The loan and insurance premium finance institution, Alliance Finance Limited, insists it is in good standing with all government financial guidelines and regulations.
The Financial Investigations Division today reported that the two companies, Robert Chin and Peter Chin, have been charged with multiple offenses.
Alliance Investments and Alliance Finance have also been charged.
READ: Alliance bosses, companies accused of financial crimes
Peter and Robert Chin, two of the companies’ non-executive directors, are due in court on December 16 to answer the charges.
Company attorney Tom Tavares Finson said the entity remains committed to resolving the case through court and ensuring justice prevails.
“What the AFL (Alliance Finance Limited) has been accused of doing is really a business that is not unusual in terms of what until recently was considered best financial practice in the industry across Jamaica and the region, ”Tavares-Finson said.
Tavares Finson said that following an internal review process a few years ago when concerns about a few transactions were raised, Alliance Finance immediately alerted the Bank of Jamaica and took steps to ensure that the entity remains in good standing with all relevant government rules and regulations.
The lawyer said that since the case is now in court, his comments will be restricted.
Alliance Finance is a credit company whose core business is the financing of insurance premiums and short-term loans.