J’cans can’t get payments from JA/Euro Bond investment

[evanovitch]

J’cans can’t get payments from JA/Euro Bond investment
Thursday, 12 February 2009

Local investors in the Government of Jamaican 200 Million Euro Bond are demanding answers from the Ministry of Finance after being unable to access the funds they invested with the Government.

The investors complained to the Finance Ministry Thursday that they have not been credited with the principal or interest payments of 10.5% which should have been credited on Wednesday.

In a statement Thursday afternoon, the Finance and the Public Service Ministry stated that it is investigating the complaints to ascertain the reasons for the delay.

The Ministry said while the payment of 221 Million Euros was due Wednesday, the Government credited the paying agent, Deutsche Bank AG in Frankfurt Germany on Tuesday.

This is in conformity with the stipulations of the agreement.

The Finance Ministry said the bank confirmed receipt of the funds on the same day.

It further stated that it has fulfilled the requirements under the agreements with local investors.

[Dr.Dudd]

Re: J’cans can’t get payments from JA/Euro Bond investment

The bank may not be able to come uo with it yet,wiotg the market conditions being as they are.
They may have use it to pay others that was in line waiting before the Jamaicans.

[evanovitch]

Re: J’cans can’t get payments from JA/Euro Bond investment

payment dates on bond issues r staggered depending on when issued...so mi a wonda how much chubble di issuer is een ?

[Dr.Dudd]

Re: J’cans can’t get payments from JA/Euro Bond investment

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">payment dates on bond issues r staggered depending on when issued...so mi a wonda how much chubble di issuer is een ? </div></div>Well us a German Bank, and they are un really bad sityation. And remember that the Jamaicans cannotclaom anuthung from Jamaican government,and they can't all fo to germany. It may cost them more than the check.

[evanovitch]

Re: J’cans can’t get payments from JA/Euro Bond investment

mi need fi research some fineprints but dont the govament r should i say, dose who seem to advise di govament etc, gi TACIT approval and recommendation of some of dese bond buying

[Dr.Dudd]

Re: J’cans can’t get payments from JA/Euro Bond investment

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">mi need fi research some fineprints but dont the govament r should i say, dose who seem to advise di govament etc, gi TACIT approval and recommendation of some of dese bond buying </div></div> No. Government can't stop it. as long as they people know who the spons9rs are,tyey get theor broker to buy it. The reason why they went to Europe was because they did not want Jamaicans to buy it.
Since they hace to buy up lots of foreign currency to do ut,and that force down the jamaican dollar, But as long as they don't allow it to be sold locally in local currency, the people who want the high intrest rate and know that Jamaican paper are hood,will always buy it.

It is a pity more of us the foreign Jamaicans don't biu ut up. But we don't seem to look beyond our noses.