( L - R ) Nicholson, Bennett

Senator A.J. Nicholson, Leader of Opposition Business in the Upper House, has voiced support for a parliamentary committee to look into the operations of so-called financial schemes. Provided, he says, "We can debate it without touching on matters that are currently before the courts."

There are several cases making their way through the courts, involving some of the more prominent agencies identified a financial institutions.

Th investment sector has run into regulatory troubles as well as difficulties with some of the commercial banks which have sought to close their accounts. Both issues are now before the courts. In the meantime, however, some vocal investors in these schemes have taken their concerns to the streets and the airwaves, accusing the regulators and the banks of seeking to undermine their interests.

It was during last Friday's sitting of the Senate that rookie government member Hyacinth Bennett tabled a resolution calling for the establishment of a select committee to examine issues related to the operation of th investment schemes.

She cited recent statements attributed to the Bank of Jamaica and the Financial Services Commission, as well as reported attempts to close the accounts of operators of these schemes. These developments, she said, gave the impression of "collusion in an orchestrated attempt" to bring down th investment sector.

The Senator issued a warning, however, saying this could precipitate "massive economic and social fallout" with severe implications for tens of thousands of Jamaicans.

Significant contribution

She cited the involvement of prominent church leaders in the debate on behalf of th investment schemes and the fact that some of these schemes had been in existence for more than five years, making significant contributions to the society, as significant elements of the issue.

Against that background, Senator Bennett said it was a matter of urgency for the proposed select committee to be set up. Its job, she said, would be to determine the social and economic impact on the lives of Jamaicans of the operation of th investment sector and to make appropriate recommendations.

Senator Nicholson, speaking with The Gleaner afterwards, conceded that the issue raised by Senator Bennett was a matter of "great public interest".

"Perhaps the Senate is the chamber that can best discuss the matter dispassionately," he said.

From that standpoint, he said, the Opposition would participate in the deliberations.

- Earl Moxam