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Aug 26, 2004

Elrington disputes Fonseca’s figures…

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On our newscast of last night Minister of Home Affairs and Investment, Ralph Fonseca, alleged that attorney and UDP politician, Wilfred Elrington, borrowed seven hundred and sixty three thousand dollars from the St. James National Building Society, and that loan formed part of the package of mortgages bundled for securitization by the DFC and guaranteed by the Social Security Board. Today we were informed by Elrington that Fonseca’s statement was “false and misleading” and offered him the opportunity to explain.

Wilfred Elrington, Disputes Fonseca’s claim

“I do have a mortgage with St. James Building Society, which I obtained in 1999 when I bought two houses. But it is no way near the amount of seventy-six thousand dollars and so this morning when I went to find out what has gone on, I met with Ms. Manzanares at Alliance Bank–she is responsible for dealing with these matters–and then she made me speak to Mr. Marshall Lech who is the manager of that bank. Then he calls me to go and see Glenn Godfrey, who is the legal advisor of that bank and I am just back from Glenn Godfrey’s office now. And I have in my hand a copy of a letter which he gave to me, which I demanded from him to show the position and it makes reference to a loan which I have. It says, “As attorneys at law for and on behalf of St. James National Building Society, we are instructed to confirm to you the above caption secured loan account is in good standing and is being properly serviced. We further instructed to confirm that the society has not granted to you any loan in the sum of seven hundred and sixty-three thousand dollars.” I never had, never applied for, never will apply for any loan in that amount of money.”

Stewart Krohn

“How much is the loan that you have with St. James?”

Wilfred Elrington

“That is my personal affairs. But I will tell you that it is less than two hundred and seventy-five thousand dollars.”

Stewart Krohn

“Is it among those loans that are securitized under Social Security?”

Wilfred Elrington

“Apparently, apparently, yes. As a matter of fact what Glenn said to me was that this was among the bundle of loans that were secured from BIMCO and other institutions apparently; all the St. James’ loans and all the loans that were with BIMCO and other companies.”

When asked to speculate where Fonseca got his information, Elrington told News 5 that he has been assured by St. James that he didn’t get it from them. Elrington called Fonseca’s assertions “scurrilous”.

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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