Bruce Golding's clarification on DBJ

[Assasin]

Golding, under whose portfolio the DBJ fell, sought last week to clarify an Observer report on the DBJ actions while he was prime minister, saying: "...There was no 'write-off' by the DBJ in March 2011. What was done was that it made provisions for the loss that it was making on this investment, which meant that the dividends that were due could no longer be taken to its profit and loss account. This is in keeping with international accounting standards and does not constitute a write-off or necessarily an intention to write off. In the case of loans by commercial banks, for example, it is a statutory requirement under section 17 of the Banking Act.

http://www.jamaicaobserver.com/news/...ameni_17997022


Willi what you know about this banking Act?

[Willi]

Nothing at all, but cant disagree with what Golding said, except that it was the first step to a full write-off.

NHT had no business investing, As Don1 said, the PNP treats the NHT as an ATM.

Outami seems to be an idea that was well intentioned but not very commercial. As bruk as we are, I dont see it as a priority…

Its an indulgence for rich nations.

[Assasin]

As far as I am concern, NHT funds must be used primarily for its investors.
If they are going to take money out of it, they should air mark a percentage agreed upon. An example is 20 percent for investment and 10 percent for other non growth charitable activities.

We can't leave it to the politicians and their friends. There should be clear guideline, same thing happen at UDC. They organization don't have unlimited funds especially when majority of the people who contribute are not seeing any real benefits. If you have so many contributors and they can't benefit in one way or another, you can't be wasting the people's money.

[Rockman]

Bruce excuse for not informing Shaw is the financial annual statements do not require entries to be specific,in hindsight, we know we would have preferred if the Minister of Finance was informed.
He somehow absolves himself of being responsible for the write offs but in the same breath says the write offs were inevitable.Willi,why are loans invariable in US currency?

[Willi]

Samfie, that is why.

There is a lot of blame to go around, as the political class looks after their pet projects. However, the misuse of NHT funds is simple theft.