THE unending saga of former Education Minister Ruel Reid and Caribbean Maritime University (CMU) President Professor Fritz Pinnock took the top votes among Jamaica Observer journalists as the story that dominated the news cycle in 2019, making it the year’s Newsmaker.

Both men are now before the courts on charges of breaches of the Corruption Prevention Act, conspiracy to defraud, misconduct in a public office at common law and breaches of the Proceeds of Crime Act.

Last week, an attempt by their lawyers for leave to apply for judicial review of the charges was rejected by Chief Justice Brian Sykes.

The lawyers had argued that the Financial Investigations Division (FID), which arrested and charged both men on October 9, did not have the power to arrest and charge anyone, given that it is an investigative body.

However, Justice Sykes ruled that while the court is of the view that the Financial Investigations Division Act (FIDA) does not authorise the FID to arrest and charge anyone or authorise it to initiate charges and initiate an arrest, the FID, while investigating a matter, can use certain powers under FIDA.

Reid’s fall from grace started last March when he was fired from the Cabinet by Prime Minister Andrew Holness at the height of allegations that he became embroiled in activities that could bring his office as minister into disrepute.

During investigations into activities at the State-run CMU, which fell under Reid’s portfolio, Pinnock was also implicated.

Both men have denied the allegations against them and their case is set to be heard in court this month.

Jamaica Stock Exchange shines

‘Welcome to Jamaica, home of the world’s best-performing stock market’ read the headline of Bloomberg Businessweek‘s story in January 2019.

“The Jamaican stock exchange is so obscure, even emerging-markets funds don’t go there. And it’s booming,” added the story, which went on to state: “In 2018 the nation’s main index rose 29 per cent in US dollar terms, the most among 94 national benchmarks tracked by Bloomberg. Its outperformance over the past five years is even more striking. Jamaican stocks have surged almost 300 per cent, more than quadrupling the next-best-performing national benchmark and septupling the S&P 500’s advance.”

The JSE’s strong performance resulted in the Jamaican flag being flown on the New York Stock Exchange (NYSE) building in November, the second time in four years that the JSE was recognised as the number one performing stock exchange globally. The first time was in 2015.

“This is a great achievement for our small island,” Prime Minister Andrew Holness posted on social media in response to the NYSE tribute.

PAAC worked

Parliament’s Public Administration and Appropriations Committee (PAAC) came in for commendations by Observer journalists who noted that a lot of what it uncovered, including the Ruel Reid and Fritz Pinnock saga, led to investigations of alleged misconduct at State entities.

In addition to the Caribbean Maritime University revelations, the PAAC brought to public attention activities at State oil refinery Petrojam which led to the resignation of former Board Chairman Perceval Badahoo-Singh and the controversial separation of Human Resource Manager Yolande Ramharrack.

PNP rocked by Bunting’s challenge

In June, People’s National Party (PNP) Member of Parliament Peter Bunting announced his challenge to Dr Peter Phillips for the presidency of the Opposition party.

Bunting’s challenge reopened old wounds that haemorrhaged even more as the campaign between both sides grew nasty and personal.

Arguing that Dr Phillips could not lead the PNP to victory in the next general election, Bunting, who dubbed his campaign ‘Rise United’, drew large crowds at his meetings held across the country.

At the same time, Dr Phillips and his ‘One PNP’ team campaigned earnestly and after just over two months on the hustings, the PNP president was returned by 76 votes at the party’s 81st annual conference on September 7, handing Bunting a birthday beating that left his supporters fuming.