Finance Minister Colm Imbert has denied that his Cabinet colleague, National Security Minister Stuart Young, or any members of Young’s family were involved in any wrong doing in NBC Global Finance Ltd winning opportunities to provide financing to government.
The Opposition had alleged that Young and his family profited millions from transactions between NCB Global Finance and the Government.
Imbert also denied that Minister Young influenced the decision making process of Cabinet.
Speaking during a virtual press conference yesterday Imbert said NBC Global Finance Ltd was successful in less 3.7 per cent of their bids between 2015 to 2020.
Imbert said “96 per cent of the time” the company was unsuccessful.
NCB Global Finance CEO is Young’s brother Angus.
Imbert said whether or not the company was successful, Minister Young recused himself.
But the UNC had taken issue with Young’s explanation on his 57 recusals from Cabinet notes.
The party claimed Young’s admission that the “vast majority” of Cabinet notes from which he had recused himself were in relation to NCB Global Finance and “justifies the award of significant lucrative contracts totalling some $2.5 billion.”
Young said from 2016 to present he recused himself on certain notes as a cautionary measure to avoid being accused of a conflict of interest .
The UNC had also raised questions over “bid-rigging and the award of contracts to corrupt contractors” and supposed financial benefit to Young’s father, Richard Young.
Imbert said the Young family does not own the company as it is part of a subsidiary of a much larger entity in Jamaica called NCB Capital Markets.
“When NCB Global Finance Ltd is successful in getting a mandate from the Government to provide loan financing it is Michael Lee-Chin who benefits as he owns the company,” Imbert said.
Minister of Public Administration and Digital Transformation Allyson West who also spoke at the press conference said Attorney General Faris Al-Rawi had also recused himself, adding that seven of his recusals involved properties rented by the Government.
Four involved 3, Alexander Street and three dealing with 1, Alexander Street, St Clair.
West said the AG is a shareholder in the 3, Alexander Street property while his wife is a director in the other property.
The Opposition had also called on Al-Rawi to explain his wealth and why his family has a number of buildings throughout the country rented to the Government, noting that he too had recused himself several times.
West said all of the AG’s recusals did involve State property but these were “relatives and in laws of Al-Rawi.”
One Alexandra Place is rented from NJ Nahous Investments Ltd by the Ministry of Public Utilities for $600,000 a month.