Finance

PM transfers CAP accountability to Finance Ministry | Information

Prime Minister Andrew Holness has transferred accountability for Clarendon Alumina Manufacturing (CAP) to the Finance Ministry.

CAP was beforehand beneath the Transport Ministry.

The alumina firm is now the topic of a serious controversy involving a multi-million greenback contract with the overseas-based CCPA Capital Companions, which is main the incorporation of the JAMALCO refinery. 

READ: Opposition desires Integrity Fee, MOCA to probe CAP contract controversy

Jamaica Home says within the spirit of transparency, the Authorities will search to resolve the issues raised within the public area.

“Additionally it is within the nationwide curiosity that CAP’s and JAMALCO’s important strategic initiatives proceed with out interruption,” mentioned a spokesperson in an announcement.

Via CAP, the Authorities holds 45 per cent curiosity in JAMALCO.

Based on Jamaica Home, throughout administrations, the Authorities has been referred to as on to fund CAP due to the unincorporated nature of the JAMALCO three way partnership amid unfavourable international market circumstances.

“CAP has subsequently been a fiscal threat to the Authorities of Jamaica for a very long time and is subsequently of macro-critical significance,” mentioned the spokesperson in a Jamaica Home launch.

Jamaica Home additional mentioned the current fireplace at JAMALCO which has led to an entire halt of manufacturing threatens the momentum of the nation’s financial restoration and brings additional urgency to those strategic interventions.

“It is necessary that the transformation of JAMALCO to an integrated three way partnership continues with out distraction,” mentioned the spokesperson.

Jamaica Home says this may permit for the Authorities’s curiosity in JAMALCO to be monetised and for the containment or elimination of the fiscal threat that the present unincorporated construction has posed to Jamaica over a protracted interval.

It says the Finance Ministry has been offering finance and strategic steerage to the JAMALCO incorporation venture, and a variety of important milestones have already been achieved.

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