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Former insurance execs shun Finsac enquiry
BY PATRICK FOSTER Observer writer fosterp@jamaicaobserver.com
Saturday, November 14, 2009
CHAIRMAN of the Financial Sector Adjustment Company (Finsac) Commission of Enquiry, Justice Boyd Carey, is lamenting the reluctance of executives from insurance companies that failed during the 1990s financial collapse to attend the hearings.
Carey told the Observer in an interview after Wednesday's sitting that efforts to get members of the industry, including executives from then sector leader Life of Jamaica, to speak at the sittings have so far been totally unsuccessful.
The retired high court judge argued that it was now even more important that former insurance executives attend the enquiry given allegations of impropriety made against the industry by Bank of Jamaica (BoJ) representatives.
"We have heard witnesses from the BoJ who have made certain statements reflecting adversely on the management of some insurance companies and we would hope that the management of those organisations would come forward and respond," Carey remarked.
"So far we have not heard [and] we are not in possession of any information from them," he added.
Carey said that former insurance sector executives have either ignored the Commission's request or refused to comply with the procedures for questioning.
"They just want to turn up and answer questions without preparation," he commented.
BoJ representative, Senior Deputy Governor Audrey Anderson, at Tuesday's sitting of the enquiry suggested that there were irregularities in the operations of the insurance sector that contributed to the financial crash.
In the meantime, Wednesday's hearing ended prematurely after Prime Minister Bruce Golding summoned BoJ representatives to Jamaica House for an emergency meeting.
The Finsac enquiry reconvened Tuesday after being postponed from September, because then BoJ governor Derick Lattibeudiere was conducting IMF negotiations overseas.
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However, Lattibeudiere - who was axed from the BoJ top spot two weeks ago - although scheduled to speak has been absent on both days this week, leaving Anderson to face questions from the commission.
Hearings are scheduled for today with the BoJ again in the firing line.
The enquiry is expected to continue until December 9 with former minister of finance, Dr Omar Davies, scheduled to answer questions next week.
Retired financial secretary, Shirley Tyndall; former superintendent of Insurance, Errol McLean and former Finsac managing director, Patrick Hylton are scheduled to speak at subsequent sittings.
In October 2008, Cabinet approved the appointment of a three-man commission to launch an enquiry into reasons underpinning the fallout of the financial institutions in the 1990s, and the subsequent creation of Finsac. Apart from Carey, the other members on the commission are accountant Dale Blair, and investment manager Charles Ross.
http://www.jamaicaobserver.com/news/...AC_ENQUIRY.asp
BY PATRICK FOSTER Observer writer fosterp@jamaicaobserver.com
Saturday, November 14, 2009
CHAIRMAN of the Financial Sector Adjustment Company (Finsac) Commission of Enquiry, Justice Boyd Carey, is lamenting the reluctance of executives from insurance companies that failed during the 1990s financial collapse to attend the hearings.
Carey told the Observer in an interview after Wednesday's sitting that efforts to get members of the industry, including executives from then sector leader Life of Jamaica, to speak at the sittings have so far been totally unsuccessful.
The retired high court judge argued that it was now even more important that former insurance executives attend the enquiry given allegations of impropriety made against the industry by Bank of Jamaica (BoJ) representatives.
"We have heard witnesses from the BoJ who have made certain statements reflecting adversely on the management of some insurance companies and we would hope that the management of those organisations would come forward and respond," Carey remarked.
"So far we have not heard [and] we are not in possession of any information from them," he added.
Carey said that former insurance sector executives have either ignored the Commission's request or refused to comply with the procedures for questioning.
"They just want to turn up and answer questions without preparation," he commented.
BoJ representative, Senior Deputy Governor Audrey Anderson, at Tuesday's sitting of the enquiry suggested that there were irregularities in the operations of the insurance sector that contributed to the financial crash.
In the meantime, Wednesday's hearing ended prematurely after Prime Minister Bruce Golding summoned BoJ representatives to Jamaica House for an emergency meeting.
The Finsac enquiry reconvened Tuesday after being postponed from September, because then BoJ governor Derick Lattibeudiere was conducting IMF negotiations overseas.
.
However, Lattibeudiere - who was axed from the BoJ top spot two weeks ago - although scheduled to speak has been absent on both days this week, leaving Anderson to face questions from the commission.
Hearings are scheduled for today with the BoJ again in the firing line.
The enquiry is expected to continue until December 9 with former minister of finance, Dr Omar Davies, scheduled to answer questions next week.
Retired financial secretary, Shirley Tyndall; former superintendent of Insurance, Errol McLean and former Finsac managing director, Patrick Hylton are scheduled to speak at subsequent sittings.
In October 2008, Cabinet approved the appointment of a three-man commission to launch an enquiry into reasons underpinning the fallout of the financial institutions in the 1990s, and the subsequent creation of Finsac. Apart from Carey, the other members on the commission are accountant Dale Blair, and investment manager Charles Ross.
http://www.jamaicaobserver.com/news/...AC_ENQUIRY.asp
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