JIS News

KINGSTON — Former Chairman of the Eagle Group of Companies, Dr. Paul Chen-Young, is scheduled to testify before the FINSAC Commission of Enquiry via videolink from abroad, on Thursday (April 14).

Dr. Chen-Young, whose Eagle Group was a victim of the 1990s financial meltdown and was taken over the Government-owned Financial Sector Adjustment Company (FINSAC), emigrated to the United States after he was slapped with a lawsuit by the Eagle Merchant Bank and Crown Eagle Life Insurance Company, two firms he founded but which were taken over by FINSAC.

The suit chargedthat two business transactions by Dr. Chen-Young, on behalf of his Ajax Investment Limited and Domville Limited, constituted breaches of fiduciary duty, breaches of contract and negligence. He has since written a book, “The Entrepreneurial Journey in Jamaica: When Policies Derail”, in which he describes how he saw the financial collapse which wiped out most indigenous firms, as well as thousands of individuals who were indebted to the financial institutions, and which has been linked to the then Government’s high interest rate policies.

Dr. Chen-Young was originally scheduled to appear on Wednesday, March 30, but his appearance was postponed. No explanation was given.

Former head of FINSAC and the current managing director of National Commercial Bank (NCB), Patrick Hylton, is scheduled to appear at the enquiry on Tuesday, April 26. Current FINSAC managing director, Errol Campbell, will re-appear on Tuesday, April 19. Representatives of the Jamaican Redevelopment Foundation (JRF) Inc., the firm created by the late Texan millionaire, Dennis Joslin, to operate the bad debts he bought from FINSAC in 2002 should appear between April 28 and 28.

The Commissioners are Worrick Bogle, chairman, and Charles Ross. Legal advisor, is retired judge, Mr. Justice Henderson Downer.

 

By BALFORD HENRY, JIS Reporter & Editor