Alliance Finance Limited (AFL) yesterday said, to the best of its knowledge, it is in good standing with all Government of Jamaica financial guidelines and regulations after being charged by the Financial Investigation Division (FID) with breaching Section 22(a) of the Bank of Jamaica Act and Section 10 of the Banking Services Act.
The company, which revealed the development in a news release, said two of its directors — Peter Chin and Robert Chin — are to appear in the St Andrew Parish Court on December 16 this year to answer to the charges on behalf of the company.
The company, which offers short-term loans and insurance premium financing, said the charges were laid after a question and answer session with FID investigators yesterday.
The FID has alleged that AFL committed the breaches when it disbursed loans including insurance premium finance facilities in US dollars.
The company, along with Peter and Robert Chin, has reportedly retained Tom Tavares-Finson, QC, in connection with the case.
The statement from the company quoted Tavares-Finson as saying, “AFL remains committed to resolving this matter amiably via the court and ensuring that justice prevails. The company will therefore limit comment until the relevant processes are engaged.”
“What AFL has been accused of doing really is a matter which is not unusual in terms of what, up until recent years, was considered financial best practice in the sector, both across Jamaica and the region,” Tavares-Finson added.
He said when concerns about a few transactions were raised a few years ago, following an internal review process, AFL immediately alerted the Bank of Jamaica and took steps to ensure the company remained in good standing with all relevant Government of Jamaica rules and regulations.
The company said in its statement that it operates independently of any other entity with which the directors are associated.