Left to right:Hamilton and DaviesGarwin Davis, Staff Reporter
WESTERN BUREAU:
Former Chairman of Caymanas Track Limited (CTL), Howard Hamilton, violated his appointment as head of the horseracing company by not fully disposing of his shares in a bookmaking organisation, The Sunday Gleaner has learned.
Mr. Hamilton, who served as CTL chairman for six months, assured Minister of Finance, Dr. Omar Davies, whose Ministry has portfolio responsibility for Caymanas Park, that he had "simultaneously resigned as a director of Markham Betting Company and has taken steps to dispose of shares in that company."
The Minister, in appointing a new CTL board in June this year, had named Mr. Hamilton as the chairman. The Jamaica Racehorse Trainers' Association (JRTA) and several other racing interests pointed out to Dr. Davies that Mr. Hamilton, contrary to the laws that governed CTL, was a major shareholder in a bookmaking company.
The Minister, on June 7, then issued a press release. "Mr. Hamilton was formerly a director and major shareholder of Markham Betting Company Limited. Under the rules and regulations governing the operations of CTL, no director or owner of 5 per cent or more of issued shares in a bookmaking company can be a director of CTL."
But six months later, while chairman, it would appear that Mr. Hamilton had not given up his shares in Markham Betting Company.
A letter that was sent to the former board members of CTL by Dr. Davies three weeks ago, asking for their resignations underscored the point. "Mr. Hamilton has indicated because of the cost involved in his disposing of his shares in Markham Betting Company, which I had laid as a pre-condition for his being a Director and Chairman of CTL, he feels he has no option but to tender his resignation. Given the above background, I believe that it is best if I use this opportunity to reconstitute the board of CTL. Therefore, I request that you assist me in this process by tendering your resignation as a board member with effect from November 30, 2001."
However, in an interview with The Sunday Gleaner last Tuesday, Mr. Hamilton said he had tried to dispose of his shares in the company but found out later through his attorney that it would cost him $183,000 in transfer fees. When asked whether he had deceived the Minister or his statement could be contradicted, Mr. Hamilton said, "No, I did not deceive the Minister and if anybody should say otherwise, that person would be lying."
Meanwhile, checks with the Registrar of Companies showed that Mr. Hamilton had indeed resigned as director of Markham Betting. However, according to the registrar, he acquired more shares in October. For its part, the Stamp Duty and Transfer Tax Department stressed that someone wanting to dispose of shares in a company could know within one hour the cost to transfer the shares. The company also revealed that all costs would have to be collected before any form of transfer, including the handing over of documents.
However, an attendant at the Stamp Duty office said it needs not take as long as six month for someone to know whether his or her shares in a company have been transferred.
