can make a contribution to a better understanding of the circumstances that led to the financial sector collapse, to participate in this inquiry,” Mr. Shaw told Parliament.
Mr. Shaw has said that it was paramount that the FINSAC inquiry be conducted, to properly comprehend the situation in moving forward. He has also said that the report of a probe into the sale of assets by FINSAC was completed and would be tabled in Parliament within weeks.
FINSAC Limited was established by the Government of Jamaica in January 1997, with a mandate to restore stability to Jamaica’s financial institutions after the collapse of several financial institutions.

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