Alliance Finance pleads guilty, charges against Chins will be dropped

Alliance Finance pleads guilty, charges against Chins will be dropped

A date for sentencing in relation to AFL is to be determined when both men return to court on March 3.

In a statement this afternoon, the men responded to the prosecution’s stated intention to discontinue the charges against them in their personal capacity.

AFL’s attorneys Tom Tavares-Finson, QC, and Sean Castle, were quoted in the statement as welcoming the decision by the Office of the Director of Public Prosecutions to withdraw the charges.

The men said they always maintained their innocence regarding the accusations of wrongdoing. The Chins said they have been doing business in Jamaica for 25 years and that they have never conducted themselves in a dishonest manner or participated in any act of malfeasance

Story Highlights

  • The disclosure came after AFL pleaded guilty to a series of regulatory breaches of the acts when both men appeared in the Kingston and St Andrew Parish Court Thursday afternoon. 

  • Peter and Robert Chin were accused last month of breaching the two acts after allegedly accepting deposits and lending in US currency without the requisite licence from the BOJ.

Meanwhile, Tavares-Finson also responded to allegations that Alliance Investment Management Limited (AIML) failed to report to authorities several threshold transaction reports between 2008 and 2012 and consequently breached the proceeds of crime act.

According to Tavares-Finson, 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 were today referred to a case management hearing. In its statement Thursday, AFL also quoted its non-executive directors as stating that the entity is thanking its customers and other stakeholders who have stuck by the company despite the challenges which have arisen.

Eyebrows were raised in court Thursday when Tavares-Finson, who is president of the Senate and a member of the ruling Jamaica Labour Party, requested that subpoenas be prepared to have present in court later this year, Finance Minister Dr Nigel Clarke, Bank of Jamaica Governor Richard Byles and Financial Investigation Division Head Selvin Hay. Tavares-Finson said he intends to question Minister Clarke, Byles and the FID head in connection with issues that have arisen in the case.