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KINGSTON — The Commission of Enquiry into the 1990s financial meltdown and the role of the Government-established company, Financial Sector Adjustment Company (FINSAC), in the recovery of outstanding debts, will resume on Tuesday, April 12.

Chairman of the two-man Commission, chartered accountant, Worrick Bogle, told last Thursday’s sitting that the Commission would not meet this week, as lawyers involved with the enquiry would be involved with the appeal case brought by Justice Boyd Carey, who was forced out of the position of Chairman of the Commission by the Supreme Court, last September.

In court documents filed last year, Justice Carey contended that the Full Court made a grave error, when it ruled that he had an interest in the outcome of the FINSAC Enquiry, as he was a FINSAC debtor. He argued that there is no evidence that he was a delinquent FINSAC debtor. He also contended that the Court’s ruling was unreasonable, as there was no evidence produced to support the claim.

He is joined by former Counsel to the Commission, R.N.A. Henriques, who was also dismissed by the Court, and current commissioners, investment manager Charles Ross and Mr. Bogle. Mr.Ross and Mr. Bogle have appealed the decision of the court to award costs to former Minister of Finance and Planning,Dr. Omar Davies and a group which had challenged Justice Carey’s right to remain on the Commission.  

Justice Carey’s dismissal was triggered by a successful case brought by Dr. Davies and the group including former Financial Secretary, Shirley Tyndall, Texas-based Jamaican Redevelopment Foundation (JRF) Inc. which bought the bad debts from FINSAC and former FINSAC Managing Director, Patrick Hylton, accusing him of being a FINSAC debtor. They also accused Mr. Henriques of having interests in companies taken over by FINSAC.

The Commission had resumed meetings at the Jamaica Pegasus Hotel, New Kingston, in the meantime, with Mr. Bogle as its chairman and Justice Henderson Downer, as its legal adviser.

 

By Balford Henry, JIS Reporter & Editor