Jamaican PM pledges to uncover extent of fraud at investment firm
Prime Minister Andrew Holness has stated that no effort will be spared in determining the full scope of fraudulent behaviour at the investment firm Stocks and Securities Limited (SSL) and bringing those responsible to justice.
The Prime Minister made this pledge in a statement on Friday, saying he was “upset and horrified” by the discoveries.
Holness, who stated that he has been briefed on the subject, expressed worry and sympathy for the hardworking Jamaicans who are unsure about the status of their cash invested with SSL.
While every investor’s pain must be acknowledged, “there is a degree of heightened public sense of betrayal, which I share, that a National Icon who has brought so much pride to all of us, is now a victim of the alleged fraud,” he said.
According to the Prime Minister, a thorough investigation is being conducted to identify the offenders and colluders involved in the fraudulent activity, as well as to track the stolen monies and achieve confiscation of assets obtained with these funds.
“The government will ensure that the laws and institutions in place function for the general public good, accountability for those who are accountable, and justice for those who have been harmed,” he said.
“Affected investors and the general public can be assured that the investigation and prosecuting institutions have the required capabilities and resources, and that they have already begun to act decisively to acquire information and evidence,” he added.
The Prime Minister stated that, while the situation has caused immediate alarm and concern, there is no need to panic about the financial system’s strength and stability.
He stated that Jamaica has a strong and thriving financial sector in which the public can have trust as a result of considerable changes achieved over the last two decades, and that it is recognized as the region’s top financial market.
“The public can be confident that the government will be proactive in ensuring accountability and probity in the exercise of public functions, and that our policy and administrative responses are effective in continuously strengthening the financial sector and protecting the investing public,” he said.
Holness advised the people to be cautious and patient as the inquiry continues, and not to spread rumors and make false claims.
He stated that, given the potentially complex and litigious nature of these issues, the government must verify that any information provided to the public is verified.
“I have emphasized the necessity of transparency and accountability to the various Government entities as the best way to maintain public trust,” he said.
The Prime Minister stated that Finance and Public Service Minister Dr Nigel Clarke has indicated that he will keep the public informed of the Government’s policy and administrative measures on the subject.
Clarke recently stated that the Bank of Jamaica’s (BOJ) Chief Prudential Officer, Kerron Burrell, has been seconded to the Financial Services Commission (FSC) to lead the SSL following the resignation of FSC Executive Director, Everton McFarlane, on January 31.
Ken Tomlinson of Business Recovery Services Limited has been appointed Special Auditor and Temporary Manager of the securities firm.
