Patience, please

The Jamaican Government is asking for patience amid the unease surrounding the Stocks and Securities Limited (SSL) fraud case, which impacted the accounts of more than 200 clients, including track legend Usain Bolt.

The appeal follows a Gleaner story on Thursday, which noted the frustration of the eight-time Olympic champion whose account was defrauded of US$12.7 million. The development has caused sustained outrage.

Bolt’s attorney, Linton Gordon, said that the former athlete was “shocked and disappointed”.

“I appeal to the public to continue to exercise patience as the independent constitutional authority carries out a diligent and meticulous review of the SSL investigative file so that culpable persons may be held to account,” outgoing Minister of Finance and the Public Service Dr Nigel Clarke said in a statement yesterday.

Further, Clarke noted that the Financial Investigations Division (FID) reported in December 2023 that it had submitted a file on the findings of the SSL investigation to the Office of the Director of Public Prosecutions (ODPP) for a ruling.

The FID stated that “prosecutors … are reviewing the evidential material to discern the possible charges”.

Ten months later, Clarke said the two bodies met several times, including within the last month, about the SSL file.

“Among other things, the ODPP has recommended that the FID collects three further statements, the process of which has already commenced. I understand the frustration and the desire for tangible results. I share these feelings, too.

“However, I ask the public to reflect on the fact that there can be no better demonstration of transparency in this matter than our decision to procure the services of an international forensics audit firm to support an independent and thorough investigation as we have done. And there can be no better indication of the importance attached to this investigation than the fact that despite the complexity of this matter with 200 affected accounts and despite the timeline of the fraud that spanned more than a decade, the investigative bodies were able to submit a file to the ODPP in December 2023 for an investigation that began in January 2023,” Clarke said.

He said a precedent for this level of efficiency among similarly complex financial frauds of the past may not exist.

“Finally, we must remember that the ODPP is a constitutionally independent office with great expertise and experience,” he said.

The multibillion-dollar fraud at the investment firm dates back to at least 2010 but only came to light in January 2023.

The finance minister said this was “a punch to the gut for all Jamaicans”, noting that the magnitude of the fraud, its duration, and the fact that the victims included several elderly Jamaicans, as well as “a beloved icon”, shocked the nation.

Clarke said he shared, and still shares, those emotions.

He said the policy of the Government remains to leave no stone unturned, get international help, and follow the evidence wherever it may lead.

“I have repeated this policy mandate several times, including in my 2023 and 2024 Budget presentations and in statements issued to the press and uploaded to my social media accounts.

“Consistent with this policy, in January 2023, within days of the allegations of the fraud, I wrote to the Foreign Commonwealth and Development Office of the British High Commission and requested their assistance in identifying international forensic auditors who could assist with an investigation,” Clarke said.

As a result, he said the Government, through the FID, engaged KROLL Associates UK, a multinational firm of forensic auditors who have considerable global experience.

He said it was important that an international firm that has no connections in Jamaica and one with deep expertise was engaged.

Clarke said the KROLL team worked with the support of the FID and the Financial Services Commission, utilised technology, data analytics, and forensic expertise to produce a comprehensive and independent report of its findings, which was delivered to the FID in November 2023.

He said the collaboration between the Jamaican investigative authorities and KROLL allowed the FID to report to Jamaicans in September 2023 about the expansion in the scope and size of the probe.

He said this allowed the FID to be able to again report to Jamaicans in December 2023 that more than 200 accounts had been affected and a staggering amount exceeding US$30 million (J$4.7 billion) was attributable to fraud and other irregularities.

This was up from the estimated 40 affected accounts and $2 billion that was initially reported in January 2023.

Jean-Ann Panton, a former client relationship manager at SSL, is the only person charged in the matter so far. She is facing a 21-count indictment after being charged with forgery, larceny as a servant, and engaging in a transaction involving criminal property.

kimone.francis@gleanerjm.com