Robert Hart, Staff Reporter
THOMAS
CHAIRMAN OF the Jamaica Mortgage Bank (JMB) Peter Thomas resigned from the post yesterday in the wake of irregularities discovered at the institution.
Minister of Water and Housing Donald Buchanan told The Gleaner yesterday that Mr. Thomas' resignation stemmed from breaches in procedures. This relates to the purchase and loan of two motor vehicles belonging to the JMB, as well as the purchase, disposal and occupation of two housing units at the Long Mountain Housing Scheme in St. Andrew.
The housing units had been transferred to the JMB by arrangement through Selective Homes Limited, the developers of the scheme, in exchange for debts owed by the developer.
"I am not indicating any form of corruption in this because I have not seen any such thing, but there were clear breaches," Minister Buchanan stressed.
He said the chairman had accepted full responsibility for the breaches.
POSSIBLE CRIMINAL CHARGES
The Housing Minister said he received Mr. Thomas' resignation yesterday and immediately appointed Genefa Hibbert, Permanent Secretary in the Housing Ministry, as the interim board chairman.
Mrs. Hibbert has been the Housing Ministry's representative on the board.
"She will take whatever other actions may be necessary along with the board members who have all agreed to continue to serve until the expiration of the period of the appointment of the board in April of next year," Mr. Buchanan said.
The Housing Minister, however, did not rule out the possibility of criminal charges, instead saying it was not his area of responsibility and that the board would make its own decision.
Mr. Thomas has been the managing director of National Property and General Insurance Brokers Ltd., and is a former chairman of the National Water Commission and Caribbean Housing Finance Corporation Ltd. He has also been president of the Insurance Association of the Caribbean.
He is also a former general election candidate for the People's National Party (PNP).
The JMB is responsible for the mobilisation of loan funds for on-lending to public and private sector housing developers and to other lending institutions, as well as the operation of a secondary mortgage market facility.
The bank also provides mortgage insurance services to purchasers of residential dwellings.
