Finance minister, Dr Nigel Clarke, says the government will be seeking to recover assets obtained using the proceeds of the multi million US dollar fraud at investment firm, Stocks and Securities Limited, SSL.
The announcement comes as investors are increasingly anxious over whether they’ll be able to recover what could amount to more than $3 billion.
Mahiri Stewart reports.
Dr Clarke says where the assets can be traced, legal steps will be taken to have them retained with the intention of full forfeiture.
He says no stone will be left unturned in getting to the bottom of the massive fraud.
The minister’s comments come one day after he accepted the resignation of Executive Director of the Financial Services Commission, FSC, Everton McFarlane.
The Commission has been under fire since news broke of the unprecedented fraud at the investment firm. Documents reveal that the Commission had been aware of challenges at SSL from as far back as 2017. At that time it labelled the firm “a problem institution”.
It’s since been revealed that among those defrauded are senior citizens, at least one politician, several business people, and Jamaican sprinter, Usain Bolt. Mr. Bolt is alleged to have been fleeced of close to 2-billion Jamaican dollars.
The finance minister is also appealing for public understanding as the investigation takes its course.
