Trafigura 'Chequegate', a blow to the banking sector

[Karl]

<TABLE cellSpacing=0 cellPadding=1 width="100%" border=0><TBODY><TR><TD><SPAN class=TopStory>Trafigura 'Chequegate', a blow to the banking sector</SPAN>
<SPAN class=Subheadline></SPAN></TD></TR><TR><TD>Christoper Burns
Monday, October 09, 2006
</TD></TR></TBODY></TABLE>
<P class=StoryText align=justify>The current imbroglio and consternation surrounding the J$31-million contribution to the People's National Party from Trafigura Beheer deserves careful analysis and dispassionate debate. That is, if we are serious about the issue of party financing or the creation of appropriate legislative framework to ensure the greatest level of exposure and probity going forward.<TABLE cellSpacing=0 cellPadding=5 width=70 align=left border=0><TBODY><TR><TD></TD></TR><TR><TD><SPAN class=Description>Christoper Burns </SPAN></TD></TR></TBODY></TABLE><P class=StoryText align=justify>History is remarkable, and those who conveniently forget its relevance, when it suits them, do so at their own peril. As I listen to and read some of the responses to the Trafigura saga, I find many of them disturbingly hypocritical, nonsensical, misplaced, and in one instance - occasioned by a senior JLP official - a blatant affront to the Jamaican people.<P class=StoryText align=justify>As untidy as this particular contribution is perceived to be, it is certainly not the first time, and until we pass enforceable campaign reforms, it will certainly not be the last; so we should stop behaving as though nothing of the sort has ever occurred in the history of Jamaica. There is no secret that both major political parties have over the last 30 years accepted and continue to accept, whether intentionally or unintentionally, financial contributions from questionable sources both locally and internationally.<P class=StoryText align=justify>While this is true, it does not make it right, because we cannot on the one hand claim to hold our democracy with guarded sacrosanctity while on the other we turn a blind eye to the corrupting influence of big money on our political system, under the guise of supporting the democratic process. For, make no bones about it, those internally or externally who make generous contributions to political parties are doing more than contributing to the democratic process - they are making an investment on which they expect a return.<P class=StoryText align=justify>In the present dispensation, one party claims to have secured the financial backing of the entire local private sector and to have money like "sand" to spend up until December 2007, while the other party claims it has no money, because it is being starved of financial support by the same private sector.<P class=StoryText align=justify>Even if this is so, we cannot feel comfortable with a foreign entity, moreso one currently doing business with the government, making this kind of hefty contribution to the PNP. And, while the contribution is not illegal and I am sure the principals at Trafigura will be persuasive in explaining the purity of their decision, it presents a serious challenge to those who are concerned about the preservation of our democratic process and the freedom of our political directorate to formulate policies that best suit the Jamaican people first and foremost.<P class=StoryText align=justify>Therefore, I support the comprehensive review, consolidation, fine-tuning and enactment of the proposals on party and campaign financing proffered by Prof Trevor Monroe, Senator Anthony Hylton and Abe Dabdoub. The matter is impatient of debate and implementation, because we should do everything to preserve our system of governance and enfranchisement.<P class=StoryText align=justify>As a first step, caps should be placed on individual and corporate contributions to political parties and should bar, as it does in England, foreign corporations fr

[Jawge]

RE: Trafigura 'Chequegate', a blow to the banking sector

Somebody with sense, just as I was about to

give up on JA. I will speak at length when I return. Going on the streets (may hit yaad soon

[Lazie]

RE: Trafigura 'Chequegate', a blow to the banking sector

Jawge, read below then read up bout the Money Laudering Act.

<SPAN class=news_summary>Financial Analyst John Jackson has dismissed suggestions for the Banking Act to be amended to provide protection to employees of financial institutions who go public with issues relating to corruption. </SPAN>

<SPAN class=news_body>Mr. Jackson believes it would be unwise for the authorities to pursue this recommendation as it could leave the financial sector exposed to improper practices.

“What you’re likely to get are people keeping funds and doing their banking operations offshore, because you never know to whom somebody may actually leak information under the assumed situation that they thought it was suspicious,” he said.

The recommendation for changes to the Banking Act was presented in the wake of the controversy surrounding the $31 million donation by the Dutch-based oil trading firm Trafigura to the People's National Party.

Information on the transaction was reportedly leaked by a female employee of First Caribbean International Bank. </SPAN>

[Muadib]

RE: Trafigura 'Chequegate', a blow to the banking sector

Heh, heh.

Dis eediat tink seh Jamaica problem is a banking problem.

OLINT offering 10% per month compounded on yuh money on US deposit.

Jamaica problem is a political one.

Until yuh fix dat yuh building castles on sand.

Go back to the caves Jawge... yuh nuh ready.