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Stabroek News

'Finsac-ed' entrepreneurs form lobby group
published: Thursday | March 20, 2008

Dionne Rose, Business Reporter


Neville Boxe, president of the newly created Association of Finsac'd Entrepreneurs. - File

A NEW group calling itself the Association of FINSAC'd Entrepreneurs (AFE), has appeared on the scene, vowing to press for the Commission of Enquiry promised by government into the 1990s financial sector meltdown.

Members of the legally formed two-week-old group announced their vested interest in a press advertisement, saying they had "suffered pain and anguish" in the financial rescue operation mounted by government a decade ago.

The association, which comprises some 30 persons, is led by Neville Boxe.

The members of AFE have not tabulated their financial losses, the association president said; but he estimates it would amount to millions.

For his part, Boxe, who heads a construction company, said a loan he took out with one of the banks that folded, moved from $2.5 million to $300 million.

"A lot of persons have been 'FINSAC-ed' and have sat for years and suffered in silence. They have seen their properties being sold off without much they could do about it," said Boxe.

"Because after being 'FINSAC-ed', we have been subjected to compounded interest of 30 per cent locally and 12 per cent on foreign converted loans in an atmosphere where the economy has not grown even one per cent per year."

Finance Minister Audley Shaw has promised the enquiry, but said it would follow an audit of bail-out company FINSAC.

Action beyond enquiry

But AFE told the Financial Gleaner it wanted action beyond the enquiry.

Its press advertisement urged persons who had similarly 'suffered' the sell-off of their businesses at discounted prices to join the association.

Boxe said group members consider their plight as mainly political, and not financial.

Pressed on who were some of the members of AFE, Boxe declined to name names, but said the group comprises owners of small, medium and large companies.

Asked if Don Crawford, former Century National Bank boss and critic of government's handling of the financial sector crash, was among the group, Boxe said: "No, but we are hoping that he will join."

AFE secretary Yola Gray said the group was determined to pressure the Government to cease the selling of assets until they are audited.

"(We) want to make sure this (the financial meltdown) never happens again - whatever they have to institute as far as laws - to Jamaicans, their children and grandchildren," said Gray.

Gray, who was not personally affected by FINSAC, said the association was also determined to reveal the truth about the circumstances surrounding the liquidity crunch that hit a number of Jamaican banks and insurance companies.

Truth to come out

"Because what was purported to have led up to FINSAC is nothing (near the truth). There were things that were going on; people involved who have proof of activities and they are going to air it. So, the truth is once and for all going to be told," she said.

Gray said since the advertisement, the association has been getting positive feedback.

AFE will launch formally next Thursday at Stella Maris on Shortwood Road, St Andrew.

dionne.rose@gleanerjm.com

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