JAMAICA | Shadow Money: The Gaps in Jamaica's Prime Minister Holness Financial Investigation

KINGSTON, Jamaica, October 29, 2024 - In a penetrating investigation that peels back layers of financial opacity, veteran journalist Zahra Burton has exposed critical blind spots in Jamaica's Integrity Commission's probe of Prime Minister Andrew Holness' wealth accumulation.

The investigation, published in 18° North (www.18degreesnorth.tv), reveals how the Commission's narrow temporal focus may have missed the most crucial period of Holness' financial evolution.

At the heart of Burton's exposé lies Admat Incorporated, an offshore company registered in St. Lucia that, between 2008 and 2011, executed property purchases totaling J$57.1 million (US$692,478) without any registered mortgages.

This occurred during a period when Holness' annual salary as Minister of Education averaged a modest J$5.2 million (US$62,513). The Commission's decision not to investigate the source of Admat's funds represents what U.S.-based Jamaican CPA Ian Nelson calls "totally miss[ing] the boat."

The numbers, when laid bare, paint a picture of remarkable financial acrobatics. In 2002, Holness and his wife struggled to put together a J$1.67 million down payment for their first home, requiring two mortgages. Yet by 2007, Holness declared liquid assets of US$472,531 – a transformation that CPA Nelson sardonically describes as the work of a "financial wizard."

Burton's investigation meticulously tracks a series of property acquisitions that strain financial credulity:

• 2008: Admat purchases an Acadia Drive apartment for J$16 million
• 2009: A Beverly Hills lot acquisition for J$15.275 million
• 2011: A US$300,000 Shenstone Drive land purchase

Perhaps most tellingly, during this same period, Admat invested US$100,000 in Government of Jamaica Global Bonds, raising the total unexplained expenditure to J$64.46 million (US$792,478).

The timing of these purchases adds another layer of intrigue. They occurred during the 2008 global financial crisis, when both Jamaican and U.S. markets had plummeted by over 30%. Even more remarkably, by 2011, Holness' liquid assets had mysteriously rebounded to US$460,000, despite no apparent liquidation of assets and his relatively modest income.

The investigation raises particular concerns about the Commission's selective temporal focus. Despite having the authority to investigate historical periods – as evidenced by previous probes dating back to 2006 – the Commission chose not to examine Admat's crucial formative years. This decision leaves substantial questions about the thoroughness of their investigation.

By 2020, the combined net worth of Admat's/Imperium's assets and Holness' personal assets had grown to J$185.9 million (~US$1.3 million) – a J$150 million increase from 2007. The Commission's certification of these assets was done, in their own words, "mainly on the face of what was presented."

Burton's investigation culminates with a revealing discovery about three Holness-linked companies that filed nil tax returns despite showing intercompany deposits and withdrawals of J$473 million (US$3.1 million) and J$427 million (US$2.8 million) respectively between 2020 and June 2023.

The piece closes with an open question about whether Jamaica's Financial Investigations Division or Tax Administration will probe deeper into these financial mysteries. As Burton notes, while the Integrity Commission may have concluded its investigation, the source of Admat's funds remains an elephant in the room that no official body has yet dared to fully examine.

This investigative report stands as a masterclass in financial journalism, demonstrating how the most important stories often lie not in what was investigated, but in what was overlooked. Through meticulous documentation and expert analysis, Burton has illuminated the shadows that persist in the highest echelons of Jamaica's political leadership.

For the complete investigation and more hard-hitting Caribbean journalism, readers can visit 18° North at www.18degreesnorth.tv.

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