PANTON’S VEIL LIFTED

Sagicor Bank Jamaica intends to satisfy a court order obtained by Usain Bolt for the disclosure of transactions linked to accounts owned by Jean-Ann Panton, the sole accused in the alleged $3 billion fraud at Stocks & Securities Limited (SSL).

Two financial institutions – Sagicor and CIBC FirstCaribbean International Bank – have been given 14 days from around June 14, when they were served, to fulfil the demands.

“Sagicor Bank will comply with any order from the Supreme Court to provide information regarding any transactions or accounts held at our company,” the bank told The Gleaner on June 15. “Such orders are not unusual, and we will not challenge these court orders.”

When contacted by The Gleaner, CIBC was terse.

“The bank has no comment to make,” it said last Friday.

Justice Cresencia Brown Beckford granted the order on May 31, but it was only served last week, according to Frater Ennis & Gordon, the law firm representing Bolt and his holding company, Welljen Limited.

The law firm has declined to comment on the details of the court order, a copy of which was obtained by The Gleaner.

According to the order, Welljen wants the banks to provide all accounts solely or jointly in Panton’s name as well as ones for which the former SSL client relationship manager is a signatory.

Sagicor and CIBC are to provide details of all transactions and copies of all records relating to all transactions and transfers involving the accounts. The origins and destination of all transfers are to be included.

All credit card transactions, loans and other credit facilities are also to be disclosed.

Welljen Limited is suing SSL and Panton over the alleged theft of investment funds from the account the sports star opened at the private investment and brokerage firm in 2012.

Welljen’s account value plummeted from J$2 billion (US$12.7 million) in October 2022 to J$1.8 million – or US$12,000 in January, when Bolt checked its status after being alerted by Panton, the retired athlete’s legal team has said.

In a confession statement, which was part of an internal SSL investigation, Panton admitted in January that over several years, she took money from clients and created false statements reflecting balances they should have in their accounts and instead of the actual sums.

The statement named 39 clients whose accounts had a combined value of more than $700 million. Bolt’s company was not among them.

Panton said she took approximately 20 per cent of that sum in addition to an additional $109 million.

She has since claimed that she confessed because of an “offer” from SSL founder Hugh Croskery. He denied the allegation.

Welljen’s case against Panton and SSL is being heard together with a suit that another investor, octogenarian Jean Forde, filed against the firm and 10 other defendants, including Panton and Croskery. Forde is alleging that she was defrauded of US$830,000.

The two matters are scheduled for a next hearing on October 24, 2023. At that time, the judge will consider an application by SSL for Welljen’s case against it to be put on hold until a separate case involving the appointment of an SSL trustee is settled.

The Financial Services Commission (FSC), which regulates the island’s non-deposit-taking financial sector, is currently in charge of SSL. Before taking charge, it took SSL to court over its trusteeship, which it claims breaches directions to leave the company’s assets undisturbed. The first hearing is set for early July.

In an apparent response to Bolt’s threat of going to the international media about a lack of updates, the FSC has claimed it cannot fully engage SSL’s clients because of court disputes.

jovan.johnson@gleanerjm.com