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Finsac Enquiry



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  • Finsac Commission to recall Dr Davies

    Friday, September 02, 2011

    THE Finsac Commission of Enquiry is expected to recall former Minister of Finance and Planning Dr Omar Davies when it resumes sitting. This was confirmed yesterday by secretary to the Commission and former deputy governor of the Bank of Jamaica, Fer ...more

    6 comments

  • Blythe hints at Finsac insider trading

    Saturday, July 23, 2011

    FORMER Minister of Water and Housing Dr Karl Blythe has suggested that some of his political colleagues may have benefited from "insider trading", in terms of how their debts were handled during the 1990s financial sector meltdown. Dr Blythe told th ...more

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  • ‘A grave injustice’ - Blythe says Finsac was necessary, but

    Friday, July 15, 2011

    FORMER water and housing minister Dr Karl Blythe, while admitting yesterday that the creation of the Financial Sector Adjustment Company (Finsac) was necessary, said that its operation was a grave injustice to debtors. Blythe was giving testimony at ...more

    26 comments

  • Crawford makes fresh appeal to Finsac for leniency

    Thursday, July 14, 2011

    THE Financial Sector Adjustment Company (Finsac) says it is awaiting advice from the Attorney General's Department on how to respond to a new appeal for leniency from former Century National Bank (CNB) boss, Don Crawford. In a statement on Tuesday, ...more

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  • 'Were it not for God, I would have been dead' — Crawford

    Wednesday, June 08, 2011

    FORMER Century National boss Don Crawford yesterday blamed orchestrated threats against his life for his exile in the United States since 1996. Crawford alleged that he was cheated and fraudulently robbed of all his assets, and forced into involuntar ...more

    27 comments

  • Davies poses Finsac questions to Shaw

    Monday, May 23, 2011

    DR Omar Davies, the Opposition spokesman on finance, is challenging Finance Minister Audley Shaw to declare what was his personal debt to the Financial Sector Adjustment Company (Finsac) and what special agreement was reached to take care of it. Dav ...more

    28 comments

  • JRF CEO says company being used as scapegoat

    Wednesday, May 18, 2011

    CHIEF executive officer of the Jamaican Redevelopment Foundation Inc (JRF) Jason Rudd says that his company, which acquired the Financial Sector Adjustment Company (Finsac) bad debts in 2002 is being used as the "scapegoat" for the 1990s financial co ...more

    13 comments

  • Attorney wants Blythe to testify at Finsac Enquiry

    Wednesday, May 18, 2011

    ATTORNEY Anthony Levy has formally requested the Finsac Commission of Enquiry to seek to have former minister of water and housing, Dr Karl Blythe, appear at the enquiry. Levy's request came yesterday — a day after Blythe blamed the previous P ...more

    10 comments

  • Finsac Enquiry commissioners asked to subpoena PJ

    Sunday, May 15, 2011

    ATTORNEY Anthony Levy, who is representing members of the Association of Finsac'd Entrepreneurs (AFE), on Friday called on Finsac Enquiry commissioners to subpoena former Prime Minister P J Patterson to give evidence at the ongoing enquiry. Accordin ...more

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  • There were too many institutions in the market — Hylton

    Thursday, May 12, 2011

    FORMER managing director of the Financial Sector Adjustment Company (Finsac), Patrick Hylton said on Tuesday that there were too many financial institutions operating in the island during the 1990s and placed blame for the financial meltdown squarely ...more

    4 comments

  • Lawyer challenges Finsac Commission's decision on witness questions

    Wednesday, May 11, 2011

    ATTORNEY Anthony Levy yesterday challenged the Finsac Commission's decision to allow questions to witnesses only through an attorney, and offered his services free of cost to any debtor wishing to pose questions. "All they have to do is hand me a no ...more

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  • My bank bungled and Finsac took hard line, says businessman

    Thursday, April 28, 2011

    BUSINESSMAN Aubrey Smith yesterday charged that bungling by his bank and a hard-line approach by the Financial Sector Adjustment Company (Finsac) resulted in his properties being seized and put up for sale, although he had repaid his loans. Smith, t ...more

    4 comments

  • Former NCB exec laments non-co-operation of Finsac

    Wednesday, April 20, 2011

    FORMER managing director of the National Commercial Bank (NCB) Jeff Cobham yesterday charged that many of the local businesses that failed during the 1990s financial crisis could have been saved if the finance ministry and Financial Sector Adjustment ...more

    4 comments

  • 'They destroyed me'

