The Opposition Spokesman on Finance, Dr. Peter Phillips, says lawyers are attempting to resolve issues concerning an outstanding multi-million dollar letter of credit issued to Jamaica by Noranda Bauxite which has lapsed.
Dr. Phillips is also chiding Finance Minister Audley Shaw, who last week blasted the former administration for making a costly mistake in allowing the USD$5-million letter of credit to lapse.
Phillips, who up until February 25 served as Finance Minister, responded last evening while speaking at the PNP’s Springfield Divisional meeting at the Vauxhall High School in East Kingston.
This is Audley Shaw closing the budget debate last week and lashing out at the former PNP administration.
Dr. Phillips is distancing himself from the blunder.
He says the Finance Minister should have been more judicious in his comments because the matter is the subject of dialogue between attorneys representing tax authorities in Jamaica and Noranda.
The Opposition Spokesman says Shaw was playing politics with the future of Jamaica.
Dr. Phillips says Mr. Shaw’s comments attempting to lay the blame on the former PNP-administration for the potential squandering of $625-million is not right.