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A watershed moment in Government
Stocks and Securities Limited's head offices
Columns
Horace O Aiken  
February 11, 2023

A watershed moment in Government

When a property of matter continues in its existing state of rest or uniform motion in a straight line, and remains so unless that state is changed by an external force, physicists would apply the word inertia, which is a tendency to do nothing or to remain the same. Bear this in mind as we continue to contend with and explore the scandalous saga at Stocks and Securities Limited (SSL).

With some dubbing this as the biggest fraud case of all time in Jamaica, it forces me to ask the question: When will Jamaica change?

Over the years our country has been faced with a plethora of sagas of this nature, where the Government of Jamaica is labelled in a nefarious light. Corruption seems to be synonymous with our little island. Recently, Finance Minister Nigel Clarke stated at the biennial conference of the Financial Investigations Division (FID): “There is going to be no place to hide,” speaking strongly, and rightly so, to bring some assurance to the nation that this matter will be dealt with transparently. And so, the US Federal Bureau of Investigation was contacted to assist.

Great move down the flank, Minister. Unprecedented action.

But I believe the minister would have scored if he had resisted the temptation to throw a jab at his critics when he said, “In the largest case of private sector corruption in the country, the conversation is about the Government.” Sir, the Government has to be in the conversation because the regulatory body tasked with the responsibility to supervise these financial entities has come under serious scrutiny. We would have seen the head of that oversight body being the first casualty, performing the usual resignation ritual. Also, by your own admission, and Dr Peter Phillips’, reports have been submitted across administrations highlighting various red flags concerning SSL and it seems it’s the pressure that is now associated with the fraud that has caused the public to be made aware.

In recent times we would have seen some frauds being committed in our financial institutions, so what is it about this fraud that demanded a statement from the prime minister and yourself? Obviously, Sir, this is not viewed as “just a private sector corruption”. The perception is that the governments, over the 13-year period, should have acted decisively on the reports submitted by the Financial Services Commission (FSC). Everyone confirms receiving a report, but no serious action was taken. Well, the people of Jamaica are treating this as evidence to finger the Government in this saga.

Jamaicans just don’t trust our governments. It took a while for them to reach at this position. It was a long journey across administrations, stemming from the consistency of dishonesty in every Government, and now we are seeing a “righteous indignation” among the nation towards this practice, hence the deliberations.

There’s no intention to classify which government over the years is the “GOAT” of corruption, but rather to support the idea for a change in how we handle matters of this nature. So, as we seek to answer the question, ‘What could have caused this private sector corruption to be getting this high-profile attention at this time from the Government?’, we also ask: Is it because of the involvement of Usain Bolt and the international eyes that comes with that? Was it the political pressure? Or is it the in-breaking of the Holy Spirit? The answers to these questions might differ, but whatever the force might be, Jamaicans welcome it.

The idea that there is no place to hide for all who are involved in this multi-billion-dollar fraud — whether you are a politician or a bigwig that supports politicians — gives Jamaicans confidence again in our governments. This could be a watershed moment in the history of our nation.

I am of the view that only an external force will change our state of corruption in governments. If not, we might continue to see the tendency to do nothing and things will remain unchanged — inertia. But I want to believe that there is hope.

So, if it’s the political pressure that can bring this change, I urge Jamaicans to ensure we demand it. If it’s the international force, we welcome it. If it’s the power of the Holy Spirit, I say to the Church, continue to pray without ceasing. A day is coming when the corruption cannot be swept under the rug anymore. While we might not all be on the same page as to the source of the force, I believe we will all celebrate the change. If it’s one thing that this saga shows us so far is that the right thing can be done when the right force is at play.

Horace O Aiken is a minister or religion and justice of the peace.

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