…full time pay

The government justified the firing of Derick Latibeaudiere on the grounds that his salary was unaffordable.  But based on Sunday Herald’s findings his successor Brian Wynter is getting a similar basic pay while working part time.

The man appointed to succeed Derick Latibeaudiere, who was fired as governor of the Bank of Jamaica (BOJ) after 13 years and 7 months, on the grounds that aspects of his contract were repugnant, is working part time for a full time basic salary of $14.5 million per annum, while living in Barbados.

Under the new arrangement with the government,  Governor Wynter works from Tuesday afternoon to Thursday afternoon each week then flies to Barbados for the weekend before returning to work the following week.

This, although the Government, which is in crucial negotiations with the IMF, has rented an executive suite for him at the Courtleigh Hotel & Suites, which remains unoccupied while he is away in Barbados for much of the week.

It currently costs US$314 or J$28,260 per day, $198,000 per week or $1 million annually to rent a single unit suite equipped with all the executive trappings at the Courtleigh.  The cost of the double unit suite is US$326 per day or $29,340 day, or $205,000 per week and $1.06 million per week.

The Sunday Herald was unable to determine who picks up the tab for BOJ governor Wynter’s weekly travel to Barbados; however the cost is over J$76,000 for a first class seat on Caribbean Airlines from Barbados to Kingston.

Questions and Answers...Click to enlarge view of Minister Shaw's responses to Sunday Herald's questions.

Talk to Minister Shaw

Responding to a detailed list of written questions as  to why he had to go to Barbados on Thursday and return to Jamaica on Tuesday and whether this was an appropriate arrangement, given that he is new in the job and the country desperately needs to complete the IMF Stand by agreement, Wynter through his secretary referred the Sunday Herald to the Minister of Finance.  Minister Shaw did not respond to a list of questions seeking clarification on the issue. [Editor's Note: The list of questions submitted to Minister Shaw was addressed and sent to the Sunday Herald after press time. We have made the Minister's responses available on our online edition.]

Wynter also told the Sunday Herald to refer questions related to who is paying for his suite at the Courtleigh and the airline tickets to and from Barbados to Minister Shaw.

Minister Shaw, who abruptly dismissed the former central bank governor Derrick Latibeaudiere in what has been described without cause by the former governor, however refused to return several calls made to his number about this matter, despite several messages being left.

Wynter, son of Jamaica Labour Party senator, the late Hector Wynter, and who was in charge of capital markets and banking, departed the central bank in 1999 while Latibeaudiere was in the hot seat.  It was not clear why he quit the post.

Those responsibilities were given to Colin Bullock who was later seconded as financial secretary.  Bullock subsequently became the first casualty after Minister Shaw took over the finance ministry, a move which critics say was aimed at removing prominent members of former finance minister Dr Omar Davies’ team.

Wynter became the first executive director of the Financial Services Commission (FSC), which was established in 2002 to supervise the non-deposit taking financial institutions.

During his tenure at the FSC he waged an unrelenting battle against the country’s informal investment schemes before resigning just before the 2007 General Election to take up a position in Barbados.

Rohan Barnett recently succeeded him at the FSC as executive director..