FINSAC holding $170M owed to CNB depositors

The Financial Sector Adjustment Company (FINSAC) has admitted that many account holders of the defunct Century National Bank (CNB) have not been repaid their deposits 16 years after the institution was taken over and closed down by the Government.

Errol Campbell, FINSAC’s General Manager, told the Commission of Enquiry on Thursday that it was not the entity's fault that it is still holding $170 million owed to CNB depositors.

He disclosed that two years ago, an advertisement was published asking depositors to apply for pay outs but only six persons responded.

The FINSAC boss told the Commission that persons who had deposits with Century National can still apply as long as they provide proof.

Commission Chairman, Worrick Bogle, said it would be more helpful if FINSAC follows other commercial banks, and publish the list of the names of the depositors.

And during Thursday's sitting of the FINSAC Commission of Enquiry, it was revealed that FINSAC still has a staff of about 12 persons, despite selling off the portfolio of bad debts nine years ago.

Mr. Campbell explained that FINSAC has several properties to manage, hence the need for employees.

Some of the assets were acquired through litigation and include land owned by Ciboney Hotel in Whitehouse, Westmoreland, lots in Drax Hall, St. Ann, which belonged to Dyoll Life, and pieces of  art work which FINSAC plans to auction soon.

The enquiry resumes on Tuesday, when a representative of the Jamaica Redevelopment Foundation will take the stand.