“Character is like a tree and reputation like a shadow. The shadow is what we think of it, the tree is real.” Abraham Lincoln 

In a stunning turnaround of fortunes, all charges against lead principals of Alliance Investment Management Limited and Alliance Financial Services Limited, Peter Chin and his brother Robert Chin have been dropped and they are free to continue with their lives without the stigma of being labelling perpetrators of financial crimes.

Earlier today all 17 charges where it was proclaimed that they breached the Proceeds of Crime Act (POCA) were dropped by Chief Judge of the Parish Courts Chester Crooks.

 Back in December 2021, the Financial Investigations Division (FID) stunned Jamaica’s business community when it laid charges against Alliance Financial Services Limited (AFSL) concerning several deposits made between 2014 and 2017 said to be in the US$8 million range. The FID further announced that a number of foreign currency transactions were not correctly processed in accordance with regulatory requirements.

On that very same day, the Bank of Jamaica moved swiftly suspending Alliance’s cambio and remittance operating licences.

An issued statement read: “Bank of Jamaica advises that the cambio and remittance operating licences issued to Alliance Financial Services have been suspended effective December 3, 2021 until further advised.

“This has become necessary given the charges recently laid by the FID at the principals of the company. Consequently, on the suspension, AFSL is no longer authorised to conduct the business of buying and selling foreign exchange. AFSL is also not authorised to continue offering MoneyGram remittance services.”

The Chin brothers were accused of lending foreign currency without being an authorised dealer able to do so, as well as accepting deposits without having a licence from the BOJ to enable those transactions.

 The finance house Alliance and its main principals Robert and Peter Chin had enjoyed a good reputation until these accusations. The brothers had assiduously built a reputable business and were favourably regarded in the business community, never having been embroiled in malfeasance.

Perhaps some minor technical infractions may have taken place but nothing to warrant the severity of the criminal charges and the closing down of their businesses.

There can be little doubt that the charges damaged their reputation and crippled their businesses. Over the last two years, the Chins have endured hell as they maintained their innocence and tried to salvage their honour and reputation. It must be made clear here that Alliance Investments and Alliance Financial Services are two separate operations.

 By April 2022, four months after the charges were made against Alliance, Sagicor Investments Jamaica moved with rapier speed to purchase Alliance’s securities dealer books of business, with Sagicor already completed the purchase of 100 per cent of the shares in Alliance Financial Services Limited having fulfilled all due diligence and regulatory requirements.

Sagicor Group Jamaica’s President and CEO Christopher Zacca said, “This latest acquisition of the Alliance Investment book of business will further expand Sagicor Investments Jamaica’s client base and allow us to offer the best possible service and investment returns to our new investment clients.” 

Today, was a good day for the Chins with all criminal charges in the Kingston and St Andrew Parish Courts against them dropped.

Represented by leading criminal attorney, Tom Tavares-Finson KC, it was made known that the Chin brothers had reported the transactions in question and have remained above board conducting themselves without criminal intent. There was no real case here and the FID incompetently mishandled this case with no evidence to show.

Attorney Tom Tavares Finson said: “The allegations were the company failed to file threshold transaction reports, some 17 of them which require the organisation to report transactions over US$15,000. This matter has been before the court from 2021 and as a result of it the Alliance Group has had to essentially close its organisations and sell them. So these charges have destroyed the Alliance Group and essentially destroyed the careers of two of Jamaica’s leading financiers, Peter Chin and Robert Chin.” 

Speaking to Our Today from New York, Mark Kappart said: “It isn’t too hard to tell what occurred here. One only has to connect the dots and pay attention to the names in this sorry story of the ruination of two reputable men’s lives. It would not escape your attention of the speed and alacrity in bringing these charges against the Chins and the way in which their businesses were consumed. It has to be one of the quickest in the history of Jamaica. 

“Literally in less than two hours after the FID  announced the charges, the BOJ shut down Alliance’s cambio and remittances licences. Why such haste? FID, BOJ and the FSC have a lot of egg on their faces and once again we see the sheer incompetence of  Jamaica’s financial regulators. Can they be trusted in the future?

“The SSL imbroglio readily springs to mind. Up to now there have not been a number of charges and the case remains opaque yet the Chins were expeditiously hung drawn and quartered. Was there a vendetta against them? Was this a ruse to tear their businesses from them and sell them on the cheap? They were charged and their businesses divested in less than six months. It has well been over a year and nothing substantial has come out from an evident case of theft and fraud at SSL. The CEOs don’t know what occurred under their watch, the management and staff were unaware of the skullduggery taking place and the regulators have no answers. How can you ever trust Jamaican regulators to do their jobs efficiently? What do you think the international finance and business community will make of this?

“Robert and Peter Chin’s lives have been irrefutably damaged, their reputations impugned. How will Jamaica make amends to them? The BOJ is normally very measured about how it goes about things. It is not quick to take action, just look at the situation with the ABMs. Yet it shut down Alliance with lightning speed with it being sold to Sagicor in some speedy horse-trading.

“Other finance houses will be looking on and wondering can the BOJ remain circumspect and neutral. Its judgement will be questioned. Questions must also be asked of the FID and the FSC. They both messed up badly here and must be held to account.”