LIME offered highest returns to investors last year

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com

Friday, January 09, 2015    

Loss-making telecom LIME offered the highest returns to investors in 2014 based on its 200 per cent price gain on the Jamaica Stock Exchange (JSE).

But some stock analysts are unsure of the precise impact on LIME’s valuation given the announced acquisition by its parent, Cable and Wireless Communications Plc, of Columbus Communications, the parent company of Flow.

“We credit this performance to the steadily improving commercial story that we are developing at LIME, characterised by solid market share and revenue improvements across most lines of business and a continued focus on ensuring our operating model is optimally structured to meet the demands of our constantly changing, extremely competitive environment,” said LIME Chief Executive Officer Garfield Sinclair in an e-mailed response to Jamaica Observer queries.

“When the proposed C&W Communications (CWC)/Columbus merger is also considered, investors would obviously anticipate additional future growth,” added Sinclair, who sits on the boards of the three top-earning stocks of 2014.

Concurrently, the Fayval Williams-led Kingston Properties Ltd, of which Sinclair is chairman, offered the second highest gains on the JSE, up 66 per cent between January and December. Sinclair also sits on the board of the Chris Williams-led Proven Investments, which gained 46 per cent in 2014.

But LIME’s share price increased at a greater pace, starting 2014 at $0.16 and closing at $0.48. Even without the announcement, LIME led the market by mid-year, gaining 103 per cent at the end of June before doubling that gain with the announcement.

In November, CWC announced that it would acquire Columbus Communications for US$3 billion pending regulatory approval.

“LIME Jamaica’s stock price has reacted positively during 2014,” Ryan Strachan, fund manager at Stocks and Securities Limited (SSL), noted in an e-mailed response to Caribbean Business Report queries. “However, LIME is not on our buy list, and it has traded erratically between 17 cents and 70 cents during the 2014 calendar year. Also, we are [un]sure if and what the financial benefit will be from the acquisition, if any, to the local company. Lastly, LIME continues to make losses, and the parent company has to continue to make guarantees re going concern.”

Wade Mars, assistant vice-president, asset management at Mayberry Investments Limited, also acknowledges that the acquisition benefits remain unclear.

“It’s a little strange — the rationale that people would use to buy… However, what I can say is that the volumes traded and the different number of purchasers over a time period are not one-off. [There is] genuine demand out there,” Mars reasoned. “For that acquisition to benefit Jamaica there has to be some reorganisation of the group structure itself. And you really don’t know how it’s going to end up, if and when they do that reorganisation.”

In December, LIME Jamaica Chairman Chris Dehring told the Observer that LIME Jamaica expects to grow annual revenues to US$281 million with the Flow acquisition. It was a signal to investors vying to evaluate possible earnings arising from the local leg of the regional merger. The increase would equate to a two-thirds jump in LIME Jamaica’s $18.4 billion (US$170 million) total revenues earned at its March year end. The merger would not affect mobile revenues but augment other revenues currently at $12 billion (US$110 million) per annum.

Mars, however, added that LIME’s rise was commendable despite its losses. “LIME’s movement was impressive. They have made moves to turn around the company. But still, they are in the red. The majority of the price movement occurred after the Columbus acquisition announcement,” Mars said.

For the September second-quarter 2014, LIME grew its total revenue 15 per cent, and its earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 95 per cent year-on-year. Additionally, its mobile customer base grew 13 per cent and its mobile service revenue grew 42 per cent year-on-year.

However, the company made a $612 million net loss. Over 12 months ending March 2014 it made a net loss of $3.5 billion.

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LIME offered highest returns to investors last year

NYC may yank terrorism report to appease mosque ‘spying’ critics - Qatari man, once held as enemy combatant by US, returns home

In top-secret talks to settle federal lawsuits against the NYPD for monitoring mosques, the city is weighing a demand that it scrub from its website a report on Islamic terrorists, The New York Post has learned.

The groundbreaking, 92-page report, titled “Radicalization in the West: The Homegrown Threat,” angers critics who say it promotes “religious profiling” and discrimination against Muslims. But law-enforcement sources say removing the report now would come at the worst time — after mounting terror attacks by Islamic extremists in Paris, Boston, Sydney and Ottawa.

Here in New York, Zale Thompson, a man who heeded online calls by ISIS for jihad, attacked two NYPD officers with a hatchet in October.

“The harm is that it sends the message that the NYPD is going to back down on its counterterrorism effort in the name of political correctness,” said a former NYPD official. “Shame on the NYPD if they do.”

