James FORMER FINANCIAL consultant Rex James received a salary package of $6.7 million when he was ushered in as interim president of the National Investment Bank of Jamaica (NIBJ) in December 1999 following the abrupt departure of Gavin Chen during a probe into the salaries of public sector executives.
Details of Mr. James interim salary package emerged yesterday as the NIBJ's annual report was tabled in Parliament. As the interim president Mr. James received a basic salary of $6.36 million plus an annual allowance of $336,000 in the year to March 2000.
Mr. James has since negotiated a permanent three-year contract as the head of the Bank and seen the allowance rolled into basic salary. It is unclear what exact salary and other benefits Mr. James negotiated for as full time compensation for the top NIBJ job.
Mr. Chen left the Bank after it was revealed that he was one of the highest paid public sector executive with a total pay packet of $9.7 million and a subsidised mortgage loan of almost $16 million.
Among the divestment projects on which the Bank is currently working are the Sangster International Airport in Montego Bay, sugar lands such as those at Bernard Lodge in St. Catherine, Spring Plains Farm in Clarendon, and many other operations for which the Government wished to divest itself.
