Jacho Entertainment said yesterday it conducted all foreign currency transactions related to the Vybz Kartel concert “through legal, regulated, and verifiable financial channels”.
“At no time did Jacho Entertainment engage in any form of unauthorised or black-market currency exchange,” a release from the company stated.
Jacho denied any wrongdoing in connection with its use of foreign exchange to finance the One Caribbean Music Festival, and says it welcomes any transparent review of its actions within the remit of the law.
The company described itself as a “fully registered and law-abiding entertainment promotion company,” adding that it maintains “strict compliance with all laws and regulations governing foreign exchange in the Republic of Trinidad and Tobago, including Central Bank guidelines.”
The company acknowledged public statements made by both acting Commissioner of Police Junior Benjamin as well as the Minister of Finance Davendranath Tancoo, regarding an ongoing fact-finding review into how festival promoters accessed foreign currency.
In response, Jacho stated, “We welcome any transparent review conducted within the bounds of law and due process. We remain ready to cooperate with any legitimate inquiry by the relevant authorities.”
Jacho further emphasised that “no formal report or complaint has been made to law enforcement concerning Jacho Entertainment and the transfer of USD.”
It stated that all festival-related payments, including those made to Adidja Palmer (also known as Vybz Kartel), were processed via “lawful and traceable banking procedures”.
The company asserted that “there is no basis in law or fact for any presumption of wrongdoing solely because a private sector entity successfully accessed foreign exchange through proper legal channels.”
Calling for investigations to be grounded in evidence, Jacho said: “Any investigation must be guided by reasonable and probable cause, not mere assumptions. The public interest is not served by engaging in a fishing expedition that targets a legitimate company without any formal allegation or evidence of impropriety.”
The company concluded by affirming its commitment to the entertainment industry, stating: “Jacho Entertainment is proud of its role in promoting Caribbean music and culture and remains committed to transparency, legal compliance, and excellence in event production.”
It also called on public officials and media outlets to “avoid speculation that could unfairly damage the reputation of law-abiding entities in the creative sector.”
Jacho indicated that another media release would have been issued yesterday to address additional questions raised in the public domain.
Fact-finding mission
On Tuesday, Benjamin told the media that the Financial Investigations Branch (FIB) has been assigned to conduct an investigation into how the promoters of the One Caribbean Music Festival secured US dollars to pay Jamaican dancehall star Vybz Kartel and other artistes.
The concert at the Queen’s Park Savannah, Port of Spain, last Saturday was expected to be headlined by Kartel, who concert producer Jacho Entertainment said was contracted for US$1.35 million, of which US$950,000 was paid.
Kartel pulled out of his scheduled concert appearance, citing what he said was the promoter’s failure to fulfil contractual obligations as the reason for his no-show.
The Minister of Finance said over the weekend he was ‘intrigued’ by the quantity of foreign exchange which had been accessed for payments to artistes.
As a result, he said a probe had been initiated by the Ministry into access to foreign exchange by parties involved in producing the show.
Tancoo stated that this probe was a ‘fact-finding’ mission, and that the Government was in support of the private sector and its development of foreign exchange generators.
Benjamin said on Tuesday that the FIB has been tasked with conducting a review of the circumstances, even though there has not been a formal complaint/ report from any parties.
‘Well, the TTPS has not received any formal report of this matter,” Benjamin said. ‘Nevertheless, we continue to look at the matter and I have already engaged the FIB to look into this matter, so we will look into it and see what ramifications come out of it.’
While he did not state what the investigation would focus on, senior officers told the Express last night that it would examine legal issues related to the transaction and if it was conducted under all necessary laws, foreign exchange controls, and financial transparency regulations.
