Mon | Sep 25, 2017

Holness wants full review of NHT

Published:Monday | April 27, 2015 | 4:24 PM
The National Hosuing Trust headquarters in New Kingston

The Opposition Leader, Andrew Holness, wants a comprehensive review of the National Housing Trust (NHT) in light of the findings contained in a recent performance audit carried out by the Auditor General's Department.

That audit found that the Trust had flouted government rules and failed to yield returns on $2 billion investments in three projects over 10 years.

The department said the NHT failed to realise any return on investments in the Jamaica Lifestyle Village, Central Wastewater Treatment Company Limited and Harmonisation Limited.

According to the report, these investments were done without contemplating the cash flow impact and the expected rate of return on the investments.

Holness is asserting that this display of "poor judgment, systemic weaknesses, and ineffective stewardship at the NHT" cannot be allowed to continue.

He further says the failure to secure returns on $2 billion in investments is contemptuous of contributors, many of whom are yet to access a benefit.

The Opposition Leader says the problems at the NHT cannot be left for the trust to resolve  and nothing short of a complete reform of the institution with safeguards against political interference, is required to turn around its fortunes.

He also says the Government must immediately start the process of reform to protect the interests of contributors.