KINGSTON, Jamaica — Opposition spokesperson on Finance, Julian Robinson is calling on the Government to urgently address the implications of today’s court ruling that ousted the Financial Services Commission (FSC) from its temporary management of the fraud-hit Stocks and Securities Limited (SSL).

Supreme Court Justice David Batts on Friday ordered appointee Caydion Campbell to take control of SSL which cannot be tried for criminal proceedings without the court’s approval.

Campbell had been unable to carry out any of his functions since the FSC intervened and has had to remain on the sidelines.

READ: FSC loses control of fraud-hit SSL

SSL is at the centre of a $5-billion fraud, the victims of which include legendary sprinter Usain Bolt.

The ruling is the second blow the FSC has received in a matter of months. The FSC took temporary management of SSL on January 17, 2023 but lost a bid to amend a lawsuit against SSL in March. At that time, the FSC had attempted to include a claim that two former directors signed a declaration of solvency after their resignations in January 2023.

Noting that Campbell was appointed by the same interests who were managing SSL during its period of looting, Robinson expressed deep concern over the court’s decision, emphasising the potential negative impact on investor confidence both locally and internationally.

“In Jamaica today, the statutory regulator of the financial services industry has been removed from managing a company at the centre of a major fraud scandal. This decision to place SSL back under the control of a private sector insolvency practitioner, who was appointed by the same individuals responsible for its control and mismanagement prior to the FSC stepping in, raises serious questions about the effectiveness of our regulatory system,” Robinson said.

He underscored the need for immediate government intervention to reassure investors and safeguard the integrity of Jamaica’s financial markets.

“The Government needs to act quickly to address this situation. This ruling sends a troubling signal to financial markets and investors regarding the capacity of Jamaica’s regulatory framework to handle crises within the financial sector,” he continued.

The People’s National Party (PNP) representative called for transparency and accountability from the Government, urging them to provide a comprehensive plan to prevent similar occurrences in the future.

“We need to know what steps will be taken to protect investors in Jamaica and ensure that our regulatory bodies are equipped to prevent and manage financial crises effectively. The public deserves clarity and assurance that their investments are secure and that robust mechanisms are in place to uphold the integrity of our financial sector,” Robinson said.

The PNP said it stands ready to support initiatives that strengthen Jamaica’s financial regulatory framework and protect the interests of all stakeholders.