THERE was another horror story from a local entrepreneur yesterday as the Financial Sector Adjustment Company (FINSAC) enquiry resumed its hearing after being halted in February when retired judge Justice Boyd Carey was challenged as chairman.

Carey was booted as chairman in September.

Yesterday, Vera Donaldson told the enquiry that a $1-million loan she guaranteed for her daughter with NCB in 1993 led to the loss of her family home, which was used as the collateral.

Donaldson told the commission that when the loan went into arrears she was given assurance, through a letter from agents of the Jamaica Redevelopment Foundation (JRF), that she could remain at the house while negotiations on repayment of the debt continued. However, she told the enquiry that in 2009 she received correspondence from JRF that her house was sold and she had to vacate the premises.

“Mi live pon street,” she told the enquiry, as she struggled to hold back tears.

She told the enquiry that after the assurance given by JRF she had no indication that the premises was up for sale. She was not even privy to the sale price, she told commissioners Worrick Bogle and Charles Ross, with retired Justice Henderson Downer observing.

According to documents submitted by attorney-at-law Alexander Williams, representing Donaldson, in April 2008 JRF wrote two letters outlining conflicting amounts owed to the company.

He said that one letter informed that Donaldson owed $111 million, while the other referred to approximately $15 million owed to the US-based debt collecting company.

Williams, who submitted that Donaldson’s house was sold by JRF for $3.9 million outlined the discrepancies and called into question the accuracy of the debt.

“How did a loan of $1 million in 1993 become $111 million in 2008?” he asked.

The enquiry, which is being held at the Jamaica Pegasus Hotel in Kingston, continues today.