By Alicia Chamely
JACHO Entertainment, the promotion company behind the One Caribbean Music Festival says all foreign exchange transactions made to pay the concerts expenses and performers were done legally.
The company issued a statement on Wednesday clarifying that all foreign exchange transactions made for the event were done through regulated,legal and verifiable financial channels.
They stated, “At no time did Jacho Entertainment engage in any form of unauthorised or black-market currency exchange.”
The promotion company said, “Our company maintains strict compliance with all laws and regulations governing foreign exchange in the Republic of Trinidad and Tobago, including Central Bank guidelines.”
On Tuesday, Acting Commissioner of Police Junior Benjamin revealed the Financial Investigations Branch (FIB) was investigating the source of the US$950,000 payment made by Jacho Entertainment to Adidja “Vybz Kartel” Palmer.
The US$950,000 was part of the US$1.35 million, being paid to Palmer for his appearance at the One Caribbean Music Festival on 31 March.
Jacho Entertainment said no formal report or complaint had been made to law enforcement regarding their FOREX transactions.
They said, “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.”
Jacho Entertainment said while they are willing to cooperate with any “legitimate “ inquiries, they stressed all investigations must be guided by law and not assumptions.
They stated, “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.”
Jacho Entertainment said another release would be sent out later this week to address questions and speculation within the public domain.
