Court battles in financial sagas over the years
FINSAC CHAIRMAN OUSTED BECAUSE OF CONFLICT OF INTEREST
ALEGAL battle was waged in 2010 against the FINSAC Commission of Enquiry and in particular against the financial status of the then chairman.
Arising from the legal challenges, retired Court of Appeal Judge Boyd Carey, who was appointed chairman on January 12, 2009, was ousted in September 2010 following a ruling by the Judicial Review Court that he was a Financial Sector Adjustment Company (FINSAC) debtor and therefore could not preside over the enquiry.
The claim against Carey (now deceased) was brought by former Finance Minister Dr Omar Davies, former Financial Secretary Shirley Tyndall, former FINSAC managing director Patrick Hylton, and the Jamaican Redevelopment Foundation.
The claimants stated that Carey had an overdraft with the collapsed Century National Bank, which was taken over by FINSAC. They contended that there would be an apparent bias if Carey continued to preside in the enquiry which began in September 2009.
Lawyers representing the claimants had made a call in January 2010 for Carey to step down but he argued that he had no debt with FINSAC and refused to recuse himself. The claimants went to the Supreme Court in February 2010 and got an order staying the enquiry until the court made a ruling in the matter.
The Judicial Review Court ruled in 2010 that Carey should not sit on the enquiry. The court made a declaration that Carey, “by virtue of his being a delinquent borrower whose debt was handled by FINSAC, is presumed to be affected by bias and is automatically disqualified from being a member of the Commission.”
Carey appealed and it was dismissed by the Court of Appeal in July 2011.
The Commission was then chaired by chartered accountant Worrick Bogle.
King’s Counsel R.N.A. Henriques, who was counsel to the commission, was also ousted by the Judicial Review Court because he had connections with a company which had dealings with FINSAC.
He appealed and the Court of Appeal upheld his appeal.