Victims of the multi-billion dollar fraud at Stocks and Securities Limited, SSL, may have to wait some time before their funds are recovered.
Finance Minister, Dr. Nigel Clarke gave an update on the ongoing investigation into the securities dealer in a statement on Wednesday.
Dr. Clarke says asset recovery cannot be pursued until after criminal convictions have been attained.
Shaloy Smikle tells us more.
According to the latest tally, over 200 client accounts have been affected by the fraud uncovered at SSL last year.
The total is approximately US $30million, or nearly JMD $5billion.
In his statement this afternoon, Finance Minister, Dr. Nigel Clarke says none of the money has been recovered.
He says any recovery will be under Jamaica’s Proceeds of Crime Act, POCA.
The Financial Investigations Division, FID, which is spearheading the SSL probe, is empowered by law to provide for the investigation, identification, and recovery of the proceeds of crime and related matters.
It’s possible for the FID to begin the tracing of fraudulently obtained assets before the conclusion of court proceedings in the criminal matter.
However, a benefit investigation, which is integral to the forfeiture and recovery process, can only commence after criminal convictions are obtained in connection with the fraud.
But the Finance Minister reminds Jamaicans that civil proceedings are open to aggrieved parties and can be started at any time.
It should be noted that a court ruling has placed on hold any attempt by aggrieved parties to sue SSL.
This is due to an ongoing case to determine whether the authority over SSL should rest with the Financial Services Commission through temporary manager Ken Tomlinson, or the trustee appointed by the Board of SSL itself.
That matter will next be heard on April 29.
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