JAMAICA | FBI Called in at SSL, BOJ Head Richard Byles to chair FSC Board

JAMAICA | FBI Called in at SSL, BOJ Head Richard Byles to chair FSC Board

KINGSTON,  Jamaica January 23, 2023 - Finance Minister Dr Nigel Clarke says Jamaica has sought assistance from the United States Federal Bureau of Investigation (FBI) and other international partners to help investigate the Stocks and Securities Limited (SSL) alleged fraud, in which more than 40 investors, including a company linked to Usain Bolt, have been affected. 

Finance Minister Dr Nigel Clarke told the media on Monday during a special policy address on regulation of the financial sector, that “No stone will be left unturned.”

The finance Minister pointed out that “The investigative authorities responding to the scandal that has rocked the nation, have full operational independence and will pursue the facts wherever they may lead.” 

“They will unearth exactly how funds were allegedly stolen, who benefited from such theft and who organised and collaborated in this.”

He said the probe will also seek to identify whether assets have been acquired locally or overseas with the proceeds of the alleged fraud.

“If and when such assets are identified, all legal steps will be taken to restrain these assets with the intention of full forfeiture,” Clarke said.

The police Fraud Squad and the Financial Investigations Division are leading the investigations into SSL.

Bank of Jamaica (BOJ) Governor Richard Byles is the new chairman of the Financial Services Commission, FSC.Bank of Jamaica (BOJ) Governor Richard Byles is the new chairman of the Financial Services Commission, FSC.At the press conference, Clarke also named Bank of Jamaica (BOJ) Governor Richard Byles as the new chairman of the Financial Services Commission (FSC).

He said that BOJ executives Wayne Robinson, senior deputy governor; George Roper, deputy governor; and Jide Lewis deputy governor will serve on the FSC board. All appointments will take effect on Monday.

Bank of Jamaica Governor Richard Byles will assume the role of board chairman at the Financial Services Commission. 

Major Keron Burrell will replace Everton McFarlane as Executive Director who resigned last week.

New directors of the FSC are: Wayne Robinson, George Roper and Jide Lewis, while the retained directors are: Erwin Burton, Dennis Brown, Kenisha Davis, Hillary Roberston.

In the meantime, Dr. Clarke has disclosed that a number of Government entities had investments with Stock and Securities Ltd. They include:

  • The National Health Fund  -$740m
  • The National Housing Trust $238.8m
  • The National Insurance Fund $8.4m
  • The Jamaica Agricultural Society $8.9m
  • The Jamaica Banana Catastrophe Fund $98,000

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