BOJ governor fired over unusual contract

Prime Minister Bruce Golding this afternoon confirmed that Derick Latibeaudiere was fired from his post as Bank of Jamaica governor based on the exorbitant provisions in his contract.



According to Mr. Golding, Mr. Latibeudiere was being paid $38 million a year – more than the chairman of the US Federal Reserve.



Mr. Golding told the House that the finance ministry did not initially say Mr. Latibeudiere was fired as not all the information regarding his contract was available at the time.



He described the contract as highly unusual and strange.



Mr. Golding also blamed the finance ministry under the previous PNP administration for the governor’s contract, which he said was never brought to the attention of the Cabinet.



But it was in relation to the provisions for housing that Mr. Golding said the contract was most absurd.



Based on the contract, provisions were made for a fully furnished and maintained official residence and where one was not provided the bank was responsible to make unlimited rental and maintenance payments:



Meanwhile the prime minister says a new contract will be worked out for the governor who will replace Mr. Latibeudiere and the appropriate policy covering accommodation determined.



He also outlined the former governor’s settlement package.



Meanwhile the prime minister has sought to assure that the departure of the BOJ governor should not affect the current negotiations with the International Monetary Fund (IMF).



Brian Wynter, a former deputy central bank governor and a former head of the Financial Services Commission is to assume the post of governor on December 1.



Senior deputy governor, Audrey Anderson is now acting as governor.



Meanwhile, Former finance minister Dr. Omar Davies sought to justify the contract awarded to the former BOJ governor, Derick Latibeaudiere.



But the prime minister pointed out that the former governor’s contract breached the guidelines of the ministry of finance.