Out a money, $76 million write off under the JLP

[Time]

http://jamaica-gleaner.com/latest/article.php?id=56732

Among Shaw’s demands is for the Finance Minister to provide details of the investment made by the National Investment Bank of Jamaica or the DBJ in the enterprise known as Outameni as well as the shares held.

However, according to a statement released by the DBJ, it was under Shaw’s Government that the investment in the mount of $76 million was written off in March 2011

[Gamma]

no wonder his knowledge of the situation seems to be so intimate!

[Lazie]

How the saying go? Cannot un-ring a bell .... the gleaner has now attempted to correct the story .. but of course the misinformation is already out there.

[Gamma]

what IS the correct story?

[Mosiah]

I was ready to blast the govt over this latest misstep, but it looks like I better hold off.

Can't believe the NHT would do something which was sure to upset nuff people. Unless they were not expecting anyone to find out about it.

[Lazie]

what IS the correct story?

Apparently the DBJ issued a statement that confirmed the write off took place in 2013, but like Conservative news site Breitbart did as they tried to railroad Ms. Lynch's AG nomination, they left the incorrect story in place, with only a one line pointing out the correction.

Time quoted the incorrect info here, "However, according to a statement released by the DBJ, it was under Shaw’s Government that the investment in the mount of $76 million was written off in March 2011"

Look back at the article and you will see

"The investment was eventually written off in 2013"

and

"However, according to a statement released by the DBJ, it was under Shaw’s Government that the provision was made to write off the investment in the amount of $76 million."

[Lazie]

I was ready to blast the govt over this latest misstep, but it looks like I better hold off.

....

LOL .... hold off yes Mosiah

[Mosiah]

Writing off the investment - was that a bad thing?

[Mosiah]

Don't be so quick to label Audley Shaw, Lazie!

[Lazie]

Writing off the investment - was that a bad thing?

Was it a bad thing when people thought it was done by a gov't unuh never support? Everybody was eager to express their opinion when the incorrect info was put out ... it has been corrected since about 11:00 AM and people still referencing the wrong info.

[Mosiah]

Have no idea what yuh talking about.

[Lazie]

Don't be so quick to label Audley Shaw, Lazie!

Is that the name you using now? Anyway, let me get off this merry-go-round now ... just wanted to put the facts out there ...although not everybody find facts useful.

[Assasin]

it depends. When does a government choose to write off and who's debt??

Is it above board??

Picking favorites to write off is part of the big problem of FINSAC in the 90s an then letting others who maybe worthy suffer.

Was this loan a good loan in the beginning for them to be writing it all off in a few years time, since they knew they couldn't get it back. Did the DBJ buy puss inna bag?

[Gamma]

if the provision/commitment was made under the previous regime in its role as government then really the decision was made under before and the current government is just fulfilling that obligation.

[Time]

Apparently the DBJ issued a statement that confirmed the write off took place in 2013, but like Conservative news site Breitbart did as they tried to railroad Ms. Lynch's AG nomination, they left the incorrect story in place, with only a one line pointing out the correction.

Time quoted the incorrect info here, "However, according to a statement released by the DBJ, it was under Shaw’s Government that the investment in the mount of $76 million was written off in March 2011"

Look back at the article and you will see

"The investment was eventually written off in 2013"

and

"However, according to a statement released by the DBJ, it was under Shaw’s Government that the provision was made to write off the investment in the amount of $76 million."

Lazie, Did Audley Shaw's finance ministry agreed to the DBJ write-off, yes or no??

http://www.jamaicaobserver.com/news/...lties_17974922

Audley Shaw's finance ministry agreed to DBJ write-off

But, while the valuation was being undertaken, there was a brisk exchange of correspondence between the Trust and Capital and Credit Merchant Bank (CCMB), which had by now taken over the Outameni property used as collateral for loans. Prior to that, the Development Bank of Jamaica (DBJ) had written off its $80 million in preference shares in the property on a decision taken in March 2011 under the Jamaica Labour Party (JLP) administration, but not implemented until 2012