PNP CALLS FOR GOVERNMENT ACTION TO PROTECT INVESTORS FOLLOWING COURT RULING ON SSL
Kingston, Jamaica. May 31, 2024: Shadow Minister of Finance, Julian Robinson, is calling on the Government to urgently address the implications of today’s court ruling that ousted the Financial Services Commission (FSC) from its temporary management of the fraud-hit Stocks and Securities Limited (SSL). Control of SSL has now been handed over to a private sector insolvency practitioner, Caydion Campbell, appointed by the same interests who were managing SSL during its period of looting and led it into insolvency.
Mr. Robinson expressed deep concern over the court’s decision, emphasising the potential negative impact on investor confidence both locally and internationally. “In Jamaica today, the statutory regulator of the financial services industry has been removed from managing a company at the centre of a major fraud scandal. This decision to place SSL back under the control of a private sector insolvency practitioner, who was appointed by the same individuals responsible for its control and mismanagement prior to the FSC stepping in, raises serious questions about the effectiveness of our regulatory system,” he stated.
The Shadow Minister underscored the need for immediate government intervention to reassure investors and safeguard the integrity of Jamaica’s financial markets. “The Government needs to act quickly to address this situation. This ruling sends a troubling signal to financial markets and investors regarding the capacity of Jamaica’s regulatory framework to handle crises within the financial sector.”
Mr. Robinson called for transparency and accountability from the Government, urging them to provide a comprehensive plan to prevent similar occurrences in the future. “We need to know what steps will be taken to protect investors in Jamaica and ensure that our regulatory bodies are equipped to prevent and manage financial crises effectively. The public deserves clarity and assurance that their investments are secure and that robust mechanisms are in place to uphold the integrity of our financial sector.”
The PNP stands ready to support initiatives that strengthen Jamaica’s financial regulatory framework and protect the interests of all stakeholders.
