Jamalco has taken serious issue with the purportedly misleading news report in last Sunday’s Gleaner (5^th December 2021), claiming that there were missing funds at the Noble Group and Clarendon Alumina Production (CAP) joint venture based on a review prepared by CCA Capital Partners.

In a statement late Thursday (December 9), Jamalco argued that the article stated that the document from CCA constituted a ‘preliminary’ review, and hence it would have been expected that the damaging claims about Jamalco would have been checked before publishing.

“The CCA report was incomplete based on fundamental misinterpretations of the information provided by Jamalco and published before all the required information had been disclosed. Had CCA or the former board of Clarendon Alumina Production Limited (CAP) provided this report to Jamalco for review, the organisation would have been able to conclusively address this error,” the entity rebuffed.

“However, this was not done. Jamalco was provided with the CCA report after the publication of the article. The Management has submitted to the new Board of CAP a full reconciliation of the alleged ‘gap’ and has offered to subject this analysis to review by a reputable, internationally recognised accounting firm, should this be required.
Jamalco, GAJ and CAP have all been audited by reputable, internationally recognised accounting firms for the periods 2017 to 2020, with no negative findings identified,” Jamalco added. 

Managing Director of Jamalco, Austin Mooney, has stated that the Sunday Gleaner article and the CCA Capital Partners report provided to Jamalco by CAP “Has incorrectly called the financial integrity of Jamalco into question and caused significant reputational damage. There is not a US$100m missing from Jamalco and we intend to take all necessary steps to prove the claims are false and hold those responsible for the claims to account.”