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JAMPRO calls press conference to address ponzi scheme allegations

Published:Thursday | April 7, 2016 | 4:40 AM

The Jamaica Promotions Corporation (JAMPRO) has called an emergency press conference to address media reports which allege it is involved in a ponzi scheme.

JAMPRO is a government agency which facilitates foreign direct investments (FDI) for available private sector projects in need of investment capital.

A report published on Tuesday by Caribbean News Now says JAMPRO supported business owned by a man charged by US authorities for operating a ponzi scheme.

However, in a release, JAMPRO said the allegations are totally unfounded. 

JAMPRO says the allegations are detrimental to Jamaica’s good reputation in attracting foreign direct investments and says the press conference has been called to refute the reports.

JAMPRO president Diane Edwards and Vice-President of Investment Promotion Claude Duncan are expected to address the media at the press conference which is scheduled to begin at noon at the corporation's Trafalgar Road Head Office.