Mon | Jan 30, 2023

... Early end to commission sitting

Published:Wednesday | February 10, 2010 | 12:00 AM

The Financial Sector Adjustment Company (FINSAC) commission of enquiry had an abbreviated sitting yesterday, after one of the witnesses requested additional time because he was not prepared.

The commission had last week subpoened Robert Martin, chairman of FINSAC, to give evidence. However, his attorney, Lackston Robinson, said his client would need prepared questions to guide his answers.

This is not the first time that the commission, which was set up to explore the financial debacle in the 1990s, has faced an early adjournment. The commission had been set back earlier by non-appearances and requests for time by persons scheduled to testify for more time.

Earlier in the hearing, the CEO of the Jamaican branch of the Jamaica Redevelopment Foundation (JRF), Janet Farrow, sat before the commission for about 10 minutes to present documents requested by the commission.

No documents

The documents requested surrounded the sale of assets of Thermo Plastics and Plas Plak by FINSAC subsidiary Refin Trust. Farrow, however, presented documents that did not include any information about Refin Trust and Thermo Plastics and Plas Plak. Farrow said that, despite a full search of the files in the possession of JRF, she did not find any documents.

Farrow said there were practical difficulties in locating some of the documents, as former receiver of the companies, Douglas Chambers, did not hand over some of the documents concerning Refin Trust Limited and the sale of the assets of Thermo Plastics and Plas Plak.

She, however, presented other documents surrounding the sale of assets of Thermo Plastics and Plas Plak.

These companies are among thousand of affected entities. Both companies, which produced plastic products, went under in the 1990s and had their assets seized. These seizures and sales, however, have been the subject of ongoing litigation.