Click for the full story from the New York Post.

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NYC may yank terrorism report to appease mosque ‘spying’ critics - Qatari man, once held as enemy combatant by US, returns home

Why I hope Rice returns

FILE – Nov. 5, 2014: Ray Rice arrives with his wife Janay Palmer for an appeal hearing of his indefinite suspension from the NFL in New York. A former FBI director hired to look into how the NFL pursued evidence in the Ray Rice abuse case says the league should have investigated the incident more thoroughly before it initially punished the player. Robert Mueller released the report Thursday, Jan. 8, 2015, saying that the NFL had substantial information about the case and could have obtained more. (AP Photo/Jason DeCrow, File)

Last year NFL star Ray Rice committed a single act of unforgettable and inexcusable violence against then fiancee Janay Palmer. This year he and his now wife Janay hope he will be back in the NFL, a platform he has used to aggressively combat adolescent bullying in the past. As the founder of an anti-bullying organization, I hope he gets a second chance and continues his anti-bullying crusade this year, and for many years to come.

The couple is infamous for what went down in a New Jersey casino elevator, where Ray knocked Janay out with one left-handed strike, leading to his arrest on assault charges. Rice was later cut by the Baltimore Ravens and suspended by the NFL. He won his appeal and is now clear to play, if a team will have him.

Ray’s deplorable but isolated act does not come close to the damage caused by bullying, and it doesn’t make him a bully. We need more people like him who, once amends are made, to combat what is now the #1 form of child abuse in America.

The couple’s botched press conference in May, where he failed to publicly apologize to Janay, led many to condemn him further. Fox Sports wrote, “Most of what (Ray Rice) said left the public and media shaking their heads.”

I met with Ray the day before that botched press conference while working at the Raven’s training camp to help rookies and free agents better handle experiences with high school and college bullying. I encouraged him, when the time was right, to continue his anti-bullying crusade. His eyes watered because he deeply wants to be a hero to children again.

Why would an anti-bullying advocate want Rice to have a second chance and to stay in the anti-bullying game under the right circumstances? Because Ray’s deplorable but isolated act does not come close to the damage caused by bullying, and it doesn’t make him a bully. We need more people like him who, once amends are made, to combat what is now the #1 form of child abuse in America.

Rice is even willing to get political to fight bullying. He supported “Grace’s Law,” a landmark, anti-cyberbullying law passed in Maryland. “I truly hope that he continues his anti-bullying work,” says Christine McComas, mother of the late Grace McComas, 15, whose suicide is attributed to cyberbullying. “His help was probably the single biggest factor that led to the new anti-cyberbullying law named after our daughter, which has already saved lives. His empathy and support of our family in our worst hour will never be forgotten. I have four daughters, so I’m sensitive to domestic violence. I have no reason to believe he is a serial abuser, and think he should be given the chance to redeem himself. Maryland owes a lot to that man.”

Also, people within the Ravens organization who knew Ray well told me that what happened in that elevator was inexcusable, yet also did not define Ray’s real character. Matt Lauer of the TODAY Show, while interviewing Janay, said he received numerous phone calls from people who know Ray personally. They also said that what happened in that elevator was an aberration from his usually strong character.

Rice is guilty of a single act of inexcusable violence; an act Janay says didn’t happen before and hasn’t happened since that fateful day. By contrast, most acts of bullying are premeditated, and don’t stem from flashes of anger but rather contempt and disdain toward a target. Bullies, including domestic abusers, wed power to fear as part of a psychological campaign of cruelty in order to dominate, control, intimidate and isolate another. Yet Janay says Ray’s behavior before or after this one event includes none of this.

In nearly a year since the punch felt around the NFL, not one woman has come forward to accuse Rice of similar abuse. This supports Janay’s statement that what happened was an isolated incident, something Janay said during her TODAY Show interview with Matt Lauer.  

According to Janay, good may come from this single and deplorable act. She told Lauer that though the claims of serial abuse are false, “God chose us for a reason.” The couple also says that this incident, which pushed Ray into mandatory and intense counseling, made them better people, including how it compelled them to rededicate themselves to their Christian faith.

If we can’t give the Rice family the benefit of the doubt, then let’s give them the benefit of time this new year, which will tell us whether he has truly seen the light.   

I believe that time will do more than tell. I believe it’s on his side in 2015.   