    Sunday, April 17, 2011

    DR Paul Chen-Young, whose Eagle Group of companies collapsed and was taken over by Finsac in the 1990s financial sector meltdown, is convinced that he was singled out for "vindictive" treatment that, he said, destroyed him and has resulted in him hav ...more

    17 comments

  • Chen-Young fears for his safety

    Sunday, April 17, 2011

    AFTER 13 years in financial exile, former Eagle Group chairman Paul Chen-Young still fears he could be physically hurt if he returns to the island. Chen-Young last week gave his testimony at the ongoing Finsac enquiry via videoconference from overse ...more

    8 comments

  • Chen-Young: Finsac abrogated its responsibility

    Friday, April 15, 2011

    FORMER Eagle Group chairman Paul Chen-Young yesterday said that the Financial Sector Adjustment Company (Finsac) abandoned its mandate to assist ailing financial companies during the 1990s and, instead, sold off local assets to foreign companies. Ch ...more

    22 comments

  • Farmer says '90s high interest rates quadrupled $320,000 debt

    Wednesday, April 13, 2011

    ST Catherine farmer Llewellyn Bailey claims that unfair treatment by his creditors and his inability to continue paying his lawyer — after high interest rates drove him broke — led to his debts growing from $320,000 in 1996 to over $1.5 m ...more

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  • Justice Downer is legal adviser, not a Finsac commissioner

    Friday, April 01, 2011

    CHAIRMAN of the Finsac Commission of Enquiry Worrick Bogle explained Tuesday that retired Supreme Court Judge Justice Henderson Downer is not a member of the commission, but its legal adviser. Bogle pointed out that following the removal of former c ...more

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  • Jim Parkes still in shock over Mutual Life's collapse

    Wednesday, March 30, 2011

    JIM Parkes, former head of Mutual Life, is still in awe that the Jamaican Government in 1998 could have shut down the 154-year-old insurance company, said to be the largest in the Caribbean at the time. "I was totally blown away. I feel that of all ...more

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  • Opposition wants Finsac lawyers at enquiry 1:12 PM

    Tuesday, March 29, 2011

    Former PNP justice minister AJ Nicholson said that it is unacceptable that the state-run institution, against which "several damming accusations have been levelled, is devoid of legal representation, even to question the allegations which are being m ...more

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  • Where are Finsac's lawyers?

    Friday, March 18, 2011

    ATTORNEYS at the ongoing enquiry into 1990s financial meltdown have raised concerns about the absence of legal representation for the Financial Sector Adjustment Company (Finsac) -- the agency at the heart of the investigations. "I find it extraordi ...more

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  • Finsac nightmare - Real estate dealer tells how $10m loan grew to $113m

    Wednesday, March 16, 2011

    LASCELLES Poyser tried hard yesterday to put on a brave face as he related how a $9.8-million loan from Horizon Merchant Bank in 1993 not only caused him to lose acres of property across the island, but resulted in him still owing $113 million. Poys ...more

    6 comments

  • 'Hurry up with Manatt, refocus on Finsac Enquiry'

    Thursday, March 03, 2011

    FINANCE Minister Audley Shaw has argued that the Finsac Commission of Enquiry is of much more fundamental importance than the Dudus/Manatt enquiry, and he urged Jamaicans to quickly refocus their attention on the investigation into what he describes ...more

    27 comments

  • More tears at Finsac enquiry

    Wednesday, March 02, 2011

    FORMER managing director of Thermo-Plastics, Jean Claude Desulme, yesterday claimed that he lost his company in 1998 in what he described as collusion involving the political directorate, NCB, the Financial Sector Adjustment Company (Finsac), and Nat ...more

    18 comments

  • Finsac'd man says $4-m loan ballooned to $1-b debt

    Friday, February 18, 2011

    A Mandeville businessman on Wednesday told the Commission of Enquiry into the 1990s financial sector collapse how a $4 million loan from the Eagle Commercial Bank in 1994 turned into a $1-billion debt in 2008. Businessman Michael Levy, who owned the ...more

    7 comments

  • Finsac enquiry adjourns over private hearing controversy 11:52 AM

    Thursday, February 10, 2011

    COMMISSIONERS of the Financial Sector Adjustment Company (Finsac) enquiry this morning postponed today’s sitting after controversy erupted regarding the hearing of testimony of a witness in private. Yesterday Commissioner Worrick Bogle declar ...more

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  • 'Private' sitting of Finsac enquiry today

    Thursday, February 10, 2011

    TODAY'S sitting of the ongoing Financial Sector Adjustment Company (Finsac) Enquiry will be held in private with the public and press barred, the commissioners declared yesterday. According to Commissioner Worrick Bogle, today's scheduled witness, ...more

