Alliance principals back in court January 10 for alleged infractions
Published:Saturday | December 18, 2021 | 12:08 AMTanesha Mundle/Staff Reporter
Businessmen Peter Chin and Robert Chin, the principals of Alliance Investment Management Limited (AIML) and Alliance Financial Limited (AFL), will return to the Kingston and St Andrew Parish Court on January 10 next year.
The men and their companies are facing several charges for alleged breaches of the Bank of Jamaica (BOJ) Act, the Banking Services Act and the Proceeds of Crime Act.
Yesterday, when the case was mentioned, Deputy Director of Public Prosecutions Maxine Jackson indicated that the Crown was ready to set a plea and case management date.
But attorney-at-law Tom Tavares-Finson, who is representing the accused, asked for a mention date instead and proposed the January date, which was accepted.
Both men’s bails were extended.
AFL and Peter Chin were charged with carrying on the business of lending foreign currency without being an authorised dealer in relation to more than 20 foreign currency loans, totalling approximately US$8 million, to various entities.
Robert and Peter Chin are jointly charged for alleged breaches of the Banking Services Act for accepting deposits without the requisite licence from the BOJ relating to a series of deposits in excess of US$7.5 million over a three-year period from 2014 to 2017.
Additionally, AIML was charged with failure to file threshold transaction reports as mandated under the Proceeds of Crime Act for transactions of, or exceeding, US$15,000 (or its equivalent in any other currency) to the Financial Investigations Division (FID).
The BOJ has suspended AFL’s authorisations to operate cambio and remittance businesses and to operate in the BOJ Fintech Regulatory Sandbox.