Faced with death threats against his children, a director of Money Express, a local financial entity with 179 members, called an emergency meeting yesterday to explain how millions of their dollars had been lost.

During his address to the audience of about 60 persons, the company director broke down in tears as he explained that he had been forced to provide 24-hour protection for his four children.

After explaining that the financial entity - which is only one of a number of local companies using the name 'Money Express' - had been faced with problems in July last year, the director said the company faced a "double calamity" in November, when the bank with which it did business went into receivership.

"It is not relevant what has happened, what is relevant is how we go forward," he told the audience at the hotel. "I cannot correct what has gone wrong, but I can apologise."

He admitted to mismanagement of funds, but stressed that he had not stolen anyone's money.

"Those of you who know me have never known me to steal any of your money," he said. "I have been in banking for 25 years and I have never taken a dollar from anybody."

When the announcement was made by the director, there was no uproar from the audience. How-ever, several murmurs were heard throughout the room.

One member of the financial entity told The Gleaner that he had invested US$75,000 (J$5.25 million). He said this was his life savings and he did not know what to do as he had four young children, including a newborn.

Experts assembled

The director told the audience that he had assembled a highly reputable group of bankers, lawyers and financial experts who would advise him on the best possible way to go forward.

The group, he said, asked for one month to analyse the situation, put together its findings, and present its solutions. At the end of the month, he said, he would call a meeting to inform the members of progress.

He told the audience that it was possible that they would receive all their money within one year to 15 months. He, however, warned that they would not receive any interest on their principal for the months of December 2007, January and February.