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  • Finsac'd man says $850,000-loan repaid but later informed he owed $1.7m

    Friday, February 04, 2011

    HAULAGE contractor Michael Henriques told Wednesday's sitting of the Financial Sector Adjustment Company (FINSAC) enquiry into the 1990s financial meltdown that after depositing $850,000 at the National Commercial Bank in 1996 to pay off a loan, he ...more

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  • ‘Finsac’d’ developer tears up during testimony

    Friday, December 03, 2010

    FORMER real-estate developer Trevor Donegal struggled to hold back his tears yesterday as he recounted what he described as the unjust treatment meted out to him by the Financial Sector Adjustment Company Limited (Finsac), which resulted in the los ...more

    19 comments

  • Contractor wants commission to prevent recurrence of Finsac 'travesty'

    Thursday, November 25, 2010

    FORMER building contractor Milton Baker, testifying at yesterday's sitting of the Financial Sector Adjustment Company (FINSAC) enquiry, called on the commissioners to ensure that actions — which he claimed resulted in the deaths of many local b ...more

    1 comments

  • Resumption of Finsac enquiry before appellate court ruling not wise, say attorneys

    Thursday, November 18, 2010

    CONCERNS have been raised that the efforts of the commission of enquiry into the financial sector meltdown of the mid-1990s, which resumed sittings on Wednesday, could be in vain. The concerns stem from the fact that there is a pending appeal agains ...more

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  • Another horror story as Finsac enquiry resumes

    Thursday, November 18, 2010

    THERE was another horror story from a local entrepreneur yesterday as the Financial Sector Adjustment Company (FINSAC) enquiry resumed its hearing after being halted in February when retired judge Justice Boyd Carey was challenged as chairman. Carey ...more

    2 comments

  • Appeal court says Finsac must pay Chen-Young's living, legal expenses

    Wednesday, November 03, 2010

    FORMER Eagle financial network boss Paul Chen-Young was yesterday successful in having the Court of Appeal reinstate a provision that the state-run Financial Sector Adjustment Company (Finsac) cover his living and legal expenses, pending the outcome ...more

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  • Booted Finsac chairman resorts to Appeal Court

    Sunday, October 17, 2010

    BOYD Carey, the retired jurist who was booted last month by the Supreme Court as chairman of the Finsac enquiry, is challenging the decision in the Court of Appeal. Carey's appeal, filed this week, is challenging the finding of the Full Court that h ...more

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  • Justice Carey disqualified; Finsac enquiry to continue

    Friday, September 03, 2010

    THE probe into the financial sector meltdown of the mid-1990s and Finsac's subsequent intervention was yesterday allowed to continue. But the hearings will have to proceed without Justice Boyd Carey, who was disqualified as chairman by the Judicial R ...more

    6 comments

  • Boyd Carey booted from Finsac enquiry 3:27 PM

    Thursday, September 02, 2010

    THE Judicial Review Court today disqualified retired Justice Boyd Carey as chairman of the suspended Finsac enquiry. The court also refused to declare null and void, the enquiry into the financial meltdown of the mid-1990s and the subsequent interve ...more

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  • Finsac enquiry ruling expected tomorrow

    Wednesday, September 01, 2010

    THE Judicial Review Court is set to rule tomorrow on the challenge against retired Justice Boyd Carey's chairmanship of the suspended Finsac enquiry. The court on August 13 reserved judgement whether or not Carey should be disqualified from the sitt ...more

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  • Court reserves judgement in Finsac judicial review

    Saturday, August 14, 2010

    THE Judicial Review Court yesterday reserved its decision on whether or not the Finsac enquiry chairman Justice Boyd Carey should be disqualified from the sitting and the probe declared null and void. The court reserved its decision following final ...more

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  • Finsac lawyer denies bias 12:42 PM

    Friday, August 13, 2010

    LAWYER for Finsac commission member Charles Ross this morning rebutted suggestions that there may be bias on his part because of statements he made following the collapse of the financial sector in the mid-1990. Attorney Paul Beswick said that Ross' ...more

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  • Lawyer: Justice Carey was not indebted to Finsac

    Thursday, August 12, 2010

    ATTORNEY Dr Lloyd Barnett has refuted claims that his client, retired Justice Boyd Carey, was a debtor to Finsac. Barnett is contending, as a result, that Justice Carey should not be asked to step aside from his chairmanship of the probe into the co ...more

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  • Carey's decision 'unreasonable and irrational', lawyer tells court

