KINGSTON, Jamaica – People’s National Party (PNP) spokesman on finance, Julian Robinson, has rapped the Andrew Holness-led Government for failing to take action against the board of the Airports Authority of Jamaica (AAJ) over its controversial investment in First Rock Capital Holdings.

The AAJ allegedly invested $443 million in First Rock Capital Holdings without the approval of the Ministry of Finance led by Dr Nigel Clarke.

Responding to questions on the issue in Parliament in July, Finance Minister Dr Nigel Clarke admitted that the initial investment violated the Public Bodies and Accountability Act (PBAA) because the AAJ needed approval from his ministry before making the investment.

 According to Clarke, “prior approval was neither sought nor received”, and this would have been contrary to regulations.

The finance minister also hinted that the purchase was untidy.

“It is also a matter of judgement as to whether it was prudent for a single-equity investment to absorb as much of the space allocated to equities in AAJ’s investment policy as it did, especially if that investment is an IPO [initial public offering] of a company that was in operation for only two years at the time,” said Clarke at the time. 

Speaking at a PNP press conference today, Robinson said that in addition to Clarke confirming that the AAJ board beached the PBAA, it breached, “its own internal investment guidelines”.

“There have been other media reports that there was a deliberate attempt to hide information from the ministry reps [representatives] who sit on the board, and to date, we are in October – three months after the minister of finance confirmed in Parliament [the breaches] and there has been no action by the Government,” suggested Robinson. 

 “The board members who breached the government’s guidelines and their own investment policy remain board members of the Airport Authority of Jamaica,” he claimed.

 Robinson also blasted Minister of Transport and Works, Robert Montague, whose portfolio the AAJ falls under, arguing that, to date, he has “said absolutely nothing on the matter”.

 Added the Opposition spokesman: “He [Montague] came to Parliament two weeks ago, did three statements on other areas of the portfolio, but has said nothing.

 “Now, I must ask myself: Is the Government protecting the members of the board because of who they are, or is the government afraid to act in relation to a board that, by its own confirmation, has acted against its own laws and regulations?” Robinson quizzed. 

The senior PNP politician chastised the Holness administration for not being accountable in relation to the AAJ matter.

 “… The Government has done nothing. When yuh ask the Minister of Education [Youth and Information], she say yuh haffi ask the Minister of Transport. The Minister of Finance say him can’t answer; yuh haffi ask the Minister of Transport. All a dem sit down in the same Cabinet and yuh can’t get give an answer,” said an irate Robinson.