Montague: No Airport Authority of Jamaica/First Rock Breach

Transport Minister, Robert Montague says the Airport Authority of Jamaica, (AAJ) did not deliberately or knowingly breach the public body’s management and accountability regulations. The Minister also says a reconsideration of the investment is being done based on the information in the public space. This although he says they have no intentions to hurriedly sell their shares while the market remains volatile.

Speaking in Parliament on Tuesday, November 9 the Minister says the Airport Authority of Jamaica board acquired shares through private and public offers in 2019 and 2020. He notes the perceived breaches of the Public Bodies Management and Accountability Act, (PBMA) were due to frequent changes to the AAJ’s investment policy. However, Minister Montague notes the board did not knowingly or deliberately breach the regulations.

The Minister says the total investment made by the Norman Manley International Airport, (NMIA) in first rock was 28 .5 million shares costing 2.9 million USD. He says up to June 2021, the AAJ group earned 2 percent per annum in shares, and represent 2.9 percent of the AAJ’s investment portfolio at the time.

He says they have however been reconsidering the investment given the public outcry. Montague says there is no intention of selling the shares at a loss.

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