I have no assets overseas, PM says

Ian Allen/Staff Photographer Prime Minister and President of the People's National Party P.J. Patterson makes a point during a press briefing at the party's headquarters on Old Hope Road, St. Andrew, yesterday.

PRIME MINISTER P.J. Patterson yesterday dismissed rumours that he owns properties overseas, saying that he would resign immediately if it could be proved that he had lied to the Jamaican people.

Mr. Patterson, who is also president of the People's National Party (PNP), made the declaration during a press briefing at the party's Old Hope Road headquarters yesterday.

Reacting to rumours that he has real estate in France, Mr. Patterson said there was no basis for the suggestions.

"I have no assets abroad. No real property. No funds. I say that categorically and without any equivocation. And if anybody can establish that I have any such property and can bring proof of it, I will tender my resignation to the people of Jamaica immediately," Mr. Patterson said.

Mr. Patterson's statements came a day after The Gleaner reported that his current assets now stand at just under $30 million.

According to the Prime Minister, there has been no substantial increase in his net worth over the last decade.

He said he has not acquired any new real estate since his 1992 declaration to the Integrity Commission, which put his assets at roughly $3.5 million. Mr. Patterson said the only difference is the increase in the number of bank accounts he now possesses.

The Prime Minister's net worth statement to the Integrity Commission for the years ending December 2001 showed the original price of his assets at $3.3 million, slightly less than the 1992 declaration.

However, with the increase in the value of his properties and the interest accrued on his accounts, the current value of his assets stands at $28.4 million.

Funds in his personal accounts at the National Commercial Bank (NCB), the Bank of Nova Scotia (BNS) and RBTT Bank Jamaica Ltd. amount to $8.4 million. In addition, he has an account with US$37,797 at NCB.

Mr. Patterson also has shares with a face value of $8,288 in Jamaica Producers, NCB, Life of Jamaica, Patriarch Ltd., Beanbrid Lodge, Llandovery Sands Ltd., and Llandovery Ltd.

In addition, he owns a house on Shortwood Road, St. Andrew, which is valued at $12 million; land in Cardiff Hall, St. Ann, valued at $1.2 million; and land in Coral Springs, St. Ann, valued at $1.2 million.

Mr. Patterson also has a $500,000 liability resulting from a loan, he took from the law firm Rattray Patterson Rattray, of which he is a partner on leave.

As Prime Minister, Mr. Patterson is paid an annual salary of just over $2.3 million. He also receives allowances of $454,698 each year.