Goldings raked in over $56 million in real estate income last year

Opposition Leader Mark Golding and his family raked in over $56 million in real estate income last year, a massive increase on the $800,000 earned under the same heading the previous year, his latest statutory declaration has revealed.

“I believe it means the proceeds of the sale of a property,” Golding told The Sunday Gleaner yesterday, explaining the sum that was listed under “realty income”.

The Goldings also saw the value of their securities portfolio jump to $109.5 million last year, up from $62.2 million in 2021.

At the end of last year, Golding – an attorney and investment banker – and his family had an asset portfolio worth $163 million, up from $117 million in 2021; and total income of $70.6 million, up from $21.4 million in 2021, according to a summary of his declaration published in today’s Sunday Gleaner.

They also had US-dollar income of US$444,656, down from US$593,277, and US-dollar assets valued at a little over US$1 million, down from US$1.3 million the previous year.

The filing has already been certified by the Integrity Commission, an anti-corruption state agency, and published in the Jamaica Gazette on October 3.

“The Integrity Commission hereby certifies that the statutory declaration submitted by the above-named declarant has been examined,” the agency said in a note attached to the publication.

“Based on the examination, which does not constitute an audit, it appears that the declaration has been duly completed in accordance with the provisions of the act,” said the commission, referring to the law governing its operation.

All members of parliament and senators as well as public officials who earn a gross annual salary of $3.5 million and over are mandated by law to file annual declarations of their income, assets and liabilities.

Anti-corruption advocates say these are important tools to help determine whether public officials are using their office to enrich themselves.

NO COMMENT RE PM’S DECLARATIONS

The commission is mandated by the Integrity Commission Act to publish annually in the Jamaica Gazette a summary of the declarations filed by both the prime minister and the leader of the opposition.

But for a second straight year, a summary of Prime Minister Andrew Holness’ declaration was not published alongside that of the Opposition Leader.

There has been no explanation from the commission.

The Office of the Prime Minister did not respond to questions submitted by this newspaper on October 3 enquiring whether the prime minister’s declaration for calendar years 2021 and 2022 have been certified and whether he has received any notification from the commission about the status of both filings.

“We do not comment on matters related to the Integrity Commission,” de facto Information Minister Robert Morgan told The Sunday Gleaner yesterday.

Holness’ 2020 declaration, covering the period January 1 to September 3 – the date of the last general election – was published in the Jamaica Gazette on January 10 last year. His 2019 declaration was gazetted in November 2020.

BREAKOUT OF GOLDING’S ASSETS

A breakout of Golding’s filing shows that the family’s total 2022 income of $70.6 million included $56 million in “realty income”; $10.2 million in salary; $2 million from securities; and $2.4 million described as “other income”.

In addition to the $109.5 million in securities assets, the leader of the parliamentary Opposition reported a portfolio that includes business investments of $25 million; a savings account with $10.9 million; vehicles worth $10.8 million and life insurance with a cash value of $5.7 million.

All except for the value of the securities assets reflected decreases when compared with the declared 2021 figures.

The Goldings’ US-dollar assets include life insurance with a cash value of US$203,857; real estate valued at US$140,000; US$115,773 held in a savings account; and motor vehicles worth US$86,572.

Golding listed liabilities of $1.6 million – a marginal increase over last year – and US$3,101 under “other accounts payable”.

livern.barrett@gleanerjm.com