MP Andrew Holness Bought FINSAC’ed House in 2002 as Thousands of Jamaicans Faced Ruin From the Financial Crisis

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On August 10, just before announcing the September 3 general election date, Jamaica’s Prime Minister Dr. Andrew Holness derided the Opposition People’s National Party (PNP) over the high-interest policies of the 1990s, which crippled the financial sector, caused thousands of entrepreneurs to lose their homes and businesses, and cost Jamaica 40% of its GDP.

Addressing a galvanized crowd of Jamaica Labour Party (JLP) supporters, Holness targeted Opposition Leader Mark Golding, whose former investment firm profited during the period, declaring, “No poor person in Jamaica should ever allow that man to touch the economy,” because he and his friends would continue where they left off of “transferring wealth from you to their coffers.” He contrasted this with his own record, “I went through the Jamaican struggle, and I never made any money on the backs of the Jamaican people.”

However, an 18° North investigation raises questions about whether Holness himself may have benefited from the very fallout for which he condemns the PNP.

In 2002, the then first-time Opposition member of parliament and his wife, Juliet — who would later also become a MP and Speaker of the House — purchased a property whose loan had been taken over by the government’s Financial Sector Adjustment Company (FINSAC) and made it their home.