PM puts assets at $34.8m
By Lavern Clarke, Staff Reporter

Patterson

PRIME MINISTER P.J. Patterson is considerably richer than he was a decade ago, with a current net worth of just under $30 million.

The Prime Minister is expected to declare to Jamaica by the latest today that he has assets amounting to $33 million, plus US$37,000 for a total of $34.83 million. In 1992, he declared assets of $3.5 million.

His current holdings include, but are not confined to a house on Shortwood Road, upper St. Andrew, and other real estate, 10 bank accounts, some $10,000 worth of stocks and shares in major companies such as National Commercial Bank, Jamaica Producers and Life of Jamaica; and approximately $100,000 in what appears to be share capital in Rattray, Patterson, Rattray, the Kingston law firm of which he is a partner. A properly maintained home in the PM's neighbourhood, real estate experts say, is worth between $18 million and $20 million.

However, Mr. Patterson, a Queen's Counsel, will also declare a $5 million loan from his law firm, which accounts for his net worth falling below $30 million. As Prime Minister, his salary is $2.3 million a year. He is on leave from the law firm.

Rumours have been circulating that Mr. Patterson owns property in Europe, but last night sources within his circle emphatically denied it.

"He has no assets, no property, no accounts outside of Jamaica," The Gleaner was told. "No overseas interests whatsoever!"

The PM's decision to publish his assets and liabilities comes a week after The Gleaner wrote to the leaders of the four main political parties asking for a declaration of their financial standing as well as comments on their positions on public financial declarations for political representatives, especially those selected to be part of their administration. His team has been sifting through the information over the last two days, prior to releasing the details.

United People's Party president, Antonnette Haughton-Cardenas, an attorney-at-law, took a cursory look at the questions and told The Gleaner her answers to all the questions was a blanket "No." Educator Hyacinth Bennett and the Rev. Al Miller of the National Democratic Movement-New Jamaica Alliance, accepted the questions but have not returned calls asking for the responses.

And, Opposition Leader, Edward Seaga, whose party is giving the governing PNP a strong fight in the election campaign, is yet to say whether he would be commenting.

Mr. Seaga, whose Premium Investment group is known to be in debt, had said publicly that he would not accept office as Prime Minister if the resort property within the group, Enchanted Gardens, had failed to discharge its statutory liabilities.

He has since announced that a deal was pending for the property's sale, and that the liabilities would have been discharged under the agreement. But the time-frame within which he gave for the deal to be closed, has come and gone.

The extent of Mr. Seaga's indebtedness is unknown, but the PNP on Thursday took out an advertisement asking the JLP leader to answer questions on whether he owed a combined $46 million in NIS, NHT and HEART Trust contributions, and rental to a Mutual Life subsidiary.

Additionally, Mr. Seaga is contesting whether a $30 million assessment of outstanding GCT, plus interest, owed by Enchanted Gardens, is an obligation on him or DHC Hospitality, the company that was managing the property at the time the debt was incurred. The matter is being appealed.