FSC Probes Trading of Dyoll on Jamaica Stock Exchange

The Financial Services Commission (FSC) has commenced an investigation into the trading in shares of the Dyoll Group Limited on the Jamaica Stock Exchange (JSE) from the period September 1, 2004 to February 15, 2005.
Executive Director of the FSC, Brian Wynter made the announcement at this morning’s (March 7) press conference where he also announced that the FSC was assuming temporary management of Dyoll Insurance Company.
Mr. Wynter explained that the investigation was to determine whether there were any breaches of the Securities Act as it relates to insider trading.
Speaking in regards to the company’s level of exposure in the Cayman Islands and of plans to inject new capital in order to meet the claims resulting from the devastation caused by Hurricane Ivan last September, Mr. Wynter said by February, it had become evident that the information being provided by Dyoll to the FSC was misleading in terms of the level of exposure and the level of capital injection that was supposedly carried out in December. This matter too, Mr. Wynter said, was being investigated and appropriate action would be taken.
“Once it was ascertained that the information from Dyoll was unreliable, the FSC’s examiners went in. Additionally, the FSC called on the services of an experienced regulator from the Office of the Superintendent of Financial Institutions of Canada to provide us with expert guidance on the handling of this type of situation,” he informed.
The JSE suspended trading in Dyoll shares on February 15 and required that the company make a public announcement in response to allegations that the Dyoll Group had experienced material financial losses.