Who owns the Jamaica Gov't's companies?
A.C. Countz, Gleaner Columnist
There are a surprising number of individuals - some of whom died many years ago - who are still the registered owner of shares in companies that most of us believe are wholly owned by the Government.
In most cases, these registered shareholders probably own shares because the previous version of the Companies Act required that each company have at least two shareholders, so that although the second share was registered in an individual's name, that person supposedly held it in trust for the major shareholder.
But often, the major shareholder forgets to get a trust deed signed by the minority shareholder. This can lead to arguments in the future, particularly if the minority shareholder dies. A number of the people listed below have passed away.
One wonders, however, whether all the agencies of the Government hold signed blank transfer forms to facilitate transfer of these shares when the Government so wishes.
In fact, someone in Government should be rationalising the ownership of these companies as a minimum of two shareholders is no longer required.
Here are some examples of the owners of minority shareholdings in government companies (Do Jamaicans know what all these companies actually do? Are they all necessary?):
Montego Beach (1975) Limited
• Joy Douglas1 share
Montego Shopping Centre Limited
• Montego Freeport4,999 shares.• UDC 1 share
National Hotels & Properties Limited
• Marjorie Campbell 2 share
Ocho Rios Commercial Centre Limited
• Jewell Spencer 2 shares
Runaway Bay Water Company Limited
• Gilbert Brown 1 share• Jeanine Tomlinson 1 share
Rutland Point Beach Resort Limited
• Donald Chung 1 share• UDC 1 share
St Ann Development Company Limited
• Faith Thomas 2 shares
Urban Maintenance (1977) Limited
• Gloria Knight 1 share• Maurice Johnson 1 share
Ackendown Newtown Development Company Limited
• UDC 250 shares• Gorstew Limited 1 share
• National Investment
Bank Jamaica 1 share
Independence Park Limited
• Marjorie Campbell 1 share• UDC 1 share
Bauxite & Alumina Trading Company of Jamaica
• Lastenia Davis 2 shares
Jamaica Bauxite Mining Limited
• Coy Roache 1 share
e-Learning Jamaica Company Limited
• Jean Dixon 1 share• Millicent Hughes 99 shares
Spectrum Management Authority Limited
• Postal Corporation of Jamaica 2 of 3 shares
Postal Corporation of Jamaica
• Lorraine Dias 1 share• Arthur Geddes 1 share
Universal Access Fund Company Limited
• Jean Dixon 1 share• Spectrum Management Authority 1 share
Jamaica Business Development Corporation
• Lorraine Diaz 90 shares• Fay Sylvester 10 shares
Micro Investment Development Agency Limited
• Cleveland Stewart 1 share
Montego Bay Free Zone Company Limited
• Lucien Rattray 1 share
Creative Production & Training Centre Limited
• Cecil Turner 1 share
National Irrigation Commission Limited
• Garnet Brown 1 share• Patricia Gayle 1 share• John Lord 1 share
SCJ Holdings Limited
• Derrick Heaven 1 share• Derick Latibeaudiere 1 share• Livingstone Morrison 1 share
Development Bank of Jamaica
• Joseph Matalon 2 shares
Devon House Development Limited
• Lorraine Diaz 1 share• Fay Sylvester 1 share
Jamaica Vacations Limited
• Paul Phillips 1 share• Hyacinth Richter 1 share
Tourism Product Development Company Limited
• Veta Picart 1 share• Alfred Rattray 1 share
Central Wastewater Treatment Company Limited
• Ashtrom (Jamaica) Limited 16,000 shares
• Along with four government companies.
Rural Water Supply Limited
• Judith Reid 1 share
Aeronautical Telecommunications Limited
• Alston Morrison 2 shares
Housing Agency of Jamaica
• Shirley Playfair 1 share• Xenia Myers 1 share
It would be helpful if the accountant general, Carlene Murdock, in whose name government property normally is registered, explained the above shareholdings?
This column reviews the audited and in-house accounts and reports of companies and entities owned or influenced by Government.
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