We write on behalf of our client, Allan Rickards, a board member of the Sugar Industry Authority and the chairman of the All-Island Jamaica Cane Farmers' Association.

Reference is made to the article in your publication of December 15, 2009, under the caption 'Sugar authority faces contro-versy, Tufton demands answers on transaction'.

According to the article, "The Sugar Industry Authority (SIA) has found itself in the middle of a growing controversy over its decision to dump more than $40 million into the investment segments of two life-insurance schemes."

Deepened controversy

The article states further that the controversy deepened since it was disclosed that the wife of a board member at the Sugar Industry Authority is to collect more than $2,000,000 in commission from the transactions.

It then went on to quote insurance agent Claudette Rickards, wife of SIA board member Allan Rickards, as saying, quite correctly, that there was nothing unusual about the transactions. It is true that the SIA did make the investments referred to. The money was not 'dumped' in the cavalier manner suggested by the article, but was invested after careful consideration by the board's finance committee.

Allan Rickards, although a member, took no part in the committee's deliberations concerning the investment. The following is an extract from the minutes of the finance committee's meeting held on November 16, 2009:

"Ambassador Heaven reported that a proposal had been received from Guardian Life Limited to place between $20 million and $30 million with them for 12 months at a guaranteed rate of over 24 per cent per annum. At this point, Mr Rickards declared interest in the matter and withdrew from the discussion. The chairman thanked Mr Rickards for this. After discussion, the chairman and Ambas-sador Heaven agreed that we should deposit $20 million with Guardian Life for 12 months at a minimum of 24 per cent per annum. The chairman further remarked that we should review the deposits regularly."

The above extract confirms that Allan Rickards acted scrupulously in taking no part in the committee's decision.

Because of the positions of trust and national prominence held by Rickards, the matter requires immediate clarification.

We are, etc.,

PATRICK BAILEY & CO

Attorneys-at-Law

28 Herb McKenley Drive

(formerly Roosevelt Ave,)

Kingston 6

Jamaica W.I.