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

THE NEWLY formed lobby group representing business people, whose personal and business assets were taken over by FINSAC, in a growing sign of militancy, is attempting to lead a boycott of lawyers and realtors involved in the disposal of confiscated properties, while seeking to pressure the owner of their bad debts, Jamaica Redevelopment Foundation Inc (JRF).

Last week, in a press release, the Association of FINSAC'd Entrepreneurs (AFE) declared that its members had given the JRF 14 days to disclose its statement of accounts or face legal action.

But it later emerged in discussions with AFE president Neville Boxe Monday that no ultimatum had been served, and that the association was in fact trying to get its members to issue individual demand letters on JRF.

Association notmaking demand

"We are encouraging each individual or organisation, if they so choose, to," said Boxe on Monday. "The association itself is not making the demand."

The AFE's circular to members and the media also called for the mounting of a campaign to discourage any new deals, by pulling business from professionals working with the JRF.

"The association of FINSAC'd Entrepreneurs calls on its members and supporters to discourage the purchase by anyone of the assets in the debt portfolio sold to Jamaica Redevelopment Foundation by the Government of Jamaica," the open letter began.

"To that end, AFE respectfully requests that its members and supporters withdraw their business from those lawyers and realtors who continue to deal with and/or represent persons involved with the sale and/or purchase of the assets of our members."

The letter concludes that courtesy copies of the letters to the Realtors' Association of Jamaica (RAJ) and Jamaican Bar Association would notify them of AFE's "stance."

But on Tuesday, RAJ president Ed Wint, when asked what weight he attached to the threat, said he had never heard of the group, nor had they sent their letter to the RAJ.

"What are they pulling and who are they?" he asked. "I don't know if they are substantive or a little group wanting a voice."

The Jamaican Bar Association's secretariat similarly said it had received no correspondence from the group.

Still, the AFE's chief grouse is with the JRF, the local vehicle used by Beal Bank of Texas to manage the sale of assets that accompanied the portfolio of bad debt bought from FINSAC in 2002 for an initial US$23 million.

The Texans have remained silent on the entirety of deals made.

But the JRF website lists 182 properties still on the market, on which deals were being finalised for several commercial and residential properties. But there were also a number of properties that had no takers after six years.

Janet Farrow, chief executive officer of the JRF, was said to be in a meeting when Wednesday Business sought comment for this story.

Sources close to the JRF advised Wednesday Business, however, that some sales have been held up by legal action brought by former owners of the assets.

The AFE has gone as far as drafting a form letter for members to fill in their particulars. But there was no indication up to Monday that any of the 150 AFE members had followed through.

"People have a right to know what they are called upon to pay and we are simply advising them to utilise their right to make that demand," Boxe said.

"Because we can't be sitting here like sitting ducks for years just paying whatever these people tell us to pay - by whatever method they want to use to come to the figures."

business@gleanerjm.com