Trinidad and Tobago Finance Minister Davendranath Tancoo has called for an investigation into the substantial foreign exchange involved in the failed One Caribbean Music Festival, following reports that Jamaican dancehall artist Vybz Kartel was paid $950,000 US out of a $1.3 million contract.
The event, which was expected to be a major entertainment highlight, has been plagued by controversy after several international acts, including Kartel, pulled out.
Speaking to the media, Tancoo stated, “I am also intrigued by the amount of foreign exchange being mentioned in the media reports as having been involved in this venture… I have requested the Ministry of Finance to investigate and report on the very questions you raised.”
He emphasised that the probe is part of a fact-finding mission and reiterated the government’s support for private sector efforts in foreign exchange-generating industries like music and entertainment.
Acting Police Commissioner Jason Benjamin echoed the need for scrutiny. It was indicated that an investigation is warranted due to a current drug trafficking charge that one of the event’s main promoters is facing. “It might be something of great concern,” he said, noting he intends to engage both the Financial Intelligence Bureau (FIB) and the Financial Intelligence Unit (FIU) to assess whether there’s cause for concern.
The promoter listed on the event’s website is Jacho Entertainment Ltd, which has two directors. One of Jacko Entertainment Limited’s directors, Odane Anderson, was previously charged in connection with a drug trafficking case involving 94.8 worth of cannabis in 2020.
Guardian Media reported that the festival was backed by a US-based company with local ties and invested over $5 million TT with expectations of doubling its return. According to reports citing financial records, Vybz Kartel’s booking fee was paid through multiple payment instalments totalling roughly $900,000 US.
When the final instalment was to be made, there were unforeseen issues due to bank closures on Indian Arrival Day. A proposed workaround involving property collateral was rejected by Kartel, who insisted on a single full payment.
According to a report, Anderson told Guardian Media that he is meeting with attorneys to determine the next steps regarding possible legal action against Vybz Kartel.