Jamaica's Finance Minister insists on stiffer penalties for companies such as SSL.

Author: S. Jeffery

Finance Minister Dr. Nigel Clarke at the press conference on January 23, 2023.

 Jamaica's Finance Minister, Dr. Nigel Clarke, in an impromptu press conference yesterday, (January 23, 2023) announced that the Fraud Squad and the FID have asked one of America's federal investigative agencies, the FBI, as well as other international agencies to get involved in uncovering the mess that is the SSL fraud scandal. The Minister also revealed that sweeping changes will soon come to the financial sector to ensure more monitoring, and checks and balances to the system. The Minister noted that the FSC had worked with SSL for over a thirteen (13) year period to deal with its "deficiencies", but going forward something closer to a zero tolerance approach would be implemented and that members of the investment industry would have to get used to stiffer regulations.  

Minister Clarke:

"I would say that the FSC took a consistent approach, over..certainly over a 13 year period of working with this entity to resolve its deficiencies. That's an institutional approach that I think needs to change ...ah... and members of the securities industry are gonna have to get used to that ... of something closer to a zero tolerance approach, but it's an institutional, in my view it's an institutional issue, when you look at the chronology it's very clear over a long period of time, finding infractions, putting them under directions, following up to see if they are implementing those directions, and then a new thing arises, putting them under directions again, follow up etcetera etcetera. The exposure of that approach, I think the conclusion of the public which coincides with my own is that, that's not a recommended approach. That's an approach that may have worked when the industry was at JMD $150 billion in size but at JMD $1.45 trillion, no way, the nature has to change."

Minister Clarke also revealed that SSL told the FSC that it has a fraud insurance amount of USD $1 million but said he could not confirm directly if this was true.

Minister Clarke said that the BOJ will be moving to exercise more control over the securities industry and as an indication of this, Bank of Jamaica Governor, Richard Byles, is now the new board chairman at the Financial Services Commission (FSC). The other members of the FSC board are Major Keron Burrell who will replace Everton McFarlane as the regulator's Executive Director, also Wayne Robinson, George Roper and Jide Lewis.

This morning (January 24, 2023), the Minister released a statement which said that the Temporary Manager for SSL (the manager put in charge by the FSC) has found information that proves Usain Bolt indeed had an account with the company, which would refute claims by the former CEO that he had no knowledge about Bolt's account. 

The statement read: 

"The Temporary Manager of Stocks and Securities Limited ("SSL"), appointed by the Financial Services Commission ("FSC"), has confirmed to me the existence of an account at SSL in the name of a limited liability company owned by Ambassador Usain Bolt. He has further confirmed that the account dates back to 2012." 

It seems that some conspiracy is afoot folks. Also this morning, King's Counsel Peter Champagnie, issued a statement saying that his client, founder and recent deputy chairman, Hugh Croskery, is denying that any unethical conduct took place at the company while he was at the helm. The attorney also said that Mr. Croskery is willing and ready to assist the sleuths investigating the matter. Meanwhile, Zachary Harding continues to deny having any knowledge of any major fraud or misappropriation of funds at the company.

On Sunday, January 23, 2023, the Olympic gold medalist, Usain Bolt, posted a picture of himself with what fans could interpret as an angry stare. He quoted a few lines from the famous hit single 'Look' by Dancehall artiste Bounty Killa:

"Look into my eyes, tell me what you see, can you feel my pain?"

Fans expressed their rock solid support for the champ and their deep sadness at what had happened to him. 

@AlliK5sparkling said:

"I see a man who worked hard for his money, got focused and build a brand for himself. Inspire Jamaicans and put Jamaica on the map like Bob Marley."

@IslandLoveWI said:

"They cyah keep a good man down. Better days are coming."

@rinnie2354 said:

"One Love St. Leo. They can run from man but not from God."

@KaderMts said: 

"Deep sadness... you don't deserve what 😪 happen to you."

I truly hope that Bolt will be able to recover some of his money, if not all. The FBI has been asked to assist in the investigations, not sure if they will take up the offer, but if they do, there should be more interesting times ahead. As soon as something new drops folks you know I'll let you know, so stay tuned.