Prime Minister Andrew Holness, says no effort will be spared in uncovering the full extent of fraudulent activity at the investment firm, Stocks and Securities Limited (SSL) and bringing the perpetrators to justice.
The Prime Minister gave this undertaking in a statement on Friday where he said he was “upset and disgusted” at the revelations.
Holness, who indicated that he was briefed on the matter, said he is concerned and sympathetic to the hard-working Jamaicans who are uncertain of the status of their funds invested with SSL.
He noted that while every investor’s distress must be equally acknowledged, “There is a dimension of a heightened public sense of betrayal, which I share, that a National Icon who has brought so much pride to all of us, is also a victim of the alleged fraud”.
The Prime Minister said that a thorough investigation is being undertaken to identify the perpetrators and colluders involved in the fraudulent activity, as well as to trace the stolen funds and secure forfeiture of assets acquired with these.
“The Government will ensure that the laws and systems in place work for the benefit of the general public good, accountability for those responsible, and justice for those negatively affected,” he emphasized.
“The affected investors and the public can be assured that the investigative and prosecutorial agencies have the necessary competencies and resources, and have already started to act decisively to gather information and evidence,” he added.
The Prime Minister said that while the matter has sparked immediate fear and general concern, there is no need for panic about the strength and soundness of the financial system.
He noted that, as a result of significant reforms implemented over the last two decades, Jamaica has a strong and vibrant financial system in which the public can have confidence, adding that it is recognized as the leading financial market in the region.
“The public can rest assured that the Government will be proactive in ensuring that there is accountability and probity in the exercise of public functions, and that our policy and administrative response is effective in continually strengthening the financial sector and protecting the investing public,” he said.
An investigation was launched after millions of dollars reportedly went missing from Jamaican sprint legend Usain Bolt’s account at the investment firm.
According to reports, a former SSL employee has been involved in a massive fraud, including missing funds from Usain Bolt’s accounts.
Another US$4 million in stocks and securities has reportedly gone missing at the beleaguered financial.
The police Fraud Squad and FID announced that questionable transactions were being made on some of the affected accounts for more than ten years.
The attorneys representing Bolt want SSL to return the track star’s nearly J$2 billion (US$12 million) in investments, in record time, or face a huge lawsuit.
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