By Sherrica Thompson

Staff Writer

#Jamaica, January 25, 2023 – Investigators in Jamaica have requested assistance from the United States Federal Bureau of Investigation (FBI) and other international partners to help investigate an over $2-billion fraud at investment firm Stocks and Securities Limited (SSL), where more than 30 people were affected.

Dr. Nigel Clarke, Jamaica’s Finance Minister made the disclosure on Monday during a special policy address where he responded to the recent scandal that has been making headlines regionally and internationally.  

Clarke said the authorities have complete independence of the investigation and will bring the partners involved in the alleged theft to justice.

“The investigative authorities have full operational independence and will pursue the facts wherever they may lead. They will unearth exactly how funds were allegedly stolen, who benefited from such theft and who organised and collaborated in this,” he said.

The Minister noted that the investigation will also seek to identify whether assets have been acquired locally or overseas with the proceeds of the alleged fraud.

“If and when such assets are identified, all legal steps will be taken to restrain these assets with the intention of full forfeiture,” Clarke said.

Clarke said the police Fraud Squad and the Financial Investigations Division, which is leading the investigations into SSL, asked the FBI and other international partners last week for assistance.

He also told reporters that five state-owned entities had invested in SSL.  These are the National Health Fund – $740 million; National Housing Trust – $238.8 million; National Insurance Fund – $8.4 million; Jamaica Agricultural Society – $8.9 million; and the Jamaica Banana Catastrophe Fund – $98,000.

The minister did not state if any of the public bodies lost any of their investments.