Finance Minister Audley Shaw says mischief is being created around the Finsac audit. - File

FINANCE MINISTER Audley Shaw says he has put in place a special system for the audit of FINSAC announced earlier this year, at the same time dismissing reports that the probe of the agency's books had been placed on hold.

"Whoever is telling you that is unaware of the particular system that I have in place for an audit," Shaw said.

He declined, however, to elaborate on his system, saying only that he had taken a particular direction because of mischief makers.

"Why I have to do it the way I am doing it is because of mischief that is being made," Shaw said.

"It is very detailed and it is very forensic and it is going to take time," he said of the process.

Shaw also would not disclose who was auditing the bail out agency, nor the timeline for wrapping up the probe.

But sources in the know said it was being done by an auditing firm of international parentage.

That firm, said Wednesday Business sources, also attempted to review Jamaica Redevelopment Foundation Inc, (JRF) records, but got nowhere.

"Between you and me, they came in and they're out," the source said, adding that the JRF's concern was the lack of a confidentiality agreement that would have safeguarded the information on banking records and other personal financial information of debtors.

Refused to elaborate

The minister was responding to requests for comment on reports by Wednesday Business sources that the audit had been placed on hold a week after it had begun.

He refused to elaborate on the mischief that he said was afoot.

Shaw, in February, announced that he was ordering an audit of FINSAC, the government agency established in 1997 to bail out several financial firms, saying then that the audit would explore and report on the "probity, propriety and legality of saleagreements and management decisions made ... and whether the Government of Jamaica suffered any loss that could have been avoided."

A commission of enquiry, he said, would have followed the audit. Shaw again raised the issue of the enquiry in the Budget Debate in April, but did not speak on the audit.

dionne.rose@gleanerjm.com