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Financial News

Apr 2009 Financial News

Wehby heading back to GraceKennedy

Apr 03, 2009

Senator Don Wehby is quitting government and heading back to Grace-Kennedy by yearend, impeccable sources tell the Financial Gleaner.

Our source who spoke on condition of anonymity said Wehby was not prepared to extend his two-year assignment working with the Bruce Golding administration.

The Senator, who has familial ties to GraceKennedy through marriage, was released by the company in 2007 to help the Golding administration manage the country's finances.

Wehby is one plank of a three-member team at the ministry, which is headed by Audley Shaw.

"He made a two-year commitment and he has enjoyed it extensively but his commitment is now up and he will be returning to the private sector," said the source.

Still, it wasn't immediately clear in what role Wehby would return to the company, which just months ago gave his old job, CEO of GK Investments, to Courtney Campbell.

However, Wehby was also deputy CEO and seen as the successor to chairman and CEO Douglas Orane when he chooses to depart the company.

No orane departure date

For now, there is no hint of a departure date for Orane.

Wehby on Thursday refused to confirm or deny the reports.

"I cannot comment on it at this time. The appropriate thing will be made by the prime minister and I am sure the company I am returning to," he said.

Within the finance ministry his portfolio is diverse. Not only is he responsible for ensuring that fiscal discipline is maintained - including meeting spending targets and keeping the national debt in check - the senator is also responsible for drafting a framework under which Jamaica can launch an offshore banking centre; reforming the budgeting process, and he is in charge of restructuring and getting Air Jamaica sold.

He said this week that a deal will now not happen until June 2009.


Source:
dionne.rose@gleanerjm.com
Jamaica Gleaner
Friday April 3, 2009

http://www.jamaica-gleaner.com/gleaner/20090403/business/business10.html