Current Affairs

Current Affairs




Patterson releases his personal finances
Observer Reporter
Friday, October 11, 2002



PRIME Minister P J Patterson last night released a statement of his financial status as of Nomination Day, September 30.

A statement from the ruling People's National Party said it was an update of that sent to the Integrity Commission at the end of December last year.

Money in the prime minister's personal accounts at the National Commercial Bank, the Bank of Nova Scotia and RBTT Bank Jamaica Limited, amount to $8,3287,425.77.

In addition, he has an account with US$37,797.07 at National Commercial Bank.

Patterson also has shares with a face value of $8,288.50 in Jamaica Producers, National Commercial Bank, Life of Jamaica, Patriarch Limited, Beanbird Lodge, Llandovery Sands Limited, and Llandovery Holdings Limited.

"Real estate owned by the prime minister consists of a house at Shortwood Road in St Andrew, purchased for $45,000, and now valued at $12 million; a lot of land in Cardiff Hall, St Ann, purchased for $7,000 and now valued at $1.2 million, and also a lot at Coral Springs in St Ann, purchased for $6,000, and now valued at $1.2 million," the statement said.

In addition, Patterson owns two lots of land at Retreat Heights in Trelawny, bought for $20,000 and now valued at $1.2 million each. He is constructing a house on these lots with a loan from the law firm Rattray Patterson Rattray, and which accounts for his liabilities amounting for $5,000,000.

According to the statement, Patterson reported that he has investments of $75,000 in Rattray Patterson Rattray, and $18,000 in five acres of land in Braeton, St Catherine, through Rattray Patterson Rattray.

His personal paintings are valued at $1,000,000, while the cash surrender value of insurance policies Patterson has with Life of Jamaica and Island Life is $4.1 million.

Patterson, the statement added, declared that he holds no property, funds or other assets overseas.