Dear Editor,

I took note of recent developments in which Alliance Investment Management Limited (AIML) was freed of all 17 charges which had alleged that the entity breached the Proceeds of Crime Act (POCA).

Defence attorneys have stated that the presiding judge upheld their no-case submission after they provided evidence that AIML had, in fact, reported to the Financial Investigations Division (FID) the transactions in question, as is required by law, and it emerged that FID’s system of storing such information was not found to be reliable. I have not seen this credibly refuted by the FID despite the entity issuing a long-winded statement on the matter.

I am aware that a separate entity, which is also an AIML-affiliated entity, Alliance Finance Limited (AFL), pleaded guilty to regulatory breaches of the Bank of Jamaica Act. That guilty plea related to conducting transactions in a currency not recommended for such transactions. Those of us in the financial sector know that regulatory breaches are common practice, even among many established institutions which were granted a waiver subsequent to the public shaming and destruction of AIML.

However, it was the POCA criminal charges laid on AIML and the resulting swift sanctions by the Richard Byles-led Bank of Jamaica and the Financial Services Commission (FSC) which resulted in the business being rapidly incapacitated and its owners being forced to sell in order to salvage some gain from their life’s work. The public record reflects that the buyers of AIML’s securities portfolio turned out to be Sagicor Jamaica Limited.

It has since emerged that the damaging POCA charges were not supported by evidence. I am deeply concerned about the above sequence of events. Finance Minister Dr Nigel Clarke, who is no novice to the inner workings of the financial sector in Jamaica, should also be curious about what really transpired which led to the sale of AIML’s portfolio after the entity was hit with what has now emerged to be baseless POCA charges and subsequent sanctions by regulators. It would appear to me that AIML’s founders and former owners, Robert and Peter Chin were wronged, and badly so.

I am of the view that some clarification is required from the Bank of Jamaica and the FSC. Were they misled by the FID in relation to the collapsed POCA case against AIML or is there more to this debacle? The FID’s statement addressing the matter appears to be a good example of deflection.

All financial institutions in Jamaica should take note and, as the saying goes, they should “tek sleep and mark death”.

The bizarre and ostensibly unjust treatment of AIML and its founders require accountability. Heads at the BOJ, FSC, and FID must roll.

Brian Nunes

briannunes712@yahoo.com