Gov’t Commits to Full Transparency Into Activities at SSL

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has given the commitment of complete transparency into alleged fraudulent activities at Stocks and Securities Limited (SSL).

In a statement issued on January 19, Dr. Clarke also assured the public of full disclosure regarding the Financial Services Commission (FSC) and its role and decisions on the matter.

He said the investigative authorities, such as the Financial Investigations Division (FID) and the Fraud Squad, have operational independence to pursue this investigation, wherever it may lead.

“There will be full transparency. No stone will be left unturned in unearthing exactly how funds were allegedly stolen, who benefited from such theft, and who organised and collaborated in this,” Dr. Clarke pledged.

“The probe will also seek to identify whether assets have been acquired with the proceeds of this fraud. If and when such assets are identified, all legal steps will be taken to restrain these assets with the intention of full forfeiture,” he noted.

The Minister called for patience and understanding, even while there is need to have the investigations done in a speedy manner, noting that complexities will arise from the long period over which the alleged fraud was perpetrated.

Meanwhile, Dr. Clarke said preliminary updates show that several elderly investors are among those defrauded in the SSL matter.

He said the Government empathises with all investors who have been impacted.