Opposition wants answers on implications of First Rock Hambani property foreclosure for gov't
Published:Wednesday | June 4, 2025 | 9:45 PM
The Opposition is calling for Minister of Finance Fayval Williams to tell the public what impact, if any, developments at listed company First Rock Real Estate Investment Limited will have on government entities that are invested in the firm.
Sagicor Bank today announced that it had foreclosed on First Rock's luxury development in Liguanea, St Andrew, Hambani Estate Development, after “months of good-faith efforts to reach a fair and sustainable resolution.”
The banks indicated that it has placed the lands under mortgages for the development, granted to First Rock Real Estate Investments Limited, into receivership.
First Rock Capital Holdings secured a US$10 million construction loan from Sagicor Bank Jamaica for the Hambani Estates project.
Opposition Spokesperson on Finance, Julian Robinson, says issues at First Rock are of concern given that government entities, the National Insurance Fund, the Norman Manley International Airport Limited, and the Airports Authority of Jamaica are listed among the 10 largest shareholders in the company.
Information contained in First Rock's unaudited financial statements for the first quarter ending March 31, 2025 show that Norman Manley and the airport authority equally hold 14,259,000 shares while the NIS has 10,000,000 units.
Robinson is arguing that Jamaicans deserve transparency and accountability when public funds are at risk.
“This matter is of grave national importance,” he said in a statement Wednesday.
“We need to know how much taxpayer money was invested in First Rock through these agencies, what the current value of those investments is,” he added.
Robinson says the finance minister must tell the country the total value of these investments and the status of those funds.
"The PNP continues to call for responsible stewardship of public resources and urges the Government to act swiftly in addressing this matter with the seriousness it demands."
Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.