Paul Coughlin is an expert witness regarding bullying and the law, a former newspaper editor and is the author of numerous books, including Raising Bully-Proof Kids. He is the Founder of The Protectors: Freedom From Bullying—Courage, Character & Leadership for Life, which provides a comprehensive and community-wide solution to adolescent bullying in schools, summer camps, faith-based organizations, and other places where bullying can be prevalent.

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Why I hope Rice returns

PNP national executive member on fraud charge returns to court

Monday, September 29, 2014 | 9:48 AM    

KINGSTON, Jamaica – People’s National Party (PNP) member Donovan Bisasor and a co-accused arrested in August for fraud will again appear in the Corporate Area Resident Magistrate’s Court today.

The 58-year-old Bisasor and his 31-year-old co-accused Jesse Gosse were both offered $1.5-million bail on their first appearance in court, on August 19.

Bisasor, who sits on the ruling party’s National Executive Council, is accused of trying to defraud the State-owned National Water Commission of $5 million.

Bisasor, an engineer who hails from Cherry Gardens in Kingston, and quantity surveyor Gosse, of Richmond Park are charged with attempting to obtain money by false documents, forgery, uttering forged documents, conspiracy to defraud, and demanding property on forged documents.

It is alleged that in January 2011 the National Environment and Planning Agency (NEPA) served an enforcement notice on the NWC in respect to Barnes Gully, resulting in the company having to carry out an emergency procedure. As a result, a contract was allegedly awarded to XYZ Construction Company for $27.4 million with $2.3 million for security.

However, on completion of the project Bisasor allegedly told NWC that the money for security was insufficient and was instructed to provide documents to substantiate his claim.

It is further alleged that on August 15, 2011 Goss submitted a claim for $7.3 million for services provided by Secure Security Limited. However, checks made with the security company allegedly revealed that it was never contracted to work on the project.

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PNP national executive member on fraud charge returns to court

‏Computer technician in billion-dollar tax theft returns to court today

Monday, September 29, 2014 | 8:02 AM    

KINGSTON, Jamaica — Christopher Moore, the former Tax Administration Jamaica employee, who reportedly caused the Government to lose in excess of $1 billion in tax revenues, will again appear in the Corporate Area Resident Magistrate’s Court today.

Allegations are that, between October and December 2013, Moore gained access to the main taxing system for the Government from his home then manipulated the taxpayers’ revenue, causing the State to lose in excess of $1 billion.

Moore, 37, was employed at the East Street branch of the Tax Administration Jamaica (TAJ) as a computer technician when he reportedly committed the act.

Moore was arrested at his Portmore, St Catherine home during a pre-dawn operation by the Revenue Protection Division (RPD) and the Major Organised Crime and Anti-Corruption Task Force (MOCA) on June 20.

Several documents and computers with the names of individuals and companies were reportedly seized and Moore was subsequently charged with seven counts of unauthorised access to computer programme.

He was hit with three additional counts of unauthorised access to computer data and unauthorised interception of computer/ service following an appearance in court earlier this month.

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‏Computer technician in billion-dollar tax theft returns to court today

Jazz & Blues night 3: One Third returns to perform with Kimball

Saturday, February 01, 2014 | 11:48 PM    

TRELAWNY, Jamaica — After being one of the night’s opening acts, past Digicel Rising Stars winners One Third returned to the main stage at the Jamaica Jazz and Blues Festival Saturday to support Grammy-winning artiste Bobby Kimball.

Kimball, former lead singer for the group Toto, performed some of the band’s hits from the 1980s including ‘Rosanna’ and ‘Georgy Porgy’.

With One Third in tow, Kimball also performed ‘Africa’, a track One Third did during their run on the local televised talent show.

Richard Johnson

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Jazz & Blues night 3: One Third returns to perform with Kimball

Brazil tribe returns home after riot

30 December 2013 Last updated at 18:54 ET Some 150 indigenous people in Brazil’s Amazon region have returned to their reserve, several days after seeking refuge in a nearby military base.

Members of the Tenharim tribe fled their lands on Christmas Day, after riots in the nearby town of Humaita.

Local groups accused the tribe of abducting three government workers two weeks ago.

The three men were last seen near the indigenous lands, in Amazonas state, but the tribe denies any involvement.

Local groups say the contractors were abducted and taken to the reserve in retaliation for the death of an indigenous leader.

The police say the man, Ivan Tenharim, was run over by a vehicle on a road that crosses the reserve, but tribe members believe he was murdered.

On Saturday, more than 200 policemen were deployed in the reserve – some 600km (370 miles) south-west of the state capital, Manaus – to begin a search for the missing men.

The police presence may have reassured the indigenous people that it was safe to return.

