Sun | Dec 11, 2016

Private sector groups very concerned about Outameni acquisition

Published:Wednesday | November 19, 2014 | 4:29 PM

Jamaica's powerful private sector groups are now demanding that the Prime Minister immediately have the Office of the Contractor General probe the National Housing Trust’s purchase of the Outameni property.



In a statement this morning, the Jamaica Chamber of Commerce, Jamaica Manufacturers’ Association, and the Private Sector Organisation of Jamaica say new revelations have heightened their concerns.



The groups’ joint statement points to two major developments since an initial statement on the matter on November 6.



They point to revelations that the Government had in 2005 invested in Outameni through the National Investment Bank of Jamaica and the Development Bank of Jamaica and later wrote off a $76 million investment last year.



They also say the issue has been clouded by a valuation which detailed the value of the property and buildings bought by the NHT.



The JCC, JMA, and the PSOJ have previously declared that they have no confidence that the NHT can make such an attraction venture profitable.



The groups say they are now questioning even more forcefully, the judgment and business logic of the NHT in making such an investment.



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