FINSAC’d entrepreneurs protest

Several members of the Association of FINSAC’d Entrepreneurs this morning protested against the actions of the Jamaica Redevelopment Foundation.



For several hours the members protested in front of the New Kingston offices of the foundation.



The foundation has bought the debt of the Financial Sector Adjustment Company, FINSAC.



FINSAC was a government initiative of the 1990s to rescue financial entities, which were collapsing in the meltdown of the sector.



According to the Association of FINSAC’d Entrepreneurs, the Jamaica Redevelopment Foundation has imposed ridiculous interests rates on persons who had debts with FINSAC.



The president of the Association, Neville Boxe is demanding that the situation be urgently addressed.



In his Budget presentation in April, Prime Minister Bruce Golding announced that a forensic audit of FINSAC would be undertaken.



However, Mr. Box said there has been no further word on the investigation.