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Orane clears the air

Published:Friday | February 5, 2010 | 12:00 AM

GraceKennedy Limited CEO Douglas Orane is refuting media reports that suggest he is among a group of investors who benefited from a debt-forgiveness programme carried out by the Financial Sector Adjustment Company (FINSAC).

Documents distributed during yesterday's meeting of the FINSAC commission of enquiry stated that the owner of an account named 'Douglas Orane' had $112 million of a $116-million debt written off.

However, Orane yesterday declared that he was not the owner of the account.

Never borrowed

"There have been reports in the news media today that a Douglas Orane owed debts to FINSAC which were not repaid and were written off," Orane said in a statement. "I would like to state that I have never borrowed any money which I have not repaid in full."

Orane noted that his mother and father started a business under the name Douglas C. Orane Ltd which was named after his father who is now deceased.

"His name was Douglas Clair Orane," the GraceKennedy boss said. "That company manu-factured doors, windows and parquet flooring for many years until it was sold in 1983 as a going concern ... . (The new owners) continued to operate this company as a going concern under the same name - Douglas C. Orane Ltd."

Orane said neither his mother, his father nor he had had control of the company since 1983 - more than 26 years ago.