Clashes between indigenous groups and non-indigenous locals are not uncommon in Brazil as they are often in conflict over land, logging and mining rights.

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Brazil tribe returns home after riot

UPDATE: Missing Indian national returns home

Latest News

Monday, December 30, 2013 | 12:29 PM

KINGSTON, Jamaica — The 32-year-old Indian national, Raju Narwani, who was reported missing on Sunday, December 29, has since returned home, the police say.He is said to be in good health.Narwani, of a Kingston 5 address, reportedly left his home to visit friends in Rockfort, Kingston 2 on Sunday, but did not show up. After efforts to contact him proved unsuccessful he was reported missing to the police.Like our Facebook page https://www.facebook.com/jamaicaobserverFollow us on Twitter https://twitter.com/JamaicaObserver

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UPDATE: Missing Indian national returns home

Mandela discharged from hospital, returns home

JOHANNESBURG (AP) — Nelson Mandela, 95, was discharged from hospital on yesterday while still in critical condition and was taken by ambulance to his Johannesburg home where he will receive intensive care, the office of South Africa’s president said.

On a sunny but cold morning, an ambulance took the anti-apartheid leader home from the hospital in the capital, Pretoria, about 31 miles away. Mandela had been hospitalised for nearly three months, after being admitted on June 8 for what the government described as a recurring lung infection.Mandela’s condition “is at times unstable,” said President Jacob Zuma’s statement Sunday.“His home has been reconfigured to allow him to receive intensive care there,” the statement said. “The health care personnel providing care at his home are the very same who provided care to him in hospital. If there are health conditions that warrant another admission to hospital in future, this will be done.”The statement yesterday from Zuma’s office said during his stay in hospital Mandela “vacillated between serious to critical and at times unstable” and that “despite the difficulties imposed by his various illnesses, he, as always, displays immense grace and fortitude.”Referring to Mandela by his clan name, the statement added: “Madiba has been treated by a large medical team from the military, academia, private sector and other public health spheres. We thank all the health professionals at the hospital for their dedication.”The government has released few details about Mandela’s condition, citing patient confidentiality and appealing for Mandela’s privacy and dignity to be respected. But rumours and unconfirmed reports about Mandela’s health have persisted on social media and other forums, fuelled in part by a feud within the Mandela family.In a court case stemming from a family dispute over burial sites, some members of Mandela’s extended family recently said in court documents that Mandela was being kept alive by a breathing machine and faces “impending death.” That account was disputed by Zuma’s office, which denied Mandela was “vegetative” but acknowledged his condition was grave.Mandela has been particularly vulnerable to respiratory problems since contracting tuberculosis during his 27-year imprisonment. The bulk of that period was spent on Robben Island, a prison off the coast of Cape Town where Mandela and other apartheid-era prisoners spent part of the time toiling in a limestone quarry.There has been an outpouring of concern in South Africa and around the world for the transformative figure who led the tense shift from apartheid’s white minority rule to democracy two decades ago in a spirit of reconciliation.Zuma urged South Africans to accept that Mandela had grown old and frail, saying all they could do was pray for him. During his hospitalisation well-wishers delivered flowers and messages of support to the hospital where he was being treated, and prayer sessions were held around the country.Mandela, a Nobel Peace Prize laureate, is feted around the world as a towering figure of reconciliation. Despite being jailed for his prominent role in opposing white racist rule, Mandela was seemingly free of rancour on his release in 1990, becoming the unifying leader who steered South Africa through a delicate transition to all-race elections that propelled him to the presidency four years later.The United Nations has recognised Mandela’s birthday, July 18, as an international day to honor themes of activism, democracy and responsibility embodied by the former leader.An ambulance transporting former South African president Nelson Mandela arrives at the home of the former statesman in Johannesburg, South Africa, yesterday. (PHOTO: AP)

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Mandela discharged from hospital, returns home

Perfect Neighbour returns for Nigel B Nunes Mem Cup

DERBY and St Leger-winning colt Perfect Neighbour, who missed winning the Triple Crown by a head, put his three-year-old season behind him and returns to the track for his prep for the upcoming Superstakes in the $786,500 Nigel B Nunes Memorial Cup Open Allowance feature at Caymanas Park today.

