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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : Enraged Debtor says ...ney ( RJR )...</span>
An enraged witness took the stand at the FINSAC Commission of Enquiry at the Jamaica Pegasus Hotel in Kingston yesterday. The witness, Jean Desulme, said he was milked of $29 million after a FINSAC appointed receiver took over his business.Mr. Desulme told the Commission that his treatment was nothing short of unfair.He admitted that he had difficulty re-paying loans borrowed from National Commercial Bank (NCB) on behalf of his two companies - Thermo Plastic and Plas Plak - in the 1990's.But he insisted he was not bankrupt. Over-billedMr. Desulme explained that he met with officials from NCB and it went smoothly so he was alarmed when he returned to his company and was denied entrance.He said that was when he found out that NCB had appointed a receiver, Richard Downer.According to Mr. Desulme, things got worse because while under receivership, his company was defrauded $27 million as the receiver over-billed his company."He appointed himself as a trustee and he proceeded to steal my money ... he stole more than $2 million that I had in my pension savings," Mr. Desulme said. Companies abusedHis attorney Anthony Levy also presented documents to the Commission to show that when the Jamaica Redevelopment Foundation (JRF) terminated Mr. Downer's service and replaced him with the late Douglas Chambers, he agreed that Mr. Desulme's companies were "abused"."The findings found abuse done by Mr. Richard Downer while he was receiver/manager of Thermo Plastics. As I mentioned, this question of over billing continued throughout the period of receivership while Mr. Downer, who was sucking money out of the company, was going to the bank to ask then to increase his overdraft," Mr. Desulme added.Mr. Downer is expected to testify at Thursday's sitting of the Enquiry but he requested a private hearing, a request the commissioners have granted despite complaints from Mr. Levy.
<span style="font-weight: bold"> Confirmed : Enraged Debtor says ...ney ( RJR )...</span>
An enraged witness took the stand at the FINSAC Commission of Enquiry at the Jamaica Pegasus Hotel in Kingston yesterday. The witness, Jean Desulme, said he was milked of $29 million after a FINSAC appointed receiver took over his business.Mr. Desulme told the Commission that his treatment was nothing short of unfair.He admitted that he had difficulty re-paying loans borrowed from National Commercial Bank (NCB) on behalf of his two companies - Thermo Plastic and Plas Plak - in the 1990's.But he insisted he was not bankrupt. Over-billedMr. Desulme explained that he met with officials from NCB and it went smoothly so he was alarmed when he returned to his company and was denied entrance.He said that was when he found out that NCB had appointed a receiver, Richard Downer.According to Mr. Desulme, things got worse because while under receivership, his company was defrauded $27 million as the receiver over-billed his company."He appointed himself as a trustee and he proceeded to steal my money ... he stole more than $2 million that I had in my pension savings," Mr. Desulme said. Companies abusedHis attorney Anthony Levy also presented documents to the Commission to show that when the Jamaica Redevelopment Foundation (JRF) terminated Mr. Downer's service and replaced him with the late Douglas Chambers, he agreed that Mr. Desulme's companies were "abused"."The findings found abuse done by Mr. Richard Downer while he was receiver/manager of Thermo Plastics. As I mentioned, this question of over billing continued throughout the period of receivership while Mr. Downer, who was sucking money out of the company, was going to the bank to ask then to increase his overdraft," Mr. Desulme added.Mr. Downer is expected to testify at Thursday's sitting of the Enquiry but he requested a private hearing, a request the commissioners have granted despite complaints from Mr. Levy.