Golding’s earnings, assets steady

A significant “other income” of $36.9 million propelled Opposition Leader Mark Golding and his family to report a total income of $70.7 million in 2023, nearly matching the amount declared the previous year to the Integrity Commission.

Details of Golding’s income and assets were disclosed in his 2023 statutory filing, which has been certified and published by the Integrity Commission in the Jamaica Gazette on October 29 and in an advertisement in today’s edition of The Sunday Gleaner.

“The Integrity Commission hereby certifies that the statutory declaration submitted by [Mark Golding] has been examined. Based on the examination, which does not constitute an audit, it appears that the declaration has been duly completed in accordance with the [Integrity Commission] Act,” a notation reads.

Under the law, all members of parliament, senators, and public officials earning $3.5 million or more annually must file declarations of income, assets, and liabilities. The commission is also required to publish summaries of the filings for the prime minister and opposition leader.

Anti-corruption advocates highlight the importance of these filings in assessing whether public officials are using their positions to enrich themselves.

Golding’s declaration includes the income, assets, and liabilities of himself, his wife, and children for 2023.

The family’s total income for the year was $70.7 million, comprising salaries of $31.9 million (up from $10.2 million in 2022), $1.8 million from securities (down from $2 million), and $36.9 million in ‘other income’ (a sharp increase from $2.4 million in 2022). Realty income dropped to $0, compared to $56 million in 2022 from a property sale.

The family’s Jamaican assets increased slightly to $165.6 million, up from $163 million in 2022. This includes a savings account of $946,440 (compared to $10,965 in 2022), and securities worth $111 million, up from $109 million. Some figures largely remained the same: $7.5 million in real estate mortgages, $25 million in business investments, $10.8 million in automobiles, $5.8 million in life insurance, and $1.1 million in ‘other personal property’.

Liabilities decreased modestly to $1.3 million this year from $1.6 million in 2022, both sums falling under the accounts payable category.

The family’s US dollar-denominated assets totalled US$995,874, down from just over US$1 million in 2022, with US$428,379 in securities, US$140,000 in real estate, US$208,594 in life insurance, US$86,572 in automobiles, and US$115,773 in savings. US-dollar income was US$324,013, down from US$444,656 in 2022. The only foreign liability, US$4,447 under accounts payable, rose significantly from US$630 in 2022.

The only asset declared in another foreign currency is €9,761.98 in securities.

A British savings account with £1,680.85 reported in 2022 did not appear in the 2023 filing.

In the meantime, income and asset declarations for Prime Minister Andrew Holness from 2021 onwards remain uncertified.

In September, the Integrity Commission said further investigation was needed to resolve the question of illicit enrichment, which is when a public servant owns assets disproportionate to his lawful earnings or does not give satisfactory explanation for the situation.

The commission said there were unexplained financial discrepancies in Holness’ 2021 filings and raised concerns about tax compliance and over $470 million in transactions involving connected companies.

Holness has denied any wrongdoing and is pursuing legal action to invalidate the commission’s investigation report and get his declarations certified.

editorial@gleanerjm.com