Trained by champion and leading trainer Wayne DaCosta, Perfect Neighbour will face his sternest test to date while facing seven of the best local bred and ripened three-year-olds in the field of eight in this stamina-testing sprint going 1820 metres.The Nigel B Nunes Memorial headliner of the 11-race card is the penultimate race on the card and is set to go to post at approximately 4:55 pm with first post at 12:10 pm.Owned by Alfred A Lee and Jeffrey Mordecai, Perfect Neighbour, following a seven-week respite, returns to competitive racing in good heart, and with age and weight in his favour will give a very good account of himself, but this is no age-group fling.Commanding Chief, with Winston Griffiths in the irons, Typewriter with Shane Ellis astride, Raging Prospect, who, has shown great maturity since turning four, Military Move, who truly loves this distance and the pesky Exotic Gold are not in the race to fill space — far from it.Winning is the name of the game and all the runners in this field know how to win and the value attached. Earning is an important consideration for trainers, but winning is paramount.In a race such as this, the bigger picture is the upcoming Superstakes, and all these runners are expected to perform in a manner to give their trainers a guide as to how well preparation is progressing.Typewriter blew up over the stamina-testing journey of 2,000 metres on last when faced by some seasoned campaigners. Now four, Typewriter, who like Perfect Neighbour, won the final legs of the Triple Crown last year is in an easier spot, and having won twice over the distance in very good times, will be seen to better advantage despite being still saddled with the big weight.Truth be told, only the top campaigners have beaten Typewriter this season and now lowering his sight could register his third win of the season.With no Mark My Word and Classy Prospect with which to contend, Commanding Chief is presented a glorious chance to get among the top boys. Probably not genuine A1 material, Commanding Chief went down on last by 3/4 of a length to Classy Prospect going 2,000 metres when apprentice-ridden.Be that as it may, he comes back for the Nigel G Nunes Memorial Cup well prepared, and to be piloted by top reinsman Winston Griffiths, could go one better after failing by a similar margin of 3/4 of a length behind the imported horse Reasonable Press over today’s distance on June 29 when ridden by Shane Ellis.Ones To WatchRace 1 Gold Price (Dick Cardenas)Race 2 Rastaraven (Percy Williams)Race 3 Sheza Bosslady (Dane Nelson)Race 4 Austin Luke (Dane Nelson)Race 5 She Knows Best (Kuri Powell)Race 6 Reign Of Deftiny (Orlando Foster)Race 7 Princess Niyah (Dane Nelson)Race 8 Zen Zen (Rayan Wilson)Race 9 Lincoln Lawyer (Omar Walker)Race 10 Commanding Chief (Winston Griffiths)Race 11 Vana Pospect (Shamaree Muir)Former champion jockeys, Omar Walker (left) aboard El Cliente, and Dick Cardenas (right) atop Midnight Launch get down to serious business with the former prevailing to win the second race on Sunday’s ninerace card at Caymanas Park. (PHOTO: HURBUN WILLIAMS)

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Perfect Neighbour returns for Nigel B Nunes Mem Cup

Step-up bonds: Achieving higher risk adjusted returns

A step-up bond is simply a bond that has a coupon which increases by specified amounts over time. The coupon on a step-up bond increases at regular intervals until the maturity date. The coupon rates, their rate of increase, and the terms and conditions governing the instrument are established at the point of issuance.

