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 denied signing any document for obtaining any loan which would have created a debt with Century National Bank (CNB). Unless and until someone brings these documents as evidence to substantiate the allegations, we see no reason why Carey should be deemed unfit to continue,” AFE president Yola Grey declared at a press conference held yesterday at the Medallion Hall hotel in Kingston.

Carey came under fire last week after accusations that his position has been compromised through a previous CNB loan and the revelation of a $15-million payment for him to head the enquiry.

Grey said that the AFE found it hard to believe that having practised law for over 40 years, the retired Carey would now risk his reputation for a mere $15 million.

The AFE members charged that individuals involved in the decisions that led to the 1990s financial collapse and formation of Finsac were intent on covering up the truth, instead of facilitating the enquiry.

They questioned the stance taken by attorneys representing persons who were at the heart of the collapse and sought clarification regarding the payments for legal representation.

Grey also challenged the necessity for former finance minister Dr Omar Davies, former financial secretary Shirley Tyndale, current Finsac general manager Errol Campbell, and the Jamaica Redevelopment Foundation (JRF) to have legal representatives at the enquiry.

“This is not a trial, it is an enquiry; merely a fact-finding mission,” Grey remarked.

“Who is paying for their representation, is it taxpayers’ money, and how much are they being paid?” she asked.

The AFE members called for Michael Hylton — who is representing Davies — and Nicole Foster-Pusey, attorney-at-law for Tyndale, to declare if they are being paid by Government funds and how much.

AFE members emphasised that it was of national importance that the country understood what happened during the 1990s to avoid any repetition.

The entrepreneurs, insisting that small businesses were the lifeblood for employment, also knocked the JRF, a US-based company, for repatriating millions of US dollars from the sale of repossessed local assets, instead of investing in the island.

“What part have they played in building the economy of this country?” Grey asked. “Have they contributed to our education system or our health system, to our agriculture industry or our tourism industry, how much money have JRF exported out of Jamaica?”

According to the entrepreneurs, Finsac — the government vehicle that absorbed dud loans from banks during the financial sector meltdown — sold their assets to the JRF for less than 30 cents on the dollar while refusing to resell the same assets to local businesses for a higher figure.

The AFE also questioned why the debts were sold to the JRF without arrangements for a cap on the interest rate that could be charged.

The entrepreneurs called for Prime Minister Bruce Golding to issue a cease and desist order for JRF to stop the sale of properties, especially against the background of a statement from Finsac general manager Campbell during the enquiry that it had no documents to substantiate the amounts owed by debtors.