Financial Institutions Services Ltd. 9 Trinidad Terrace Kingston 5, Jamaica, W.I.
Telephone : (876) 968-7119-20 (876) 929-1120-2 Facsimile: (876) 929 -1123
Background The Asset Disposal Unit was established to divest assets which came under the control of FINSAC through its intervention in the financial sector. These comprise assets belonging to intervened entities as well as those assets which formed part of the underlying security for loans within the portfolio of non-performing loans acquired by Finsac from intervened financial institutions, and which were put up for sale after failure to recover debts through all other collection avenues. Once a decision has been taken to realise the security, the property is offered for sale at public auction by auction houses retained by Finsac. If it is not sold through this route, it is placed with FINSAC's authorised real estate brokers, and the sale process monitored by the Unit. The range of assets includes residential and commercial real estate, hotel properties (or in some cases, shares in companies owning hotels), resort properties, motor vehicles, artwork, and furniture and industrial equipment. For transparency, brokers have been appointed by FINSAC on a non-exclusive basis, to dispose of assets such as real estate, motor vehicles and artwork.
Prior to the establishment of FINSAC, the Government had intervened in and assumed control of the Blaise Financial Entities (1994) and the Century Financial Entities (1996). Part of the deal brokered between the Government and the creditors of these institutions involved the incorporation of Financial Institutions Services Limited (FIS), to which the assets of first, the Blaise Financial entities, and later, the Century Financial entities were transferred, under Schemes of Arrangement approved by the depositors and the Court. FIS was charged with the responsibility of disposing of these assets and managing them pending sale. With the subsequent establishment of Finsac, the operational functions of FIS are now carried out through the ADU.
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