Thursday, 26 January 2023 18:11

Julian Robinson calls for greater urgency in SSL investigation

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The Opposition People’s National Party is calling for greater urgency and a more deliberate approach on the part of the Government, with respect to the investigation surrounding the allegations of fraud at Stocks and Securities Limited (SSL). 

Opposition Spokesperson on Finance and Planning Mr. Julian Robinson, MP said, “In light of the attempt by principals of SSL to voluntarily wind up the company, the Opposition is concerned that not enough is being done to prevent further compromise of the case and to protect the investing public.” He continued, “The current arrangements are problematic, as there has developed a pattern of leaked information, to a particular media house, in what appears to be a manipulative attempt to shape the narrative of the case.” 

The Opposition Spokesperson is questioning whether the interim manager has been provided with adequate resources to manage this crisis. 

He said - “Given that the data management systems at SSL are still permeable, what resources have been made available to the interim manager to cauterize the exposure and prevent further compromise? It is normal in large and complex insolvency situations for an external accounting firm to be engaged to provide technical and administrative support to the temporary manager, receiver or liquidator. This support needs to be arranged forthwith. As things now stand, it is highly inappropriate for the interim manager to have to rely on the current staff of SSL, some of whom may be themselves implicated or otherwise compromised by conflicts of interest, as support in this complex fraud investigation and to bring order to the operations of the business,” said MP Robinson.

The Opposition is also concerned that the Major Organised Crime and Anti-Corruption Agency (MOCA) has not been deployed as the chief local investigating agency. MOCA, being an independent law enforcement entity focused on eliminating major crimes of corruption, is best placed to lead this investigation. 

Mr. Robinson expressed, “We have a duty to protect the interests of the hard-working Jamaicans who entrusted their money to an institution that clearly enjoyed the confidence of the Government. We also have a duty to preserve the integrity of our financial sector and Jamaica’s international reputation. The world is looking on, and the people of Jamaica need swift action and full accountability”.