FID still aiming to recover funds from Alliance Finance Limited

 

The Financial Investigations Division (FID) says Thursday's dismissal of 17 charges against Alliance Investments Management Limited (AIML) does not affect ongoing efforts to recover the full benefits obtained by Alliance Finance Limited (AFL) for the offences for which it was convicted.  

 

The charges against AIML were dismissed on Thursday after Chief Parish Court Judge Chester Crooks upheld a no case submission by the company's attorneys in the Kingston and St. Andrew Parish Court.

 

In a statement Friday, the FID said it respects the judge's decision to dismiss the charges against the Principal Directors, Peter and Robert Chin, but made it clear that the ruling does not affect ongoing efforts to by the agency to recover the full benefits obtained by AFL from the offences for which it was convicted in 2022.  

 

Lead attorney for AIML, King's Counsel Tom Tavares-Finson had criticised the FID for taking action against the financial institutions and its directors.

 

He argued that the FID had ruined a reputable financial institution by its action.

 

But in an apparent push back, the FID said it stood by its decision to bring charges against AIML, AFL, and their President Peter Chin and Vice President Robert Chin, for breaches of the Bank of Jamaica Act, the Banking Services Act and the Proceeds of Crime Act in December 2021.

 

They were accused of 'Carrying on the Business of Lending Foreign Currency without being an Authorised Dealer' under the Bank of Jamaica Act.

 

The charges related to several foreign currency loans, totalling approximately US$8 million to various entities.

 

The Directors were accused of accepting deposits without the requisite license from the Bank of Jamaica between 2014 and 2017.

 

These breaches relate to a series of deposits which exceeded US$7.5 million.

 

The FID said AFL pleaded guilty in 2022 and was fined $50,000 or nine months' imprisonment for each of 28 counts of 'Carrying on the Business of Lending Foreign Currency Without Being an Authorised Dealer' under the Bank of Jamaica Act.

 

It said AFL was also fined $2.5 million or 12 months' imprisonment for accepting deposits without the requisite license from the Bank of Jamaica.

 

The FID added that based on the serious nature of the offences, the Court imposed a significant fine totalling $21.4 million against the financial institution.

 

The FID said it subsequently initiated and completed a criminal forfeiture investigation against AFL regarding its benefit from the offences for which it was convicted.

 

The file is currently before the Supreme Court for forfeiture hearing later this year.