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FINSAC ruling a setback - investors

Published:Saturday | February 13, 2010 | 12:00 AM

The Association of Finsac'd Entrepreneurs has described the decision of the Supreme Court to suspend the Financial Sector Adjustment Company (FINSAC) commission of enquiry as a setback.

David Wong-Ken, attorney-at-law for the organisation, which lobbied the Government for the enquiry, said yesterday's ruling would allow persons to challenge the eligibility of Justice Boyd Carey to chair the commission.

He, however, expressed confidence that "the court will find that Justice Carey is a suitable person to lead the commission".

Lawyers representing former Finance Minister Dr Omar Davies, Shirley Tindale, Patrick Hylton and the Jamaican Redevelopment Foundation, in court documents questioned whether Justice Carey should chair the commission.

Bad debts

The claimants alleged that Carey had had a bad debt with FINSAC and was a member of a family business, Bev Carey and Associates, which also had a debt with FINSAC.

Yesterday, Wong-Ken said that if the court finds that Justice Carey is not fit to lead the enquiry, it would mean that the commission would have to be dismantled and a new committee would have to be selected.

"Essentially, we would have to start over again. It would be quite a setback. However, the commission has unearthed a lot of valuable information and evidence, and that evidence still stands," Wong-Ken said.

Meanwhile, Dr Christopher Malcolm, lawyer for former investors Paul and Jennifer Hurlock, said the timing of the ruling was good.

"The worst thing that could have happened is for the commission to go to the bitter end and to find out that it had to be stopped, so I think it (ruling) is good timing," Malcolm said.