    Tuesday, August 10, 2010

    A lawyer representing one of the high-profile claimants who want to oust retired Justice Boyd Carey as chairman of the controversial inquiry into the financial sector meltdown of the mid-1990s yesterday described his refusal to recuse himself from th ...more

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  • Long wait to know fate of Finsac Commission

    Thursday, March 11, 2010

    THE judicial review challenging retired Justice Boyd Carey's chairmanship of the commission of enquiry into the financial sector meltdown of the 1990s is scheduled to begin on May 25. The review, which is to take place before three Supreme Court jud ...more

    3 comments

  • Shaw vows Finsac enquiry will be completed

    Monday, February 22, 2010

    FINANCE Minister Audley Shaw vowed yesterday that the Commission of Enquiry into the 1990s financial sector meltdown will be completed despite the setback by a court injunction. Speaking at the Area Council One meeting of the Jamaica Labour Party in ...more

    6 comments

  • Finsac enquiry hits snag

    Saturday, February 13, 2010

    THE Supreme Court yesterday issued an order halting the continuation of the commission of enquiry into the financial sector meltdown of the 1990s and the subsequent intervention of the Financial Sector Adjustment Company (Finsac). Justice Ingrid Man ...more

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  • Court to make ruling on Finsac application Friday

    Wednesday, February 10, 2010

    JUSTICE Ingrid Mangatal is to rule Friday on an application for a Judicial Review hearing that could halt the current enquiry into the financial sector meltdown of the 1990s. Justice Mangatal yesterday reserved her ruling following a two-day hearing ...more

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  • Henriques denies signing guarantee for CNB loan

    Wednesday, February 10, 2010

    ATTORNEY RNA Henriques has denied a claim by lawyers trying to have him removed as legal counsel to the Finsac Commission of Enquiry that he was guarantor of a loan granted by Century National Bank (CNB) to a borrower. According to Henriques, on the ...more

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  • FINSAC court hearing continues tomorrow

    Monday, February 08, 2010

    THE Supreme Court on Friday started hearing an application challenging Justice Boyd Carey's refusal to excuse himself from the chairmanship of the enquiry into the financial sector meltdown of the 1990s. Lawyers representing former Finance Minister ...more

    0 comments

  • Suit to halt Finsac enquiry filed in Supreme Court

    Friday, February 05, 2010

    AN application to quash the current enquiry into the financial sector meltdown of the 1990s, and Financial Sector Adjustment Company's (Finsac) role thereafter, was yesterday filed in the Supreme Court. The suit is seeking a Judicial Review of the d ...more

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  • Orane denies debt to Finsac

    Friday, February 05, 2010

    GRACEKENNEDY chairman Douglas Orane last night denied that he owed a debt to Finsac after yesterday's sitting of the enquiry heard that one of the debts given special treatment in the aftermath of the mid-1990s financial sector meltdown was owed by a ...more

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  • Don’t seek info about your Finsac bad loan!

    Thursday, February 04, 2010

    THE Jamaica Redevelopment Foundation (JRF) -- the company which bought the Financial Sector Adjustment Company (Finsac) debt portfolio -- does not provide statements to entrepreneurs who lost their properties in the 1990s financial meltdown. Finsac ...more

    0 comments

  • Show us the evidence!

    Tuesday, January 26, 2010

    MEMBERS of the Association of Finsac'd Entrepreneurs (AFE) have thrown their support behind embattled Finsac Enquiry chairman Boyd Carey in the wake of accusations that the retired judge is unfit to lead the commission. "Mr Carey has categorically d ...more

    0 comments

  • Opposition trying to prevent the truth from being told, says Shaw

    Wednesday, January 20, 2010

    FINANCE Minister Audley Shaw says criticisms by the Opposition People's National Party of the salaries being paid to members of the Finsac commission, who are on a fact-finding mission on the 1990s collapse of the financial sector, are meant to preve ...more

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  • Justice Carey offers little on multimillion-dollar salary

    Wednesday, January 20, 2010

    RETIRED Justice Boyd Carey, chairman of the Finsac Enquiry, yesterday offered little regarding the revelation of the multimillion-dollar payments made to members of the Commission. On Monday, Radio Jamaica (RJR) reported that the budget to conduct t ...more

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  • Finsac enquiry adjourned until Jan 20

    Thursday, January 14, 2010

    THE enquiry into the 1990s financial sector collapse was Tuesday adjourned until next Tuesday after Finsac managing director Errol Campbell refused to take the stand and requested another month in order to prepare. Campbell was scheduled to give tes ...more

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