Accident claims cost JUTC $140 million

The Jamaica Urban Transit Company Limited (JUTC) has spent $140 million in the 2016-2017 financial year to settle third party claims arising from accidents.

Transport and Mining Minister Mike Henry said the state-owned bus company has budgeted $96 million in the upcoming fiscal year to settle similar claims.

This was disclosed during Tuesday's sitting of the Standing Finance Committee of Parliament in Gordon House.

For the 2017-2018 financial year, the JUTC is expected to plunge deeper into the red with a $4.7 billion projected net loss from operations.

In the current fiscal year ending March 31, the JUTC is expected to record a $2.9 million net loss from operations.