Prime Minister Andrew Holness is rejecting a recent finding published by the Integrity Commission in its report that there was an ‘unexplained’ growth of some $1.9 million based on an analysis done on assets, liabilities and income for 2022.

He said he will be taking legal advice on the Integrity Commission’s report and its recommendations.

The Integrity Commission, in its report, said its director of investigation (DI) has concluded that based on: “the analysis, conducted on Mr. Holness’/Imperium’s assets, liabilities and income for the year 2021, there does not appear to be any unexplained growth in net worth. In 2022, however, the DI found what appeared to be unexplained growth in Mr. Holness’/Imperium’s net worth of just over $1,930,000. The DI’s conclusion is premised on the fact that based on the evidence available to him (inclusive of explanations provided), the increase observed in Mr. Holness’ asset or net worth cannot, without more, be justified by his known income and liabilities.”

It further noted that DI was, however, hindered in his attempt to fully resolve this issue on the basis of Holness’ refusal to provide him with a breakdown of his expenses for the period covered by the investigation.

“This refusal on the part of Mr Holness, inhibited the DI’s ability to make a more comprehensive and final assessment of Mr Holness’ assets, liabilities and income. In other words, the DI was not in a position to determine what portion of Mr Holness’ income was used for living and other expenses and therefore, not available for asset acquisition,” the Commission said.

Additionally, the anti-corruption agency said: “Further, the questions surrounding the use of funds belonging to Positive Jamaica Foundation to purchase (in part) a bond worth US$94,000, and the operations of companies with which Mr Holness is/was associated, and which he named as the source of funds to acquire particular assets, would also need to be resolved by the relevant entities before the DI can make a final conclusion on the question of illicit enrichment. Significant financial transactions were seen among three of the referenced companies, namely, Imperium, Positive Media and Estatebridge. More particularly, the evidence indicates deposits and withdrawals totalling over $473,000,000 and $427,000,000, respectively, between 2020 and June 2023.”

However, Holness is now challenging the findings put forward by the commission.

“I reject this finding based on materiality and significance, and while I have not had a chance to fully review the specifics of their calculations, just a cursory review of their formula, I have seen an error in figures that they have used in their calculations, and therefore I challenge this finding on incorrect use of data. I reject the finding that I acquired an asset for which the source of funds is not adequately explained. The commission in its own report pointed out that this whole episode started with an incorrect statement from a bank. A bank gave a balance verification that I had funds in US dollars, which was incorrect; so too was the asset in question, the subject of errors by the financial institution that manages the asset.

While I authorized the transaction from the outset of the acquisition of the asste in 2020, I was unaware that the financial institution has assigned an amount in error to my account from an associated company. A year later, the investment instrument, a bond, was called by the insurer, and the financial institution made an error and pooled my funds with the associated company. As soon as I discovered this pooling, which is acknowledged in the report, I alerted the institution and instructed that the accounts be correctly separated. However, the initial incorrect assignment was not corrected at that time. I only became aware of the discrepancy when the institution alerted me in June of this year, and once it was brought to my attention, the funds in question were correctly assigned to my account in 2019,” Holness said in a statement to Parliament on Tuesday.

The Prime Minister further rejected the claims by the Integrity Commission that he has hindered the director of investigations in fully resolving the issue.

“Let it be known that I have complied with any obligations placed on me within the law. As far as I am aware, the company in which I am directly associated is compliant and up to date with its filings,” Holness said.

The Prime Minister maintained that he has worked hard, wisely and honestly to achieve whatever he has and said he has never depended on the public purse.

Holness said the handling of the Integrity Commission’s investigation and the public resources used to pursue it is a cause for concern on many levels. He added that while he will not pursue the view that it is politicized, it is commonly agreed that the law governing the Integrity Commission is in urgent need of revision.

“The current context has weakened its integrity and we must ensure that the appropriate laws are in place to prevent the politicisation of the commission and to support the commission in its role,” he noted.

After some three years, a report in relation to Holness’s uncertified statutory declarations for the years 2019-2022 was tabled in Parliament.