JAMAICA | JLP denies any Relationship with Stocks and Securities Ltd.

JAMAICA | JLP denies any Relationship with Stocks and Securities Ltd.

KINGSTON, Jamaica, January 24, 2023 - The Jamaica Labour Party (JLP) has issued a statement denying that the party has had any relationship with Stocks and Securities Limited.

The statement says the party "states categorically, that it has never and does not currently hold any accounts at Stocks and Securities Limited.

"The JLP expresses complete confidence that the government will use all of its legal powers to resolve the issues of alleged fraud at Stocks and Securities Limited."

It went on to say that the party "states categorically, that it has never and does not currently hold any accounts at Stocks and Securities Limited.

"General Secretary of the Jamaica Labour Party Dr Horace Chang said,  “We have full confidence that the Minister of Finance, the Executive and the agencies with responsibility for investigating these matters will leave no stone unturned to find out who allegedly stole money from the clients of Stocks and Securities Limited”.

"We express regret at the loss suffered by those impacted and ask that the government continue to be aggressive in empowering the investigative authorities"

"Dr Chang, on behalf of the Jamaica Labour Party, asks those who may have information on this alleged fraud to cooperate fully with the authorities, both locally and overseas," the statement concluded.

Prime Minister Andrew Holness says his account at SSL was closed since 2021Prime Minister Andrew Holness says his account at SSL was closed since 2021In the meantime, Prime Minister Andrew Holness says he does not have an account at Stocks and Securities Limited (SSL) and has not done business with the investment firm since 2021.

Holness said neither he nor any member of his family has ever borrowed or received any form of credit facility from SSL.

He disclosed that he first opened an account with SSL in 2008, but that account was liquidated in September 2021 and he gave instructions for it to be closed.

Holness said he has asked all ministers to check and disclose the status of any accounts or investment relationships their ministries or agencies may have with SSL.

On Sunday, Opposition Leader Mark Golding told the media that there appeared to be a business relationship between the SSL and the ruling Jamaica Labour Party (JLP).

“It is said that Jamaica Labour Party main fundraising accounts were held at SSL at some point in time. And the fact that the FSC having had information through a report from its management in 2017, which was a daming reporting, which indicated serious Governance and other financial problems within SSL, including qualified audited financial statements questioning the ability of the company to continue as a growing concern,” Golding told the media.

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