$4.7 billion good news for SSL clients
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$4.7 billion good news for SSL clients

THE State regulator, Financial Services Commission (FSC), has indicated that the troubled Stocks and Securities Limited (SSL) is poised to pay out more than US$30 million ($4.7 billion) to its clients who have been waiting more than one year to collect on their investments.

In a release on Monday, FSC said based on the latest information provided by the SSL trustees, the company is advanced in its plans to make a payout to its clients.

The FSC said the payout will be primarily from the proceeds of the sale of SSL’s international securities client portfolio, approximately valued in excess of US$30 million.

According to the regulatory agency, it continues its active regulation of SSL with a focus on ensuring that the company strictly adheres to the requirements set forth in the Securities Act.

“The FSC has issued directions to SSL, dated July 31, 2024, which require SSL to provide periodic updates. These directions are designed to enforce transparency and accountability during the winding-up process of SSL. A key aspect of these directions is the requirement for SSL to provide the FSC with periodic updates on, among other things, the status of payouts to clients,” said the regulatory agency.

FSC said to ensure full compliance with the directions, it will be closely monitoring SSL’s actions throughout this process.

The regulator added that it has taken steps to safeguard the interests of SSL’s clients and maintain the integrity of the financial system, as part of its ongoing supervision.

“The FSC remains resolute in its mission to facilitate the fair treatment of SSL investors. This vigilant oversight is crucial to ensuring that SSL meets its obligations to clients in a timely and transparent manner, in alignment with the legal and regulatory framework established by the Securities Act,” said FSC Executive Director Lieutenant Colonel Keron Burrell.

The regulator said it continues to collaborate closely with law enforcement agencies to ensure the pursuit and successful completion of thorough investigations regarding any improprieties at SSL.

“The commission assures all stakeholders that it is dedicated to maintaining transparency and accountability throughout this process and will provide further updates as necessary,” added Burrell.

SSL has been embroiled in a fraud scandal since January 2023 which has seen multiple lawsuits and court cases to determine control of the firm. The FSC assumed temporary management of SSL but lost control at the end of May when Justice David Batts ruled in favour of Caydion Campbell who was appointed trustee of SSL by its former board of directors.

The matter is scheduled to return to court this week.

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