Tweet
Shaw - an embarrassment to the office of MOF
PNP ministers also 'victims' of financial sector collapse, says Shaw
Saturday, April 26, 2008
MINISTER of Finance and the Public Service Audley Shaw yesterday fired back at his predecessor, Dr Omar Davies, pointing out that former People's National Party (PNP) Cabinet ministers were also victims of the mid-1990s financial sector collapse.
At the same time, Shaw denied signing a restructuring agreement with FINSAC, and pointed out that his company settled its debts with the Jamaica Redevelopment Foundation (JRF) and it was released of obligations and liabilities in April 2005, after which it ceased operations.
He said also that the proposed commission of enquiry into the financial sector collapse will be established under the Commission of Enquiries Act and will be appointed by the Governor General. He said that he would have no involvement in the conduct of the enquiry and, therefore, there was no need to recuse himself from the process as no conflict of interest could arise.
"It is churlish and self-serving for Dr Davies to place in his own firing line current cabinet ministers who, directly or indirectly, may have been scorched by the FINSAC inferno. He knows, as well as I do now, that among the list of FINSAC victims are politicians from both political parties, including several former PNP Cabinet ministers," Shaw said in a statement, yesterday.
The minister said that the consequences of the former government's "ruinous policies" in the 1990s were so catastrophic "that Jamaicans of different economic strata and political persuasions were caught in its holocaust".
Shaw, who was responding to Thursday's statement by Dr Davies that four Cabinet ministers, including the finance minister, did not settle their debts with the Financial Sector Adjustment Company (FINSAC), criticised Davies' attempt to drag that matter into the controversy surrounding the collapse and the appointment of a commission of enquiry.
He described Dr Davies' statement as "a feeble attempt to conceal his significant share of the blame for the collapse of the financial sector and the misery it has brought to many hardworking Jamaicans".
Added Shaw: "My company's indebtedness to the Jamaica Redevelopment Foundation was settled and it was released of all obligations and liabilities in April 2005, after which it ceased operation. The Integrity Commission was always made aware of the indebtedness and was subsequently advised of the settlement," Shaw said.
"As minister of finance and the public service, I will have no involvement in the conduct of the enquiry. A complaint of conflict of interest can only arise in relation to any of the commissioners hearing the matter. Therefore, the call by Dr Davies for me to recuse myself from the process is redundant and is obviously motivated by pique.
"I trust that Dr Davies, if so required, will make himself fully available to the Commission of Enquiry and avoid the necessity for him to be subpoenaed," Shaw said.
Saturday, April 26, 2008
MINISTER of Finance and the Public Service Audley Shaw yesterday fired back at his predecessor, Dr Omar Davies, pointing out that former People's National Party (PNP) Cabinet ministers were also victims of the mid-1990s financial sector collapse.
At the same time, Shaw denied signing a restructuring agreement with FINSAC, and pointed out that his company settled its debts with the Jamaica Redevelopment Foundation (JRF) and it was released of obligations and liabilities in April 2005, after which it ceased operations.
He said also that the proposed commission of enquiry into the financial sector collapse will be established under the Commission of Enquiries Act and will be appointed by the Governor General. He said that he would have no involvement in the conduct of the enquiry and, therefore, there was no need to recuse himself from the process as no conflict of interest could arise.
"It is churlish and self-serving for Dr Davies to place in his own firing line current cabinet ministers who, directly or indirectly, may have been scorched by the FINSAC inferno. He knows, as well as I do now, that among the list of FINSAC victims are politicians from both political parties, including several former PNP Cabinet ministers," Shaw said in a statement, yesterday.
The minister said that the consequences of the former government's "ruinous policies" in the 1990s were so catastrophic "that Jamaicans of different economic strata and political persuasions were caught in its holocaust".
Shaw, who was responding to Thursday's statement by Dr Davies that four Cabinet ministers, including the finance minister, did not settle their debts with the Financial Sector Adjustment Company (FINSAC), criticised Davies' attempt to drag that matter into the controversy surrounding the collapse and the appointment of a commission of enquiry.
He described Dr Davies' statement as "a feeble attempt to conceal his significant share of the blame for the collapse of the financial sector and the misery it has brought to many hardworking Jamaicans".
Added Shaw: "My company's indebtedness to the Jamaica Redevelopment Foundation was settled and it was released of all obligations and liabilities in April 2005, after which it ceased operation. The Integrity Commission was always made aware of the indebtedness and was subsequently advised of the settlement," Shaw said.
"As minister of finance and the public service, I will have no involvement in the conduct of the enquiry. A complaint of conflict of interest can only arise in relation to any of the commissioners hearing the matter. Therefore, the call by Dr Davies for me to recuse myself from the process is redundant and is obviously motivated by pique.
"I trust that Dr Davies, if so required, will make himself fully available to the Commission of Enquiry and avoid the necessity for him to be subpoenaed," Shaw said.
Comment