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Business, Finsac Enquiry, News
BY PAUL HENRY Observer staff reporter henryp@jamaicaobserver.com  
October 16, 2010

Booted Finsac chairman resorts to Appeal Court

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 he was a delinquent debtor to the state-run entity Finsac (the Financial Sector Adjustment Company) and should not continue as a member of the commission that was set up to look into the financial sector meltdown of the mid-1990s and the intervention of Finsac.

Carey is contending, among other things, that he did not have an interest in the outcome of the enquiry and is asking the appellate court to overturn the decision of the lower court.

The appeal follows that of RNA Henriques, the attorney who was booted at the same time by the Supreme Court from his post as counsel for the controversy-plagued Finsac Commission.

Both men’s disqualification came as a result of a challenge brought by several high-profile petitioners, including former Finance Minister Omar Davies.

The men were disqualified by the Judicial Review Court on the ground of perceived bias as they were involved with failing financial institutions that were taken over by Finsac following the financial sector meltdown.

The Finsac Commission — which began its hearings last year September before it was suspended earlier this year, pending the outcome of the challenge in the Supreme Court — was tasked with looking into Finsac’s intervention and how it treated debtors.

Davies and the other claimants — ex-financial secretary Shirley Tyndall, former Finsac chairman Patrick Hylton and the Jamaica Redevelopment Foundation Inc — who had challenged Carey’s chairmanship as well as Henriques’ post, have said that the men were among the group of disgruntled persons whose treatment by Finsac the commission is probing.

On September 2, justices Lennox Campbell, Paulette Williams and Leighton Pusey sided with the petitioners, disqualifying Carey and Henriques. The court at the same time ordered the continuation of the enquiry, but recommending that Boyd be replaced.

But given the fact that appeals have been filed there is now no certain date for when the commission will resume sittings.

However, it is not only Carey and Henriques who have filed appeals. The claimants too have this week petitioned the appellate court, contending that the Supreme Court should not have ruled that the Finsac enquiry be allowed to continue with the other two members — Charles Ross and Warrick Bogle — as commissioners.

The claimants had asked the Supreme Court to scrap the enquiry altogether.

Ross and Bogle have also filed appeals challenging the court decision to award costs against them.

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