Friday, April 12, 2024

Jamaica court order prevents embattled SSL from winding up

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The regulator of the island’s financial services has obtained a court order preventing the official of the investment firm Stocks and Securities Limited (SSL) which is under fraud investigation, from winding up the company.

Finance Minister Dr Nigel Clarke said the Financial Services Commission (FSC) was granted the order as it sought to prevent an attempt by members of SSL who had applied to the Companies Office of Jamaica for a members’ voluntary winding up around January 16.

He said that prior to the application, the FSC had put the company under temporary management, using its powers under the Financial Services Commission Act.

“To effect its temporary management, the FSC went to court to prevent the company from going through the process of winding up itself,” Clarke explained.

The court order restrains SSL, the purported Trustee of SSL, and directors of SSL from: disposing of, dealing with assets and liabilities in SSL’s name or its clients’ name; withdrawing, transferring or otherwise dissipating any funds from accounts in its name wherever held.

It also restrains the embattled firm from interfering with the acts of servants or agents of the FSC and temporary manager; winding up or dissolving the company and liquidating the assets.

The FSC also wants to stop any SSL official from reorganising the company or its operations, whether it be in any document form or organisation of its members, or the assets and liabilities.

Government has already announced that the Federal Bureau of Investigation (FBI) in the United States will assist local investigators in their probe into the alleged multibillion fraud at SSL that has affected several clients including eight-time Olympic champion Usain Bolt who is said to have lost more than US$12 million.(CMC)

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