The Jamaica Chamber of Commerce (JCC) is recommending that the Corporate Governance Framework for Public Bodies be
KINGSTON, Jamaica — The Jamaica Chamber of Commerce (JCC) is recommending that the Corporate Governance Framework for Public Bodies be embodied in law with appropriate sanctions for breaches, following Tuesday’s release of a damning report from the Auditor General’s Department (AGD) on the operations of the Petroleum Corporation of Jamaica (PCJ) and its affiliate, the state-owned oil refinery Petrojam.
“We further hold that persons responsible for the flagrant misuse of public funds should never again be deemed fit to take up any future office where they will have similar responsibility for the expenditure of public funds,” JCC said in a statement yesterday.
The AGD’s report found that Petrojam could not account for more than 600,000 barrels of oil estimated at just over $5 billion over a five-year period; that the company obtained no value from $17.4 million paid to a consultant to undertake financial and market assessment and financial and future sustainability assessment of Petrojam; and the company financed two “surprise” parties at a cost of $2.6 million which had nothing to do with its operations.
It also revealed a number of deficiencies to include a number of corrupt practices and several instances of nepotism at the oil refinery, inconsistent recruitment and employment practices, instances of management overriding procurement guidelines, poor management of capital investment projects and consultancy arrangements, and inadequate oversight and monitoring.