Kenneth Tomlinson of Business Recovery Services Limited, who has been appointed receiver and empowered by the Supreme Court to recover and distribute assets owed to Venezuela in Jamaica, indicates that the company is not yet positioned to disclose all assets being targeted.
“We are not in a position to make a comment at this time,” stated Kenneth Tomlinson, CEO, Business Recovery Services Ltd & BRSL Consulting Services Ltd, in a response to the Jamaica Observer.
The company’s latest project, however, is to collect, under assignment from the Supreme Court, funds owing to Caracas and state enterprises. Reportedly excluded are funds owed to Caracas for Petrojam Limited.
Since about April 2019, the Government of Jamaica has been holding in an escrow account an undisclosed amount deposited as payment after it expropriated the 49 per cent shareholding in oil refinery Petrojam Limited which was held by Petróleos de Venezuela, SA (PDVSA), the Venezuelan state-owned oil and natural gas company.
No update has been secured about Venezuela’s search for US$250 million in compensation for that country’s 49 per cent stake in Petrojam, taken back by the Jamaican Government under the Compulsory Acquisition (Shares in Petrojam Limited) Act of February 2019.
St Michael Hylton, who was attorney representing PVDSA in that year, told the Business Observer, “I am afraid I am unable to assist with answers to any of these questions.”
A July 15, 2021 order appointed Tomlinson as interim receiver, essentially to search for and establish the existence of assets.
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