Sun | Aug 20, 2017

Paulwell has assets of over $50 million

Published:Friday | June 2, 2017 | 6:00 AM
Phillip Paulwell

Phillip Paulwell, the leader of opposition business in the House of Representatives, has assets worth more than $50 million, almost twice his value when he finished his first year in Parliament 22 years ago.

The information is based on filings the Kingston Eastern and Port Royal MP made to the Integrity Commission. The annual reports for the period 1995- 2016 were made public on May 16 via his Facebook page, fulfilling a promise he made during a House sitting on April 25.

Paulwell becomes the fourth MP to publicly release the confidential documents since last year's general election in which Prime Minister Andrew Holness faced questions from the People's National Party over the financing of his Beverly Hills house.

According to the documents - each page with an Integrity Commission stamp - Paulwell's income for the period January 1, 2016, to December 31, 2016, was $4.7 million. He had $2.4 million in five bank accounts, one of which was a United States account, which had a balance of US$5,315. Some $1.2 million worth of insurance policies were terminated.

His assets up to December 31, 2016, included a 29,000sq ft property in his name valued at $25 million. A date when the property was purchased for $1.8 million was not given. No liabilities were declared, although it was noted that a mortgage with First Heritage had been cleared.

$8m Prado, with concession

Phillip Paulwell, who some commentators believe is using his declarations to lay the foundation for future political ambitions, owns an $8.3 million 2017 Toyota Prado. He told The Gleaner that without the 20 per cent government concession, the vehicle would cost about $13 million.

He sold a 2013 model for about $6.3 million.

 

INTEGRITY FILINGS

 

Following his party's general election defeat, the integrity filings noted that Paulwell revived his Cite Consulting Services as well as partnered with Opposition Senator Sophia Frazer Binns to establish a law firm. The documents said that he got no income from those efforts.

Paulwell entered Parliament as a senator in 1995, and two years later, was elected to the House of Representatives. His first Integrity Commission report for that year showed, among other things, that he owned a $6 million apartment and an insurance policy with a face value of $8 million. He earned an income for that period of $1.4 million.

Paulwell joins Holness, Portia Simpson Miller, and Julian Robinson, who publicly released some of their financials last year.