Sun | Jan 20, 2019

COMMENTARY: Who owns the Jamaica Government’s companies?

Published:Wednesday | January 7, 2015 | 12:00 AMA.C. Countz

There are a surprising number of individuals - some of whom died many years ago - who are still the registered owner of shares in companies that most of us believe are wholly owned by the Government.

In most cases, these registered shareholders probably own shares because the previous version of the Companies Act required that each company have at least two shareholders, so that although the second share was registered in an individual's name, that person supposedly held it in trust for the major shareholder.

But often, the major shareholder forgets to get a trust deed signed by the minority shareholder. This can lead to arguments in the future, particularly if the minority shareholder dies. A number of the people listed below have passed away.

One wonders, however, whether all the agencies of the Government hold signed blank transfer forms to facilitate transfer of these shares when the Government so wishes.

In fact, someone in Government should be rationalising the ownership of these companies as a minimum of two shareholders is no longer required.

Here are some examples of the owners of minority shareholdings in government companies (Do Jamaicans know what all these companies actually do? Are they all necessary?):

Montego Beach (1975) Limited

ï Joy Douglas 1 share

Montego Shopping Centre Limited

ï Montego Freeport 4,999 shares.

ï UDC 1 share

National Hotels & Properties Limited

ï Marjorie Campbell 2 share

Ocho Rios Commercial

Centre Limited

ï Jewell Spencer 2 shares

Runaway Bay Water

Company Limited

ï Gilbert Brown 1 share

ï Jeanine Tomlinson 1 share

Rutland Point Beach

Resort Limited

ï Donald Chung 1 share

ï UDC 1 share

St Ann Development Company Limited

ï Faith Thomas 2 shares

Urban Maintenance (1977) Limited

ï Gloria Knight 1 share

ï Maurice Johnson 1 share

Ackendown Newtown Development Company Limited

ï UDC 250 shares

ï Gorstew Limited 1 share

ï National Investment

Bank Jamaica 1 share

Independence Park Limited

ï Marjorie Campbell 1 share

ï UDC 1 share

Bauxite & Alumina Trading Company of Jamaica

ï Lastenia Davis 2 shares

Jamaica Bauxite Mining Limited

ï Coy Roache 1 share

e-Learning Jamaica Company Limited

ï Jean Dixon 1 share

ï Millicent Hughes 99 shares

Spectrum Management Authority Limited

ï Postal Corporation

of Jamaica 2 of 3 shares

Postal Corporation of Jamaica

ï Lorraine Dias 1 share

ï Arthur Geddes 1 share

Universal Access Fund

Company Limited

ï Jean Dixon 1 share

ï Spectrum Management

Authority 1 share

Jamaica Business Development Corporation

ï Lorraine Diaz 90 shares

ï Fay Sylvester 10 shares

Micro Investment Development Agency Limited

ï Cleveland Stewart 1 share

Montego Bay Free Zone Company Limited

ï Lucien Rattray 1 share

Creative Production & Training Centre Limited

ï Cecil Turner 1 share

National Irrigation Commission Limited

ï Garnet Brown 1 share

ï Patricia Gayle 1 share

ï John Lord 1 share

SCJ Holdings Limited

ï Derrick Heaven 1 share

ï Derick Latibeaudiere 1 share

ï Livingstone Morrison 1 share

Development Bank of Jamaica

ï Joseph Matalon 2 shares

Devon House

Development Limited

ï Lorraine Diaz 1 share

ï Fay Sylvester 1 share

Jamaica Vacations Limited

ï Paul Phillips 1 share

ï Hyacinth Richter 1 share

Tourism Product Development Company Limited

ï Veta Picart 1 share

ï Alfred Rattray 1 share

Central Wastewater Treatment Company Limited

ï Ashtrom (Jamaica)

Limited 16,000 shares

ï Along with four government companies.

Rural Water Supply Limited

ï Judith Reid 1 share

Aeronautical Telecommunications Limited

ï Alston Morrison 2 shares

Housing Agency of Jamaica

ï Shirley Playfair 1 share

ï Xenia Myers 1 share

It would be helpful if the accountant general, Carlene Murdock, in whose name government property normally is registered, explained the above shareholdings?

This column reviews the audited and in-house accounts and reports of companies and entities owned or influenced by Government.

n Add your comments at Gleaner Online or email: