Wed | Dec 1, 2021

Wright vows to break silence on CAP saga

Published:Wednesday | November 24, 2021 | 12:14 AM

Dennis Wright, the former deputy chairman of the board of the Clarendon Alumina Production Limited (CAP) who is at the centre of the controversy involving the final in a series of contracts issued to CCA Capital Partners, has vowed to break his silence in the coming days.

“At this time, I’m studying all the facts. By the end of this week, I will issue a statement through the appropriate authority,” Wright told The Gleaner when contacted on Tuesday.

Wright and several other members of the board are said to have tendered their resignations upon the request of Mining Minister Robert Montague.

Board Chairman Norman Reid last week resigned following his opposition to the extension of one of the contracts to CCA Capital Partners.

The firm was contracted to provide guidance for CAP in sourcing capital and overseeing its transition to a corporation.

On Tuesday, Prime Minister Andrew Holness ordered that the portfolio responsibility for CAP be transferred from the Ministry of Transport and Mining to the Ministry of Finance and the Public Service.

The Government currently holds 45 per cent interest in the Jamalco refinery through CAP, while the Noble Group owns the other 55 per cent.

Holness described Jamalco as a major industrial enterprise that is a leader in Jamaica’s bauxite and alumina sector and makes a substantial contribution to the economy. However, across administrations, the Government has been called upon to provide fiscal resources to CAP because of the unincorporated nature of the joint venture and in response to unfavourable global market conditions.

He said CAP has been a fiscal risk for a long time and is, therefore, of macro-critical importance.