Al Edwards, Financial Editor
HILL
AIR JAMAICA'S Chief Restructuring Officer (CRO) Aubyn Hill is to work for Air Jamaica free of charge and will give his fee back to Air Jamaica in an effort to reduce costs, Wednesday Business understands.
Last month the Minister of Finance and Planning Dr. Omar Davies announced changes to the ownership and management of the cash strapped national carrier Air Jamaica.
AGAIN IN GOV'T HANDS
With the Gordon 'Butch' Stewart lead Air Jamaica Acquisition Group (AJAG) ceding control, the airline is once again Government controlled with the head of the Urban Development Corporation (UDC) Dr. Vin Lawrence appointed as executive chairman.
The former managing director of the NCB Group Aubyn Hill was appointed in a consultancy role for a six month period. Speculation was that he was receiving a fee of US$500,000 for that period.
Staff members have been anxious to find out the fees paid to the new Board of Directors.
Checks by Wednesday Business last night revealed that Mr. Hill has decided as of this week to forgo his fee. He was due to serve as a consultant for six months and for doing so would receive a set fee.
Mr. Hill said that he has wanted to serve his country on demiting his post as Managing Director of NCB and decided to give of his time and services to Air Jamaica for free. His fee will go back to Air Jamaica. He said that speculation that he will be entering politics are way off the mark.
Last month Dr. Vin Lawrence also decided not to take a salary for his services to Air Jamaica
but rather fully focus on restructuring the airline and making it profitable.
CASH INJECTION
Air Jamaica has lost US$560 million since it was privatised in 1994. In order to keep the airline viable at least for the short term the AJAG Group made a contribution of US$20 million while the Government has pumped in US$25 million in credit. Earlier this month the new board announced that it would be cutting routes, reducing it flight attendant compliment and cancelling the leases on some of its aircraft.
