Imani Tafari-Ama | Securities, criminality and corruption

Any investigator worth his or her forensic audit salt should have gasped in disbelief at the news of theft of five computers at the fraud-hit Stocks and Securities Limited (SSL). Why would the theft of computers at SSL be of any particular concern at this time, though? Surely, any computers currently in use must be new or refurbished hardware, acquired after massive improprieties were uncovered at the institution a year ago. Could it be that those computers belonged to the well-heeled investigation team?

Seriously though (since this seems to be some sort of bizarre joje), shouldn’t this crime scene have long been secured? Any device with any potential for holding any incriminating evidence should have been put in a secure vault to which only the specific persons with direct responsibility for the investigation should have had access. Raising a hullabaloo about theft of computers could only be a publicity stunt. Why? To “disappear” data? If it was not that, then some significant heads in charge of the probe should roll for Sloppy-Joe sleuthing tactics.

Since the securities firm is under the spotlight, why are taxpayers footing the salary bill for SSL workers, to the tune of $15 million per month? What business is this beleaguered securities firm conducting? When he introduced the arrangement at the beginning of September, Minister of Finance Dr Nigel Clarke said that this maintenance arrangement is a policy issue. Critics are crying foul, failing to understand why this compromised institution is benefiting from the fatted-calf treatment even while the probe into its operations drag on.

Whose interest is being served? In an effort to justify the expenditure, the finance minister indicated that twenty-two persons were employed to investigate how to monetise any assets that SSL might own, considering that its stocks have plummeted to zero value. These employees include a temporary manager who is tasked with enabling the Financial Investigation Division (FID) to bring the matter to court. The devil must be in the costly details of securing this outcome.

HEFTY EXPENSE BILL

Minister Clarke has titular responsibility for the review team, which includes the Fraud Squad, the Financial Services Commission (FSC), and internationally, the US Federal Bureau of Investigation (FBI) and the UK-based firm Kroll, which has expertise in forensic accounting. So that explains the hefty expense bill ($9.5 million is for salaries).

Who is the mole that breached Minister Clarke’s terms of reference? Beyond concern about who stole the computers and what access it gave them to what information, the real criminal event is leaving five computers unsecured at the scene of the crime of a top-level whodunit. Thieves should not have had any chance to break in and “find” these items. If it smells like a rat, it might be a rat and not the “thorough, complete, and transparent investigation that brings all perpetrators, conspirators, and co-conspirators to justice” that Dr. Clarke declared in his well honed speech. The plot thickens.

Preliminary findings from research into the SSL racket revealed that for more than a decade, entities yet unnamed were busy milking 70 investment accounts. Reports of the value of these investments fluctuate between US$20 and $30 million. At the granular level, the socio-economic profiles of most investors remain a mystery. Superstar sprint legend and eight-time Olympian Usain Bolt, who took a big hit in the debacle, shines bright among those fleeced. He is pursuing legal action to recover his US$12 million.

Shouldn’t the money that the State is pumping into the teetering SSL be allocated to defrauded customers’ accounts rather than staff salaries? Not that the welfare of the staff is of no moment. However, with such significant spending on staff remuneration, it remains a mystery how thieves could gain access to such a sensitive site.

The thick fog in which SSL is shrouded also swirls around another wraith – the six members of Parliament (MPs) under investigation for illicit enrichment. Correction, six parliamentarians plus one prime minister, whose paperwork is not adding up to reporting requirements. The Integrity Commission(IC) is dragging its feet on releasing its findings. Impatient of the IC’s delay, Justice Minister Delroy Chuck recently called for the IC to reveal all to Parliament as soon as possible. His comments underlined the public anxiety growing over the allegations of bandooloo wealth acquisition of 28 public officials.

UNDERLINES

All this focus on fraud and the corollary of corruption underlines how careful we have to be in this time. Rising cost of living threatens food security and other survival indicators. Tis the silly season once again, and the commercialisation of Christmas has conned consumers into spending what they do not have and buying what they do not need, in the spirit of the season. It is widely known that merchandisers manipulate black people to liquidate their cash by appealing to their need for recognition. That 1960s video that went viral explains well that Black people have been so systematically excluded from humanity and social participation norms that they can easily be swayed to buy expensive and name-brand items as a form of lack compensation.

Black peoples’ preference for quality goods is associated with the desire for improvement of status. Material wealth is also associated with improved personal standing. This is understandable because nobody wants to be or appear to be the poor, even if they are. Yet, the question of creating systems of sustainable wealth remains elusive for most of the wannabees. It is also hard to pin down even for the big spenders. Unless of course, you are dancehall star Masicka, who declares in his latest hit that he has the wherewithal to make it back, no matter what he is spending.

What does justice look like? Changing the perception that misdeeds like the misappropriation of other peoples’ resources is not limited to the have-nots. No sir or madam. The haves are Finger Smiths, too. The capacity for ruthless self-interest goes right across the social spectrum. In the last instance, class-power misuse results in a hierarchy of access to equity for the people who occupy the ranked registers. In the interest of justice, this cannot die a natural death or be consigned to the proverbial nine-day-wonder basket. At least the ministers of finance and justice are both reaching for the justice narrative Action! Not a bag o’ mouth!

Imani Tafari-Ama, PhD, is a Pan-African advocate and gender and development specialist. Send feedback to i.tafariama@gmail.com.