Sat | Aug 19, 2017

FINSAC report to be ready in seven months

Published:Friday | January 20, 2017 | 1:44 PM
Minister of Finance and the Public Service, Audley Shaw

Finance and Public Service Minister Audley Shaw has announced a seven month timeline for the completion of the Financial Sector Adjustment Company (FINSAC) report into the collapse of the financial sector in the 1990s.

Shaw said the Commissioners have been reappointed.

“The report is coming. The writing of the report will commence shortly, and by Cabinet decision, they are given a maximum of seven months to have the completion and publication of the report,” said Shaw in an address at the Mayberry investors forum on Wednesday night in New Kingston.

The Cabinet made the decision on Monday, the Finance Minister said.

“I dared to run a quarry, a hardware store and several other businesses in the ‘90s,” he said.

“I lost businesses and then faced the wrath of the then finance minister but who could run business when you borrow money at 15 per cent, then it went to 70 per cent and 120 per cent penalties in overdraft,” Shaw said.

The FINSAC commission of enquiry began in 2009 to investigate the fallout of  businesses and livelihood of many individuals.

The probe was, however, also shrouded in politics and spiralling costs, which led to its halt in 2012 with the change of political administration.