'FINSAC enquiry will go on'

[Karl]

'FINSAC enquiry will go on'

Published: Monday | February 22, 2010


Audley Shaw (right), JLP deputy leader, greets Derrick Smith, a former deputy leader, at the Papine meeting. - Rudolph Brown/Photographer

Arthur Hall, Senior Staff Reporter

Finance Minister Audley Shaw has vowed that the Financial Sector Adjustment Company (FINSAC) commission of enquiry will be completed despite what he says are attempts to derail the process.

Taking dead aim at former Finance Minister Dr Omar Davies, Shaw yesterday claimed that there were persons who wanted to see an end to the probe into the financial-sector meltdown of the 1990s and the subsequent creation of FINSAC by the then People's National Party (PNP) administration.


"Omar Davies and a clique don't want the commission of enquiry to take place because there are lots of questions that have to be answered," Shaw, a deputy leader of the Jamaica Labour Party, told delegates at its Area Council One meeting in Papine, St Andrew, yesterday.


"But what I want to tell the country today is that we are not going to allow Omar Davies, the PNP or a band of people who have colluded to try to suppress the truth. This Government is going to ensure that whether it's today, tomorrow, next week or next year, there will be the completed commission of enquiry," Shaw said to loud applause.


"We are not going to rest until we are told the truth, the whole truth and nothing but the truth," added Shaw.


Court battle

Lawyers representing Davies, former Secretary Shirley Tyndall, former FINSAC Patrick Hylton, and the Jamaican Redevelopment Foundation, which assumed the FINSAC bad debts, have gone to court seeking to oust the chairman of the commission, Justice Boyd Carey.


However, the claimants have made it clear that their grouse is with the present commissioners, and that they do not oppose an enquiry per se .
Just over one week ago, the Supreme Court granted an injunction stopping the enquiry until a determination is made by the Judicial Review Court.
Meanwhile, Shaw said he was the director of a company, Shaw's Hardware and Trading, which fell victim to the and was - as detractors of the Government vehicle term it - Finsac'd.


He also denied claims that he received a debt write-off from FINSAC.
Shaw said: "I called FINSAC the other day and I told them is not (businessman) Douglas Orane alone them must apologise to. Them must apologise to me because I never ask them for no write-off."


arthur.hall@gleanerjm.com



http://www.jamaica-gleaner.com/glean...ead/lead2.html

[Karl]

Shaw vows Finsac enquiry will be completed

Shaw vows Finsac enquiry will be completed


Monday, February 22, 2010


FINANCE Minister Audley Shaw vowed yesterday that the Commission of Enquiry into the 1990s financial sector meltdown will be completed despite the setback by a court injunction.



Speaking at the Area Council One meeting of the Jamaica Labour Party in Papine, St Andrew, Shaw said while he was mindful of the injunction stopping the enquiry which was granted by the Supreme Court on February 12, once the matter was out of the courts it would be revived.

Mayor of Kingston Desmond McKenzie (left) greets Finance Minister Audley Shaw, who was the guest speaker at yesterday’s Jamaica Labour Party Area Council meeting at Papine in St Andrew. (Photo: Karl McLarty)

The court suspended any further sittings of the commission until the Judicial Review Court heard and determined claims made against chairman of the commission, retired Court of Appeal Judge Boyd Carey.



Several claimants, including the former finance minister, Dr Omar Davies, had filed a motion alleging that Justice Carey had also had debt with the Financial Sector Adjustment Company (Finsac) and as such could not preside over such hearings.



But, according to Shaw, it was nothing more than a witchhunt to stop the enquiry.



“Omar Davies and his clique don’t want the Commission of Enquiry to take place because there are lots of questions that have to be answered. The People’s National Party don’t want the story to be told. The matter is in court and I don’t want to say anymore until the time comes.



“…This Government is going to ensure that whether it is today, tomorrow or next year there will be a completion of the enquiry into the financial sector collapse. We are going to ensure we know the truth, the whole truth and nothing but the truth,” Shaw told cheering green-clad party supporters.



Shaw, meanwhile, said he would be suing persons who have publicly accused him of having debts written off by Finsac.



“I have lawsuits against half of them already because I had no personal loans with Finsac. I had companies that got bitten like so many other people. I don’t do anything illegal; I just got bitten by Omar Davies like everybody else. Finsac must apologise to me too. I never asked for no write-off,” said Shaw.



He added: “Yuh coulda run high, yuh coulda run low.… there will be a successful completion of the enquiry into Finsac,” Shaw said.



http://www.jamaicaobserver.com/news/...l-be-completed

[Gamma]

RECKLESS and unnecesary statements by minister shaw.

I have lawsuits against half of them already because I had no personal loans with Finsac. I had companies that got bitten like so many other people. I don’t do anything illegal; I just got bitten by Omar Davies like everybody else. Finsac must apologise to me too. I never asked for no write-off,” said Shaw

it sound PERSONAL!

[Karl]

mmmmm?
Yet you did not wonder...and I suppose still do not wonder...on why the FINSAC Inquiry was going down the road it has so far taken?

i.e. absence of probe on why the businesses that failed found themselves in the position they did such that a FINSAC could have been contemplated...and later created?!

[Mosiah]

he can't help himself.

[Gamma]

it's not finished karl .... and i do not see it the way you have. shaw was out of order though.