SUGGESTIONS THAT NCB might be an investor in the new privatisation round for Air Jamaica were firmly denied by the bank's new managing director, Patrick Hylton.
The Air Jamaica Acquisition Group (AJAG) signed over its 75 per cent shareholding back to the Government last week Thursday. A new interim board has been appointed for an initial six-month period, lasting to June 30, 2005, "to restructure the entity such that it will be able to attract adequate equity capital from private investors," said Minister of Finance and Planning, Dr. Omar Davies.
RUMOURS
The appointment of former National Commercial Bank (NCB) managing director Aubyn Hill to manage the restructuring
programme sparked rumours that the bank would be involved in a buyout of the airline.
"NCB has no intention of being an
investor in Air Jamaica," Mr. Hylton told Wednesday Business last week.
But when asked whether his bank would be lending money to help finance the
airline's restructuring, Mr. Hylton said, "I cannot discuss that. I am not at liberty to divulge details about our clients."
It was revealed in the Senate in November, that Air Jamaica had lost more than US$560 million since its privatisation in 1994.
