Finsac date elusive

Published: Friday | August 28, 2009


The Commission of Enquiry into the collapse of the financial institutions in Jamaica in the 1990s says it cannot yet set a date for public hearings, constrained by voluminous submissions that were still incoming and in need of review.

The commission also said it needs time to review submissions; ascertain the allegations being made and to alert the parties of the claims for appropriate response; and determine what persons and institutions would be called to give evidence.

"It is our intention to seek to complete this process as expeditiously as possible to facilitate a timely commencement of hearings," the commission said.

It was convened to examine the circumstances that led to the collapse of several financial institutions in the 1990s, consider what actions could have been taken to avoid it and how well the interventions worked.

The commission, which comprises retired Justice Boyd Carey as chair, Charles Ross, Worrick Bogle, and Fernando DePeralto as secretary. will also examine the operations of bailout agency Finsac and whether it dealt fairly with delinquent borrowers and the disposal of confiscated assets.

When hearings begin, they will be held three days per week at The Jamaica Pegasus hotel in New Kingston.

- JIS