Prime Minister Andrew Holness pledges to uncover extent of fraud at funding agency

Prime Minister Andrew Holness, says no effort might be spared in uncovering the complete extent of fraudulent exercise on the funding agency, Shares and Securities Restricted (SSL) and bringing the perpetrators to justice.

The Prime Minister gave this endeavor in a press release on Friday the place he mentioned he was “upset and disgusted” on the revelations.

Holness, who indicated that he was briefed on the matter, mentioned he’s involved and sympathetic to the hard-working Jamaicans who’re unsure of the standing of their funds invested with SSL.

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He famous that whereas each investor’s misery have to be equally acknowledged, “There’s a dimension of a heightened public sense of betrayal, which I share, {that a} Nationwide Icon who has introduced a lot delight to all of us, can also be a sufferer of the alleged fraud”.

The Prime Minister mentioned {that a} thorough investigation is being undertaken to establish the perpetrators and colluders concerned within the fraudulent exercise, in addition to to hint the stolen funds and safe forfeiture of belongings acquired with these.

“The Authorities will be certain that the legal guidelines and programs in place work for the advantage of most people good, accountability for these accountable, and justice for these negatively affected,” he emphasised.

“The affected traders and the general public might be assured that the investigative and prosecutorial companies have the mandatory competencies and sources, and have already began to behave decisively to assemble info and proof,” he added.

The Prime Minister mentioned that whereas the matter has sparked rapid concern and basic concern, there isn’t a want for panic concerning the energy and soundness of the monetary system.

He famous that, on account of important reforms applied during the last 20 years, Jamaica has a powerful and vibrant monetary system through which the general public can trust, including that it’s acknowledged because the main monetary market within the area.

“The general public can relaxation assured that the Authorities might be proactive in guaranteeing that there’s accountability and probity within the train of public capabilities, and that our coverage and administrative response is efficient in regularly strengthening the monetary sector and defending the investing public,” he mentioned.

An investigation was launched after thousands and thousands of {dollars} reportedly went lacking from Jamaican dash legend Usain Bolt’s account on the funding agency.

Based on stories, a former SSL worker has been concerned in an enormous fraud, together with lacking funds from Usain Bolt’s accounts.

One other US$4 million in shares and securities has reportedly gone lacking on the beleaguered monetary.

The police Fraud Squad and FID introduced that questionable transactions had been being made on among the affected accounts for greater than ten years.

The attorneys representing Bolt need SSL to return the observe star’s almost J$2 billion (US$12 million) in investments, in file time, or face an enormous lawsuit.

 

CMC/jm/kb/2023