Financial analyst Dennis Chung says there is nothing unusual or irregular about Prime Minister Andrew Holness being connected to 28 bank accounts.

Holness’ association with the accounts – including loan, mandatory savings and investment related accounts – was among the findings of the Integrity Commission’s (IC) investigative report on the financial affairs of the prime minister.

There has been speculation on social media about whether the accounts associated with Holness are unusual. And, at a press conference last week, senior members of the Opposition People’s National Party (PNP) questioned why the prime minister would need to have 28 bank accounts.

But Chung, a chartered accountant with a solid track record in finance, says it’s not extraordinary that 28 accounts are associated with the prime minister who has had multiple businesses during his almost 30 years in public life.

“I don’t think it’s irregular to have 28 bank accounts. In fact, I can tell you my experience is that if you go into several private sector businesses or speak to several businessmen, you’ll find that they have a multitude of bank accounts, some of them inactive, some of them they’re using.

“People own bank accounts for specific legitimate purposes. If you’re doing multiple activities, then obviously one of the ways I find that people, especially non-accountants, try to reconcile their business is by having payments through different cash bank accounts,” Chung said in an interview on Monday.

He said he is bemused at commentary on social media concerning the bank accounts connected to Holness.

“I don’t think that the number of bank accounts is something that we really should focus on because the argument really has no substance. In fact, there are some times, also, when you go and do specific transactions with certain institutions, and they themselves will mandate that you open separate accounts,” Chung said.

Chung says the requirements for clients to open several accounts in order to make particular investments is not limited to Jamaica but is a frequent practice across the world.

“So therefore, it isn’t unusual. Sometimes it’s not because of your own choosing why you want a new account, but they will say, listen, in order for you to do this product right, or for you to do this investment or conduct this transaction, they want another account, or two accounts attached to it,” Chung commented.

Chung said, in his view, the Integrity Commission’s commentary about bank accounts which is contained during its report which was tabled in the House of Representatives concerning the prime minister’s financial affairs is a distraction and appears pointless.

The Integrity Commission has recommended that both the Financial Investigation Division (FID) and Tax Administration Jamaica (TAJ) examine aspects of the financial affairs of Holness.

The matters that have been referred to the FID and TAJ involve over $150 million worth of transactions, with various companies, including Barita Investments and includes a US$94,000 bond. One of his sons is affiliated with one of the companies that have been mentioned.

The PNP has called for Holness to resign, arguing that the prime minister being embroiled in an investigation for alleged illicit enrichment is a serious blot on the image of the country both locally and internationally.

But the JLP has bit back noting that the IC found no evidence for it to conclude that the prime minister illicitly enriched himself.

The governing party in rejecting calls for Holness’ resignation also noted that the IC’s director of corruption prosecution decided that the prime minister should not be prosecuted for not declaring his parents’ bank accounts and in her ruling commented that his explanation is supported by credible evidence.