Robinson apologises to First Rock but still concerned about gov't investments in entity

 

Opposition Spokesperson on Finance Julian Robinson has issued an apology to First Rock Real Estate Investments for his statement on Wednesday that the entity had been placed in receivership.

 

The error followed a release from Sagicor Bank Jamaica that it had made the difficult decision to place the lands under mortgages for the Hambani Estate Development, granted to First Rock Real Estate Investments Limited, into receivership. 

 

First Rock had demanded a formal retraction, to which Mr. Robinson acceded in a video recording on Wednesday that was posted on social media.

 

Still, Mr. Robinson said, given the issues with the Hambani project, the opposition remains concerned about the value of the investments that several government entities hold in First Rock.

 

"My concern arises from the fact that there are three government agencies - the National Insurance Fund, the Airports Authority of Jamaica and Norman Manley International Airport - who are three of the top six largest investors in First Rock. And given the issues involved in this project, I am concerned about the value of the investments that the government entities currently hold," he explained. 

 

Mr. Robinson called for the Minister of Finance to indicate how much money has been invested by these three entities into First Rock and what is the current value of those investments. 

 

He said the opposition wants to ensure that the country's funds are invested in a prudent manner and are protected.