Edmond Campbell, News Coordinator

( L - R ) Bunting, Shaw

TEMPERS FLARED and a verbal clash ensued between Government and Opposition members inside Gordon House yesterday, during Finance Minister Audley Shaw's closing presentation in the 2008/2009 Budget Debate.

Shaw charged that the previous administration entered into a sweetheart deal with investment firm Dehring, Bunting and Golding in 2004, an allegation that enraged Opposition spokesman on industry and commerce, Peter Bunting, who was chairman of the entity at the time.

The finance minister went on to give details about the transaction, at which time Bunting, shouting across the floor of the House, challenged Shaw to step outside the chamber of Parliament and repeat the allegations without parlia-mentary privilege.

Names forthcoming

Speaking with The Gleaner after yesterday's sitting of Parliament, Bunting said: "I challenge Mr Shaw to prove that he is not a coward ... by repeating exactly what he said in relation to those alleged sweetheart deals. Go outside of the House and then endure the consequences."

Shaw also told the House that he would shortly be announcing the names of persons who would be presiding over the commission of enquiry into the Financial Sector Adjustment Company Ltd (FINSAC), which was established in the 1990s to handle the financial sector crisis. During that time, FINSAC took over scores of financial entities, selling their assets at reduced prices.

Prejudiced treatment

More controversy erupted when Shaw claimed that borrowers from the failed financial entities, including individual mortgagors, companies and other business entities, were treated differently, depending on their connection.

He said some had loans reduced or written off while others were forced to pay high interest rates.

When Shaw sought to provide a specific example, former finance minister and Opposition finance spokesman, Dr Omar Davies, rose on a point of order. He said the finance minister was misleading the House and should, therefore, withdraw his remarks.

Davies said the sale of the bad loan portfolio came after a public invitation to bid, and anyone was free to bid for that bad loan portfolio.

edmond.campbell@gleanerjm.com