The director of investigation examined over three thousand six hundred (3600) transactions in respect of approximately twenty-eight (28) bank accounts which, either were or are presently associated with Mr. Holness. A number of witnesses were interviewed while witness statements were requested from several others, resulting in the recording/submission of over eighty (80) witness statements.
Judicial Hearings were also convened with some witnesses. Requests for explanation, pursuant to Section 14(5) of the Corruption Prevention Act were also made of Mr. Holness.
The process of examining Mr. Holness’ 2021 statutory declaration for the purpose of certification and publication, commenced in 2022. On September 30, 2022, the Commissioners, as part of this process, had cause to refer the matter to the DI for investigation, out
of the concern that said declaration was incomplete due to omissions. The DI found that there were indeed omissions of bank accounts from Mr. Holness’ statutory declaration, which rendered the referenced declaration incomplete and inaccurate.
Further, and having regard to the complexity and the volume of the
transactions involved with respect to Mr. Holness’ statutory declarations, an independent international forensic accounting examiner was engaged by the Commission, to determine, among other things, the nature and extent of the interplay between Mr. Holness and three connected companies , namely, Imperium Investments Holdings Limited, Estatebridge Development Company Limited and Positive Media Solution Limited. Based on the volume of the transactions observed in the bank accounts owned/associated with Mr. Holness and the referenced three companies, the forensic examiner took approximately six (6) months to complete his examination and submit his report. During the course of the investigation, it was established that Mr. Holness was required to file statutory declarations with the Commission, at the material time, which he did. It was also found that, Mr. Holness: (1) failed to include in the statutory declarations, certain bank accounts he jointly held, rendering said declarations inaccurate and incomplete; (2) acquired an asset in 2019, for which the source of funding has not been satisfactorily explained; (3) When his assets, liabilities and income are taken together for year 2022, the analysis revealed what appears to be unexplained growth in his net worth; and (4) held assets in Imperium Investments Holdings Limited (hereafter referred to as Imperium) which made investments in two
(2) associated companies. The operations of these companies gave rise to tax compliance, and other concerns, around the source of
funding for the operations of same. Compliance issues were also found in respect of the practices of one financial institution, regarding a loan facility it provided to Mr. Holness.
An analysis of the assets, liabilities and income held in Mr. Holness’ name as disclosed to the Commission by way of his statutory declarations reflected unexplained changes in his net worth, that is, changes that cannot be accounted for by declared assets, liabilities and income, over the time period 2018 to 2022. Particularly, in the year 2021, Mr. Holness’ had unexplained growth in his Jamaican dollar (JMD) net worth of approximately J$67,313,566, prior to adjustment. There was, however no growth in Mr. Holness’ United States Dollars (USD) net worth.
It is to be noted that in 2021, Mr. Holness changed the format of reporting
his assets in his statutory declaration, in this sense, he started declaring his total investments in business activities in JMD instead of distinctively USD and JMD. When both Mr. Holness’ USD and JMD net worth are added, an overall reduction in his personal (held in his name only) net worth of negative (–) $10,460,446 was observed for 2021, and negative (-) 5,398,891 was observed for 2022.
With respect to the shareholders of Estatebridge, the DI’s enquiries reveal that Mr. Norman Brown is the Board Chairman of both the Housing Agency of Jamaica (hereafter referred to as HAJ), and Urban Development Corporation (hereafter referred to as UDC), and Director at National Solid Waste Management Authority, Montego Bay Freeport, and Western Parks and Markets, among other entities. Sydjea Anderson and Mr. Adam Holness are the sister and son of Mr. Holness, respectively.
The DI highlights that both HAJ and UDC are agencies within the Ministry of Economic Growth and Job Creation (MEGJC), a Ministry which falls under the portfolio responsibility of Mr. Holness. We will come to the issue of the conflict of interest implications raised on these facts later. The DI enquiries revealed that Estatebridge was registered under JM Industrial Classification 45210, to be engaged in the construction, repair, and alteration of buildings. The DI examined the account opening documentation in respect of the accounts associated with Estatebridge and found that two directors, Norman Brown and Sydjea Anderson along with Mr Holness were initially the signatories to the NCB current and savings account held by Estatebridge, at the time they were opened, on November 9, 2020. The NCB Captial Markets Institutional Global Account Opening Form and the Client Account
Opening Agreement, both dated January 11, 2021 and obtained from the duly authorized officer at NCBCM, however, indicate that Mr. Holness was the sole individual authorized to act on behalf of the Company and signed the document as CEO/Managing Director/Executive Director. Mr. Holness was removed as a signatory on November 15, 2022, on the basis that Imperium was no longer a majority shareholder. The Evidence shows that Norman Brown and Sydjea Anderson are signatories on all accounts held by Estatebridge.
Excerpts from the Integrity Commission investigation into statutory declarations submitted by Mr Andrew Holness