OCG Goes After Investment Ministry Over Pending $US5-Billion Investment

Nationwide News understands that the Office of the Contractor General, OCG, has requested that the Industry, Investment and Commerce Ministry turn over documents regarding the planned US-5-billion dollar investment by German-Austrian-based company Krauck Systems, in the logistics hub.

The move by the OCG has come days before portfolio Minister Anthony Hylton is to sign an MOU with Krauck Systems and their lead financiers the New York-based Anchor Finance Group.

Addressing a media briefing this week, Minister Hylton said the signing would take place on Monday.

Nationwide News understands that Dirk Harrison’s office has mandated the Industry Ministry to turn over all documents touching and concerning the Anchor Financial/Krauck Systems deal

Correspondence from the country’s leading anti-corruption agency was sent to the Industry Ministry today.

Sources at the Industry Ministry say a few weeks ago the Contractor General had made a similar request that has not been responded to.

Contacted this afternoon Contractor General Harrison declined comment.

Media and Communications AdvisorĀ at the Ministry, Shaniek Parks told Nationwide News the Industry Ministry has asked Dirk Harrison’s office for more time to submit the information requested.

Since Minister Hylton’s announcement, questions have been mounting regarding the bona fides of the Krauck Group and its ability to implement the project.

Prior to the announcement by Minister Hylton of what he dubbed as a major investment sources in the Simpson Miller Cabinet told our news centre that the project was “not what it appears to be.”

Another Government source said doubts were expressed at Cabinet about the ability of Anchor Financial to fund the Germany/Austria-based company’s interest in Jamaica’s logistics hub.

But Minister Hylton has since insisted that all is above Board and Krauck and Anchor are the real deal.

However, Speaking to Nationwide News this afternoon, Opposition Spokesman on Industry, Karl Samuda who has warned Minister Hylton against signing the MOU, says the OCG’s intervention is timely.




2 thoughts on “OCG Goes After Investment Ministry Over Pending $US5-Billion Investment

  1. Nick Jones

    Based on information on the Internet the group Krauck Systems seems to have relevant experience.

    With regard to the the Anchor Finance Group, one can
    discover little relevant information on the web. It appears to be a special purpose vehicle
    for Islamic sourced financing. This can be well deduced from reference to
    Shariah, the names of the principals and the fact that at least the CEO, Nasim
    Siddiqui, was hired by Sterling Factors (part of a New York banking
    conglomerate) while still, reputedly, being head of Anchor.

    This is not uncommon, however, for Islamic-based financing
    operations, which are not big on disclosure. Assuming that the reference to AFG
    by Minister Hilton was not in error (the main actor exploring a Logistic Hub
    development in Jamaica is the project development group Krauck Systems) then
    the key question is this: On behalf of what funding source is AFG making
    enquiry? If it is a significant Gulf region fund (the Abu Dhabi Investment Authority has assets approaching a Trillion US dollars) then there is no problem, but we will not have much
    transparency given the nature of these funders.

    Certainly questions should be asked, but the proposed MOU is to justify OTHER PEOPLE DOING RESEARCH USING OTHERS PEOPLES MONEY. Perhaps, the more MOUs the better, since Jamaica does not have the the money needed to the needed research and planning.

  2. Stafford

    This OCG guy makes me nervous. I hope he’s not setting up to kill a potentially good thing the way he killed the energy deal.

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