Changes comes amid departure of Peter Chin

The departure of businessman Peter Chin, who has been accused of financial crimes, from the board of Jamaican listed company Elite Diagnostic has resulted in a number of changes to its board committees.

Among the changes are the composition of the Audit and Corporate Governance & Compensation Committee.

Investment banker Kevin Donaldson has been appointed to the Audit Committee in place of Chin. That committee will now comprise William Mahfood, Andre Ho Long and Kevin Donaldson with Ho Lung being appointed the new committee chairman.

Company Secretary Anna Young has advised that Chin has been removed from the Corporate Governance & Compensation Committee. She has also advised that no new members were appointed.

The committee now comprises William Mahfood as chairman along with Andre Ho Lung, Quentin Hugh Sam and mentor, Christopher Bovell. Young has advised the Jamaica Stock Exchange, where the company shares are traded that each of the above committees has a majority of independent, non-executive directors as its members.

The changes were approved at a special meeting of the board, which  was held on Thursday December 23, 2021.

Chin, the president of Alliance Investment Management Limited, and his vice president, Robert Chin, have been charged with carrying on the business of lending foreign currency without being an authorised dealer under the Bank of Jamaica Act.

The two companies owned and operated by the Chins – Alliance Investment Management Limited and Alliance Finance Limited – were also charged in relation to more than 20 foreign currency loans to various entities, totalling approximately US$8 million. These breaches relate to a series of deposits in excess of US$7.5 million over a three-year period – 2014-2017. Alliance Investment has also been charged with failure to file threshold transaction reports which is a breach of the Proceeds of Crime Act.