A senior representative from the Office of the Director of Public Prosecutions today indicated that it is the Crown’s intention to on March 3 this year withdraw all six charges which were recently laid on Alliance Finance Limited, AFL, non-executive Directors, Peter and Robert Chin, in their personal capacity.
The prosecutor made the revelation when both men appeared in the Kingston and St. Andrew Parish Court.
The indication of the intention to withdraw charges against Peter and Robert Chin came after AFL pleaded guilty today to multiple regulatory breaches of the Bank of Jamaica, BOJ, and the Banking Services Act.
A sanction on AFL is to be determined by the Court on March 3 this year.
The AFL non-executive directors are charged with various breaches of the BOJ and the Banking Services Acts.
Both Peter and Robert Chin were accused last month of breaching the two acts for allegedly accepting deposits and a lending in US currency without the requisite licence from the BOJ.
Meantime, in reacting to the prosecution’s indication of their intention to discontinue charges against them both Peter and Robert Chin commented, “we have always maintained our innocence regarding the accusations of wrongdoing. We have been doing business in Jamaica for 25 years and have never conducted ourselves in a dishonest manner or participated in any act of malfeasance”.
The Chin brothers made the comment in a statement issued today by AFL.
The statement quoted their attorneys, Queen’s Counsel, Tom Tavares-Finson and Sean Castle, as welcoming the indication by the prosecution of its intention to on March 3 this year drop the charges which were laid on Peter and Robert Chin.
The statement quoted Queen’s Counsel Tavares-Finson as saying that regarding allegations that Alliance Investment Management Limited (AIML) failed to report to authorities several Threshold Transaction Reports (TTR) between 2008 and 2012 and consequently breached the Proceeds of Crime Act, POCA, his clients are “in possession of substantial evidence to prove the allegation as untrue when that aspect of the case goes before the Court”.
The POCA charges laid on AIML have been referred to a case management hearing.
In another development in Court today, Queen’s Counsel Tavares-Finson requested that subpoenas be prepared to have present in Court at a future date, Finance Minister Dr. Nigel Clarke, Bank of Jamaica Governor, Richard Byles and Financial Investigation Division Head, Selvin Hay.
The statement from Alliance also quoted its non-Executive Directors as stating that “AFL is thanking its customers and other stakeholders who have stuck by the company despite the challenges which have arisen and are being navigated, even as the company continues to conduct aspects of its business which are permitted by authorities.”