分类： business

Jamaica Broilers Group (JBG) is contemplating a strategic exit from its beleaguered US meat business following a significant fraud scandal that has shaken the company. The decision comes as JBG implements a sweeping overhaul to restore financial stability and operational efficiency. The fraud, which spanned nearly four years, involved the deliberate underreporting of costs to artificially inflate profits, leading to $46 billion in balance sheet adjustments and the erasure of shareholder equity. The scheme was uncovered after a whistleblower alerted management, prompting immediate action.

JFP Limited, a leading commercial contract furniture and interior solutions manufacturer, is poised to make a pivotal decision regarding the allocation of multimillion-dollar proceeds from its recent property sale. CEO Metry Seaga emphasized that this decision will be instrumental in shaping the company’s strategic reset and bolstering its anticipated improved performance by 2026. Speaking to the Jamaica Observer, Seaga remained tight-lipped about specifics, stating, ‘We are on the right track, and I’m confident next year will be better — but I want to do more and say less.’

The decision comes on the heels of JFP’s improved financial performance in the third quarter of 2025. The company reported a narrowed net loss of $44.1 million, a significant improvement from the $75.4 million loss in the same period last year. This turnaround was driven by stringent cost controls and a one-time boost from the sale of land adjacent to its Spanish Town Road property. The sale significantly enhanced shareholders’ equity, which surged from $67.6 million to $329.9 million, while investments skyrocketed to $255.4 million from $7.6 million a year earlier.

Despite these gains, JFP continues to face challenges. Year-to-date revenue remains 23% lower at $257.8 million, attributed to sluggish project volumes and delayed contract executions. Total expenses for the nine-month period rose by 6%, primarily due to advisory and restructuring costs, resulting in a net loss of $56.7 million, down from $65.8 million in 2024.

In recent months, JFP has been collaborating with external consultants to reassess its business model and chart a path back to profitability. These efforts have already yielded operational improvements, including the introduction of new equipment aimed at enhancing production quality and reducing waste. Additionally, the company has embraced digital tools to streamline efficiency.

Originally established as Jamaica Fibreglass Products, JFP specializes in supplying seating, cabinetry, fitted furniture, and full-interior packages to hotel chains and restaurant operators across Jamaica and the Caribbean. As the company navigates its financial recovery, the upcoming board decision on the property sale proceeds will be critical in determining its future trajectory.

Jamaica Broilers Group (JBG) is leaving no stone unturned in its quest to recover billions of dollars lost in a multi-year fraud at its US meat division. President and CEO Chris Levy has emphasized that all options, including potential legal action, are on the table to hold those responsible accountable. The company, now stabilized by a new management team and a pending $24-billion refinancing deal, is focused on repairing its balance sheet and seeking redress for the scandal, which forced $46 billion in adjustments. Levy acknowledged the complexity of the situation, stating, ‘No option is off the table,’ while highlighting tax opportunities as a concrete avenue for financial recovery. The company has quantified potential tax benefits and is working to restate its tax positions, though this will involve intricate negotiations with tax authorities. The fraud, described as a ‘coordinated and deliberate’ effort by former US operations leadership to hide costs and inflate profits, was uncovered by a whistleblower. Senior Vice President Ian Parsard revealed that the company is eyeing close to $30 billion in potential tax credits, with even a third of that amount significantly boosting shareholder equity. This recovery effort is crucial to rebuilding JBG’s shattered equity base, recently bolstered by a $40-billion revaluation of its Jamaican assets. Levy assured stakeholders that the internal investigation is complete, but the external mission to seek justice and financial recompense remains a top priority, signaling a potentially protracted next chapter in the JBG fraud saga.

KINGSTON, Jamaica — Jamaica experienced a 0.7% rise in consumer prices in October 2025, primarily driven by increased costs in food and electricity, according to the latest report from the Statistical Institute of Jamaica (STATIN). This uptick pushed the annual inflation rate to 2.9% for the 12 months ending in October. The ‘Food and Non-Alcoholic Beverages’ category saw the most significant surge, climbing 1.5% month-on-month, with vegetables, tubers, and pulses recording a sharp 5.5% increase. Staples like carrots, cabbage, and sweet potatoes became notably more expensive. Additionally, the ‘Housing, Water, Electricity, Gas, and Other Fuels’ category rose by 0.8%, largely due to higher electricity rates. However, some relief came from the ‘Transport’ division, which saw a 0.3% decline due to lower petrol prices. Over the past year, inflation was primarily fueled by three sectors: ‘Food and Non-Alcoholic Beverages’ (3.0%), ‘Housing, Water, Electricity, Gas, and Other Fuels’ (4.0%), and ‘Restaurant and Accommodation Services’ (4.0%). STATIN clarified that the data was collected before Hurricane Melissa, meaning the figures do not account for any potential price impacts from the storm. As Jamaica’s national statistics office, STATIN remains the authoritative source for the country’s economic data.