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More Business In Brief

Published:Friday | October 10, 2014 | 12:00 AM

OCID, BGLC to tackle illegal gambling

The Betting Gaming & Lotteries Commission (BGLC) and the Organised Crime Investigation Division (OCID) signed an agreement on Tuesday, October 7, to jointly tackle illegal gambling and related criminal activities.

OCID will provide the BGLC with investigative, surveillance, technical and specialist support to build cases and prosecute breaches of the gaming law.

The BGLC said in a release on the partnership with law enforcement that an estimated $10 billion gaming revenue is lost annually due to illegal gambling and other activity "with probable links to the illegal weapons trade and money laundering".

The memorandum of understanding was signed by BGLC Chairman Gary Peart and Senior Superintendent of Police, Clifford Chambers.

Chambers said OCID would give the gaming regulator its "fullest investigative, covert, intelligence and operational support".

Eight proposals for venture fund

The Development Bank of Jamaica (DBJ) said this week that eight proposals have pre-qualified under its call for proposals to set up and manage venture capital funds as backing for aspiring businesses.

DBJ Chairman Joseph M. Matalon said the interest shown was beyond expectations.

The DBJ's Jamaica Venture Capital Programme, guided by its support panel of investors, will next assess the proposals, which the bank said came from both local and foreign interests.

The next stage of the selection process involves members of the Investor Panel undertaking due diligence and negotiations with the pre-qualified fund managers over the next few months. The decisions regarding investments will come after that, said DBJ.

The bank's call for proposals, which closed on September 19, sought fund managers with the capacity to raise sizable capital for a venture fund. The DBJ will participate in each venture fund created, with plans to invest up to 25 per cent of the fundraising target.

Members of the Investor Panel comprising Jamaican institutional and corporate investors - ATL Pension Fund; Capital Options, GK Capital Management Limited; ICD Group Limited; JMMB Group; Jamaica Producers; JN Fund Managers; Musson Group; NCB Capital Markets; Pan-Jamaican Investment Trust and Sagicor Group - are also expected to provide backing.