Jamaican medical imaging company, Elite Diagnostic is seeking to explain the departure from its Board of Directors of businessman Peter Chin, who is before the courts on financial crimes.

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.

In a press release, which was published on Friday (December 17), Elite Diagnostic pointed out that at the company’s annual general meeting (AGM) held on Tuesday, a resolution to re-appoint Chin as a director of the company was not carried by the shareholders present.

Chin offered resignation prior to AGM

The company stated that it wished to “publicly note that in advance of the AGM, Chin had in fact offered his resignation from the board of Elite, pending the outcome of the action brought against him and his company.”

The press release noted that while the board had not met to consider Chin’s offer to resign before the AGM, polling of its members confirmed its confidence in his ability to continue to serve the company, as he has done with dedication over the years and on the basis that natural justice demands that ‘a person is innocent until proven guilty’.

“Notwithstanding, the company respects the wishes of its shareholders and has taken the necessary steps to implement their decision. In that regard, the Jamaica Stock Exchange has been duly notified,” the press release indicated.

The board and management expressed their appreciation for the acumen and skill Chin brought to the direction of the company and wish to assure him of its continued support. 

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 (POCA).