Let’s say an investor purchases a five-year step-up bond from Company A. This step-up bond has a rate of three per cent for the first three years and five per cent for the last two years.BenefitsA step-up bond provides a fixed stream of income to an investor. This reduces some of the uncertainty inherent in standard variable rate notes and allows the investor to plan his finances for the future with greater accuracy. Essentially, these bonds minimise interest rate risk to the investor over time.These bonds were very popular at the beginning of the global recession as investors sought to hedge against the decline in economic activity. Step-up bonds are issued by Government agencies as well as private corporations. Weak or just below investment grade corporations issue step-up bonds as a way to encourage investors to purchase their debt in spite of a less than perfect financial position. For example, Anheuser-Busch InBev NV (rated A by S&P), the world’s largest brewer, issued step-up bonds in 2010 with a condition that interest increases by 25 basis points for every one rating notch the company is cut below investment grade, up to a maximum of 200 basis points.However, US Government Sponsored Enterprises and Federal Government Agencies also issue these instruments to provide investors with more attractive rates of return. This debt is rated AAA by Moody’s and Fitch, and is implicitly backed by the US Government and can provide investors with higher risk adjusted rates of return.Downside risksMost step-up bonds have embedded call options. A callable bond gives the bond issuer the right to purchase the bond back from the bond holder before the maturity date. Issuers are more likely to call bonds during periods of low interest rates. This creates an element of reinvestment risk as investors may have to reinvest the proceeds from their redeemed bond at a lower rate.When to invest in themStep-up Bonds are particularly attractive in low interest rate environments. The idea is that as interest rates increase so too will the coupon on the bond, but at predetermined intervals. If short-term interest rates do not increase in the near term then the bond continues to offer attractive rates of return and when the step-up occurs.OpportunityStep-up bonds issued by US Government agencies are an effective tool which can be used to obtain higher rates of return. The slightly more intricate structure increases the coupon, but on an instrument of investment grade credit quality.Leverage can be a beneficial tool that can be used to further enhance returns. Let’s say an investor purchases US$100,000 of a five-year step-up bond from Company A. The initial coupon on this bond is three per cent per annum. The investor could borrow up to 80 per cent of the value of the bonds or $80,000 and use $20,000 of his/her equity to purchase $100,000 of the bonds. This allows the investor to earn a return on equity of 11 per cent per annum.These strategies and instruments can be employed to maximise the return on your investment portfolio. However there are numerous risks that one must consider before pursuing these types of activities. Contact an investment advisor to help you assess the risks and benefits of these instruments.Dave Cameron is Vice President — Securities Trading at Sterling Asset Management Limited. Sterling provides medium to long-term financial advice and instruments in US and other world market currencies to the corporate, individual and institutional investor. Feedback: If you wish to have Sterling address your investment questions in upcoming articles, e-mail us at: info@sterlingasset.netStep up bonds carry coupon rate which increases by specified amounts over time, or based on certain conditions. For example, Budweiser maker Anheuser-Busch InBev NV issued step up bonds in 2010 with a condition that interest increases by 25 basis points for every one rating notch the company is cut below investment grade. (PHOTO: DAQUELLA MANERA)

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Step-up bonds: Achieving higher risk adjusted returns

Senior Superintendent Harry Daley returns to work

… stationed at Services Branch

CONTROVERSIAL Senior Police Superintendent Harry ‘Bungles’ Daley, with his legal troubles now behind him, is now back on the job.A source said Daley started working at the Police Services Branch two Mondays ago. However, attempts by the Jamaica Observer yesterday to reach Daley were unsuccessful. When we called the Services Branch the person who answered the phone said he was out of office, and calls to his cellphones were not answered.The embattled policeman, known as a fearless crimefighter, was driven to tears when Court of Appeal President Justice Seymour Panton dismissed a corruption conviction and replaced it with a verdict of acquittal in March this year. The Appellate Court ruled in Daley’s favour after finding that he did not receive a fair trial.Daley was convicted by Senior Magistrate Judith Pusey in the Corporate Area Resident Magistrate’s Court in December 2009 and was slapped with an 18-month sentence at hard labour. However, his bail was extended after his legal team gave verbal notice of appeal.Daley, who once headed the St Catherine North Police Division (Spanish Town), also worked at Detentions and Court before his legal troubles began.He was convicted based on allegations that he been collecting money on a monthly basis from businessman Tafari Clarke in return for protection of a plaza in Ewarton, St Catherine, which Clarke’s relatives owned.In his defence, Daley contended that he was collecting money owed to him by Clarke’s uncle.He testified during the trial that the police raided his home in his absence and took a number of documents, some of which included the loan agreement for which the payment had been made by Clarke.Lay Magistrate William Morgan confirmed that he had advised Daley and Clarke’s uncle on the loan agreement. He told the court that he never knew Daley before Leonard Miller took him to his house in 2003, where the agreement was signed.Another justice of the peace had also testified about the veracity of the payment to Daley.Police from the Anti-Corruption Branch, as part of their investigations, filmed Daley taking money from Clarke. Clarke was also fitted with a recording device, but nothing to implicate the senior policeman was recorded.It had also been revealed during the trial that Clarke had given false information on an application for asylum in Britain.He had claimed that his life had been threatened in a matter unrelated to the Daley case.During the appeal process, Daley’s lawyers contended that the prosecution had breached the principle of disclosure by withholding documents that could have resulted in an acquittal.After Daley had been found guilty and convicted, Police Commissioner Owen Ellington praised the work of the officers who were involved in preparing the case against him.“The verdict of guilty is a clear demonstration of the will and courage of the JCF to go after corrupt police officers, no matter the rank involved. Corruption is listed as one of my top six strategic priorities, and we will be pursuing corrupt and unprofessional officers with vigour until we rid the organisation of these persons,” a statement from Ellington said then.DALEY… known as a fearless crimefighter

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Senior Superintendent Harry Daley returns to work