EVIDENCE VAULT
Missing Records & Questionable Transfers: FINSAC’s Unverified Sale to JRF
This report highlights shocking revelations from the FINSAC Commission of Enquiry, where Chairman Worrick Bogle criticized FINSAC for failing to maintain proper records or a master list of loans and securities transferred to the Jamaica Redevelopment Foundation (JRF). FINSAC’s own General Manager admitted that critical documents were never catalogued, making it nearly impossible to verify what was sold or retained. The testimony also exposes how FINSAC allowed uncapped interest charges, wrote off massive debts without verification, and relied solely on JRF for access to key financial documents. These findings raise serious questions about mismanagement, lack of oversight, and the potential for corruption in the handling of thousands of debtor accounts.