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FINSAC sells $145mil property for $35mil

Errol Campbell, General Manager of the Financial Sector Adjustment Company (FINSAC), was on Wednesday again subjected to searching questions at the enquiry into the operations of the entity he heads.

On his second day at the enquiry, Mr. Campbell again appeared ill-prepared to answer the onslaught of queries from attorney-at-law Anthony Levy, who represents Thermo Plastics (Jamaica) Limited, one of the companies that went under in the 1990's and had its properties sold by FINSAC.

Mr. Levy came armed with a documents and questions for Mr. Campbell.

One of the documents, a transfer of property for premises located at Twickenham Park in St. Catherine, was the subject of much comment at the enquiry.

The document stated that the property valued at $145 million by the Tax Department, was sold by ReFin Trust Limited, a FINSAC subsidiary, for a mere $35 million.

Mr. Campbell was unable to shed any light on the vast differences between the value of the property and the actual sale price.

"Do you see an anomaly between the Transfer Tax Certificate and transfer in terms of the consideration," Mr. Levy asked.

"I can see that they are two different figures," Mr. Campbell responded.

To this Mr. Levy asked why there were two different figures.

"I can only guess Mr. Levy," said Mr. Campbell.

"Let's have that, that's better than nothing," Mr. Levy responded.

"The Tax Department has a different value from what the property is being sold at," Mr. Campbell said.

"The Tax Department assessed the property at $145 million, so help me Mr. Campbell, how could this possibly happen, that the company of which you're a director, transferred a property for such a vast difference of undervalue," Mr. Levy asked.

Mr. Campbell's response was that he was not in a position to answer that question.

There was more of the same throughout the question and answer segment but it was Mr. Campbell's admission that he was not familiar with details of a court case involving the same property that drew the ire of Commission Chairman Boyd Carey.

"Mr. Levy says you've been around the court on this matter," said Mr. Carey.

"Yes, I've been to court on this matter," said Mr. Campbell.

"That would suggest that you, at the very least, have an interest in it," said Mr. Carey.

"We do have an interest," Mr. Campbell responded.

"Why do you go to court ... as a passer by? Why do you go to court," Mr. Carey asked.

I go as a representative for ReFin Trust in the matter, was Mr. Campbell's response to the Commission Chairman.

"Indeed, but you don't go there in the sense that you're ignoramus, you're a person who has knowledge. You're not a disinterested party ... I would think you're very interested in the matter are you not," asked Mr. Carey.

"Yes we're interested in the matter," Mr. campbell responded.

"Of course, you have to be, you're the director ... you're not the janitor," said Mr. Carey.

The enquiry will resume at 2pm Thursday when former Financial Secretary Shirley Tyndale is expected to give testimony.

 

                                             



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