Jacho Entertainment, the promoters of the One Caribbean Music Festival, is claiming that it did everything above board in relation to its foreign exchange transactions with the international artistes.
It comes as revelations surrounding the failed concert, have spawned a lot of questions and calls for a police investigation.
00:00The admission by Jacko Entertainment that it paid $950,000 to Adija Palmer, better known as Vibes Cartel, and $150,000 to his legal team, has raised more than eyebrows at a time when Forex is super scarce and the company is not one that the country is largely familiar with.
00:20While Jacko Entertainment says it is a fully registered and low-abiding company and it operated legally concerning the financial transactions, it adds that all the payments to Palmer are traceable.
00:33In a release on June 4th, the company states that it, quote, conducted all foreign exchange transactions for the One Caribbean Music Festival through legal, regulated and verifiable financial channels.
00:45At no time did Jacko Entertainment engage in any form of unauthorized or black market currency exchange.
00:52Our company maintains strict compliance with all laws and regulations governing foreign exchange in the Republic of Trinidad and Tobago, including central bank guidelines, end quote.
01:04However, the company has not named any financial entity through which the large amount of Forex was sourced.
01:10In response to a fact-finding review, which the Acting Commissioner of Police, Junior Benjamin, and Finance Minister, Devindranath Tanku, said would be undertaken,
01:20the company says it, quote, welcomes any transparent review conducted within the bounds of the law and due process.
01:27We remain ready to cooperate with any legitimate inquiry by the relevant authorities, end quote.
01:34Against this backdrop, it is making its position clear, stating, quote,
01:38There is no basis in law or fact of any presumption of wrongdoing solely because a private sector entity successfully accessed foreign exchange through proper legal channels.
01:50Any investigation must be guided by a reasonable and probable cause, not mere assumptions.
01:55The public interest is not served by engaging in a fishing expedition that targets a legitimate company without any formal allegation or evidence of impropriety, end quote.
02:07Jacko Entertainment believes that speculation can cause unfair damage to what it calls law-abiding entities in the entertainment sector.
02:14An assessment is underway by Jacko Entertainment to determine what went wrong and how to treat with those who were adversely impacted after most of the international acts pulled out hours before the show.
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