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Both major political parties have admitted receiving money from the collapsed David Smith-led Olint Corporation, to finance the 2007 election campaign, which is now under investigation for alleged money laundering.
Treasurer of the ruling Jamaica Labour Party (JLP), Christopher Bovell, denied that Olint donated US$5 million to the party, although admitting that the investment club donated to the JLP’s campaign fund.
“I certainly don’t agree with that figure. We got some money from Olint, but it was nothing near US$5 million, that is ridiculous,” Bovell told the Sunday Herald yesterday.
Bovell said individual candidates did spend substantial sums, but party central spent nothing near US$5 million, which is equivalent to over J$300 million.
The latter amount coincided with sums which were reportedly invested in Olint by political bigwigs aligned to the JLP. Part of the interest, sources said, was used to bankroll the campaign. Financial watchers believe those investors were behind the massive pullout of funds from the investment club last December, when over US$300 million was reportedly withdrawn.
Responding to queries, chairman of the opposition People’s National Party (PNP), Robert Pickersgill, dismissed claims that the party got US$1.3 million.
“To the best of my knowledge, Olint donated US$200,000,” Pickersgill said yesterday.
Reports have been swirling in and outside of political circles that millions were donated to both political parties and candidates by principals of the two collapsed unregistered financial entities, Olint Corporation and Cash Plus Limited. Unconfirmed reports are that Olint donated millions to individual candidates on both sides of the political divide.
It is said that US$80,000 was donated to one candidate in central Jamaica, while another in eastern Jamaica benefited from US$20,000 monthly from an Olint account opened for that purpose.
Yesterday, observers were contemplating the implications if any, between Olint’s donations to political parties and the US probe into alleged money laundering against the investment club. Britain has already initiated a similar probe against members of the Turks & Caicos government who are said to be very close to Olint’s boss, David Smith.
Sunday Herald probe revealed that US$467,000 and J$8 million are held in local Olint accounts. Last week, the club’s accounts in the United States and the Turk & Caicos Islands were frozen.
Meanwhile, members of the local religious fraternity are among many investors contemplating their next move. Groups such as Haven INC and 71 Investments are among church groups with money in the failed club.
Explaining how the groups work, one source said prominent clergymen formed groups who recruited members. The groups mobilised funds, which they invested with Olint at 15 per cent monthly. They would pay out 10 per cent to members of the club and retain five per cent.
Contacted for comment on the involvement of the church with Olint, Reverend Sam Green of Grace Missionary Church declined comment, saying he wouldn’t speak on the telephone.
Treasurer of the ruling Jamaica Labour Party (JLP), Christopher Bovell, denied that Olint donated US$5 million to the party, although admitting that the investment club donated to the JLP’s campaign fund.
“I certainly don’t agree with that figure. We got some money from Olint, but it was nothing near US$5 million, that is ridiculous,” Bovell told the Sunday Herald yesterday.
Bovell said individual candidates did spend substantial sums, but party central spent nothing near US$5 million, which is equivalent to over J$300 million.
The latter amount coincided with sums which were reportedly invested in Olint by political bigwigs aligned to the JLP. Part of the interest, sources said, was used to bankroll the campaign. Financial watchers believe those investors were behind the massive pullout of funds from the investment club last December, when over US$300 million was reportedly withdrawn.
Responding to queries, chairman of the opposition People’s National Party (PNP), Robert Pickersgill, dismissed claims that the party got US$1.3 million.
“To the best of my knowledge, Olint donated US$200,000,” Pickersgill said yesterday.
Reports have been swirling in and outside of political circles that millions were donated to both political parties and candidates by principals of the two collapsed unregistered financial entities, Olint Corporation and Cash Plus Limited. Unconfirmed reports are that Olint donated millions to individual candidates on both sides of the political divide.
It is said that US$80,000 was donated to one candidate in central Jamaica, while another in eastern Jamaica benefited from US$20,000 monthly from an Olint account opened for that purpose.
Yesterday, observers were contemplating the implications if any, between Olint’s donations to political parties and the US probe into alleged money laundering against the investment club. Britain has already initiated a similar probe against members of the Turks & Caicos government who are said to be very close to Olint’s boss, David Smith.
Sunday Herald probe revealed that US$467,000 and J$8 million are held in local Olint accounts. Last week, the club’s accounts in the United States and the Turk & Caicos Islands were frozen.
Meanwhile, members of the local religious fraternity are among many investors contemplating their next move. Groups such as Haven INC and 71 Investments are among church groups with money in the failed club.
Explaining how the groups work, one source said prominent clergymen formed groups who recruited members. The groups mobilised funds, which they invested with Olint at 15 per cent monthly. They would pay out 10 per cent to members of the club and retain five per cent.
Contacted for comment on the involvement of the church with Olint, Reverend Sam Green of Grace Missionary Church declined comment, saying he wouldn’t speak on the telephone.
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