So EU give them loan to help Farmer Tranformation

[Assasin]

and the tief them lend themselves and board members at the expense of farmers who are paying 35% interest rate and can't get loans.

Welcome to the progressive Jamaica where it is all above board and nobody go a jail as there is no conflict of interest.

[Assasin]

can someone move this for me to the other forum? Thanks in advance.

[Don1]

Damned Termites...Dem juss ah nyam dung di place eeh

[Gamma]

before I go there I would want to know a couple of things:

1. was anyone denied a loan, if so what for;
2. are funds still available for farmers
3. does the programme ensure that the monies are spent for the purpose which the loan was sought?

if he qualifies for a loan I do not think that he should be exempted from applying for one but not to the detriment of other farmers.

[Assasin]

The problem is, not only the permanent sec. get loan but board members as well. You can't have these people giving out loans and giving first dip. There is always going to be conflict of interest. Even if there is no laws, it just don't pass the smell test.

I also understand the same PC bank was bailed out by billions earlier this year. Understand the EU going to do their own investigation but this is the kind of thing that affects our farmers.

From what I hear it was suppose to be a revolving fund where people pay back the loan but it seems like the money done. This is what get me

"He said the commercial banks remain reluctant to lend to farmers, and that even credit unions were lending at high interest rates. He cited one example of a credit union in Yallahs, St Thomas, that he said was charging 34 per cent interest on loans to farmers, despite the ministry's intervention. He said the banks have not budged, because they "don't understand agriculture" and were skeptical of the venture due to lack of collateral, among other risks."

and we talking bout production???
http://www.jamaicaobserver.com/news/...riety_19228069

[Rudi]

Even if one has purely honest and legitimate intent I don't see how one can sign off on a loan to himself or colleagues from the same entity. Does not pass the smell test even if legal in JA. Would be illegal in most jurisdictions as a blatant conflict of interest.

[Gamma]

So the bank manager has to go to another bank to get a loan facility? I am not condoning it, I am just saying that if they are eligible and in this case the loan was available to specific persons for specific reasons why not?

It merits heightened scrutiny but I don't think it should be prohibited tied per se. Let's say they registered as cane farmers the week before or if they are not servicing the loan or if the loan was not being used for the designated purpose

[Assasin]

When the directors all getting loan and the clients can't and the bank is in bail out, something smell fishy. Directors and Permanent sec. etc can't be the first priority.

[Assasin]

Take a look at this brethren.

http://jamaica-gleaner.com/article/n...l-credit-board

[Rudi]

Does not pass the smell test. The irony is that after the bailout the directors will be recycled to some other entity
And so it goes on. Hell of a way to run a railroad(country).

[Gamma]

Seeing the fallout .... SMDH

[Rudi]

What I am reading this morning is borderline criminal to me. Moreso when you think of what the bank was intended to do: help farmers. At some time an example has to be made or else the recycling will continue. Disgusting.

[Gamma]

there is no borderline rudi. i offered the benefit of any doubt seeking only answers to 2 or 3 specific questions. well, if true, this is very telling. it is a pattern and practice. it is consistent with the lightbulb scandal, it is consistent with outameni ..... access to scarce benefit and spoils is the order of the day...

[Assasin]

This is the kind of behavior that also lead to FINSAC. I will talk again about the Blue Mountain Coffee farmers, The Cocoa farmers to name a few. People take out loan at 35% when it could have been 10 percent. That makes the difference between profit and loss and losing one's home, while some people pay themselves and get government bailout. Honest working farmers and entrepreneur feel the brunt of these actions.

When will it end?

[Rudi]

The problem is it keeps happening. JAG Smith went to jail because they said he crossed the line. Where is the line now?