Wed | May 24, 2017

Hill 'not A financial expert', says Senator Falconer

Published:Monday | June 1, 2015 | 6:50 AM

A senior member of the Portia Simpson Miller-led Cabinet has criticised banker, Aubyn Hill, saying he's not the financial expert he claims to be.

Minister with responsibility for Information, Senator Sandrea Falconer, made the comment yesterday on the social media site, Facebook, in reaction a Sunday Gleaner report about a court order for Hill's NationGrowth Microfinance Limited to repay millions of dollars in loans to the Development Bank of Jamaica (DBJ).

Last week, the Supreme Court ordered Hill's company to pay $46 million to the DBJ for its failure to make payments on a 2009 loan.

In a clear reference to the ruling, Senator Falconer said she was not surprised.

According to her, NationGrowth has been poorly managed under the leadership of Aubyn Hill.

She also said investors in Hill's company since 2007 have had zero return on their investments.

Aloun Assamba, who was recently re-appointed as Jamaica's High Commissioner to London, responded to Falconer's post saying she hopes investors in Hill's NationGrowth Microfinance Limited "will get at least some of their money back".

Contacted by The Gleaner/Power 106 News Centre, Hill said NationGrowth started just as the 2008 global recession began resulting in a hostile economic environment.

 

Banker Aubyn Hill

Falconer told our news centre that she was speaking in her capacity as an investor who lost millions of dollars.

Meanwhile, the banker and chairman of the Jamaica Labour Party's economic advisory council is rejecting Falconer’s claims that he is just a talker and not a financial expert. 

 

Banker Aubyn Hill

According to Supreme Court judge, Brian Sykes, Hill's company should pay because its defence to the lawsuit filed by the DBJ to recover the money has no real prospect of success.

In court documents, Hill had stated that based on the terms of the 2009 agreement, any money owed to DBJ should be paid by the final borrowers and not his company.

*Previously, this story had said it was Aubyn Hill who was to pay $46 million to the DBJ. That was in correct. It was in fact Hill's company NationGrowth.