KINGSTON, Jamaica — The Financial Services Commission (FSC) is currently exploring its options, including potential legal recourse, after a recent court ruling resulted in the loss of its control over Stocks & Securities Limited (SSL).
The court has appointed Caydion Campbell to take over SSL’s management, but he has yet to perform any duties since the FSC assumed control of the company in the wake of a significant $5-billion fraud scandal involving prominent figures like Usain Bolt.
Without the court’s approval, SSL cannot face criminal charges.
This decision represents the FSC’s second significant setback in recent months. After assuming temporary management of SSL on January 17, 2023, the FSC’s attempt to amend its lawsuit against SSL in March was unsuccessful. The commission had sought to add a claim concerning two former directors who allegedly signed a solvency declaration post-resignation.
In response to the ruling, the FSC reaffirmed its commitment to protecting the interests of SSL’s clients and the financial system at large. Executive Director Lt. Colonel Keron Burrell stated, “While the FSC respects the court’s decision, we are reviewing the judgment and exploring all available options, including the possibility of further court actions. Our focus remains on safeguarding the interests of SSL’s clients and maintaining the stability of the financial system.”
The FSC emphasized its ongoing involvement in ensuring that SSL’s winding-up process is handled transparently and in the best interest of all stakeholders.
The court’s decision confirms SSL’s insolvency and orders a court-supervised winding up, highlighting the seriousness of the company’s situation. This ruling supports the FSC’s prior regulatory actions
The Statement
“The court recognized the competence of the temporary manager appointed by the FSC during the management period but has ruled that this temporary management, which began on or around January 17, 2023, must cease immediately. The winding-up process will now proceed under the Trustee appointed by SSL, as mandated by the court,” it continued..
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The FSC also noted that the court has stayed all proceedings against SSL, allowing for a period of stability during the reorganization process.
A subsequent court hearing is set for September 26, 2024, when the trustee will provide a comprehensive report and additional legal motions will be considered.
Lt. Colonel Burrell also highlighted the FSC’s continued cooperation with law enforcement to ensure a thorough investigation of any wrongdoing at SSL and to hold those responsible fully accountable.
