Attorneys representing businessman Robert Chin and his brother Peter, are hitting back against a recent statement by the Bank of Jamaica, BOJ, in which the central bank defended its regulatory actions against entities formerly owned by the brothers.
In a statement last Tuesday, the BOJ announced it had revoked the licences granted to Alliance Investment Management Limited, AIML; Alliance Financial Services Limited, AFSL and Alliance Finance Limited. AFL, in the best interest of the country’s financial system.
However, the attorney for the Chin brothers, King’s Counsel, Tom Tavares-Finson, says there’s a need to set the record straight.
Chevon Campbell tells us more.
According to KC Tavares-Finson, the Bank of Jamaica omitted certain pertinent facts and made misstatements in its recent publications.
Firstly, the attorney reminded the country that Alliance Investment Management Limited, Alliance Financial Services Limited, and Alliance Finance Limited are three separate legal entities.
Alliance Investment Management and Alliance Financial Services are entities regulated by the Financial Services Commission and the BOJ, respectively.
Peter Chin and Robert Chin, as individuals, along with Alliance Finance Limited, were charged with offences under the Bank of Jamaica Act and the Banking Services Act.
Mr. Tavares-Finson says the charges against the Chins were unprecedented and unnecessary.
Alliance Investment Management was also charged with breaches of the Proceeds of Crime Act, which were dismissed after a successful no-case submission.
The King’s Counsel says this means there was no basis for the charges to be laid against the entity.
However, based on these charges brought in 2021, licenses granted to the three entities operated by the Chins were revoked by the BOJ.
KC Tavares-Finson says it was AFL, which self-reported certain historic transactions for lending in foreign currency between 2013 and 2019.
The company and its principals were later charged for the breach.
According to the King’s Counsel, this is despite the transactions being done consistent with industry practice and not prohibited by the Money Lending Act under which AFL operated at the material time.
He says AFL reviewed its procedures to ensure conformity with the new Microcredit Act in June 2021, and the restriction on lending in foreign currency imposed by the Bank of Jamaica Act came to light.
The King’s Counsel says it was therefore shocking that the charges were laid at all.
However, Alliance Finance Limited pleaded guilty to the charges and was fined.
Credit: Source link