Thu | Jan 24, 2019

FINSAC association blasts gov't

Published:Tuesday | January 20, 2015 | 8:33 AM

The Government is being chided for spending more than $300 million to fund the Tivoli Commission of Enquiry while the report of the Financial Sector Adjustment Company (FINSAC) Commission of Enquiry remains in limbo.

The condemnation is coming from president of the Association of Finsac'd Entrepreneurs, Yola Gray-Baker, who says the situation is shameful.

The FINSAC Commission, which was set up to enquire in the financial meltdown in the 1990’s, ended its sittings in December 2011 but no report has been furnished by the Commissioners Charles Ross and Warrick Bogle.

That is because the Government has refused to grant any further funding to the Commission.

The Commissioners had requested $20 million to complete the report but the Government insisted that it was not prepared to spend any more money on the inquiry.

Finance Minister, Dr Peter Phillips, had revealed that the Government had spent $111 million on the FINSAC Enquiry.

Gray-Baker says the country must be told what caused the economic crash in the 1990’s and hold those responsible accountable.

She insists that many businesses and entrepreneurs suffered and continue to suffer as a result of the economic meltdown and they too deserve answers.

The FINSAC association president says what happened in Tivoli Gardens in May 2010 and the financial meltdown in the 1990s both had devastating effects on the social climate of the country.

Gray-Baker says there is therefore no justification for the Government to put its support behind the Tivoli Commission while leaving the FINSAC Commission to fall by the wayside.

She is appealing to Jamaicans to help add pressure to the Government for it to release funds to complete the FINSAC report.

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