The Jamaican media was awash with news, yesterday, of a Confiscation Order coming from the Turks and Caicos Islands' Supreme Court, to retrieve US $21 million from David Smith (former CEO of failed investment/ponzi scheme - Olint), by October 24,2012.
The value of the cash or realisable property to be retrieved is US $12.5 million, whilst the value of tainted gifts to be retrieved are US $8.5 million.
These tainted gifts were supposedly given to Jamaican political parties and politicians by David Smith, former Olint CEO, during Olint's hey-day (2001-2008).
(David Smith was convicted of over US $220 million fraud last year. As a result, he's presently serving a 6.5 year prison sentence in the Turks and Caicos Islands (TCI) and is to serve a 30-year prison sentence in the USA).
Here's a breakdown of these gifts:
- The Jamaica Labour Party (JLP) -US $5 million
- The ruling People's National Party (PNP) - US $2 million
- Former Prime Minister - Percival James (PJ) Patterson - US $ 1 million
- Daryl Vaz - JLP Member of Parliament - US $50,000
- An unnamed political candidate from Mandeville - US$ 100,000
Already, the named politicians are denying ever receiving any money from Olint.
PJ Patterson even issued a press release yesterday, stating that he knew of no such gift.
Daryl Vaz is the only politician to admit that he received monies from Olint, for political campaigning.
It will be interesting to see if anything comes of this Confiscation Order and if the Jamaican Director of Public Prosecutions will become involved in this case, given that the TCI Confiscation Order, involves recovering assets that David Smith defrauded local and overseas Jamaicans.
Gillian
Sources Include
1) Article, "Politicians React to Being Named on Olint's Gift List", The Gleaner, May 8,2012
2) Television Jamaica's Nightly News at 7:00 p.m, May 7,2012
3) CVM Television's News Watch Hour at 8:00 p.m., May 7,2012
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