SSL wind-up injunction extended
Published:Friday | February 17, 2023 | 5:54 PM
The Supreme Court has extended an order blocking the directors of fraud-hit Stocks and Securities Limited (SSL) from winding up the company or liquidating its assets.
The order was initially granted on January 25.
King's Counsel Caroline Hay, who represents SSL and trustee Caydion Campbell, said the order has been extended to February 28 when another hearing into the matter is scheduled.
The order was extended to give the government more time to respond to affidavits filed by defendants in the matter.
Justice Stephane Jackson-Haisley made the decision today during a hearing involving the SSL and the Financial Services Commission (FSC).
The case was brought by the FSC against SSL, Campbell, SSL founder Hugh Croskery and former company directors Laurence Adamson and Peter Knibb.
The injunction has been lifted against Knibb and Adamson because of their resignations as directors.
SSL has denied that it sought to wind up the company when it appointed Campbell as trustee.
"It was the intention of the directors that their powers and authority be vested in the trustee and that the affairs of SSL would be under his control," the company said in a statement issued by its attorneys.
The company has said that Campbell, of Phoenix Restructuring, Advisory and Insolvency Services Enterprise, and his team intended to conduct an independent business review and other investigations to determine its financial state as at January 16.
The FSC, which regulates brokerages and investment houses, took temporary charge of SSL's management and operations on January 17, days after the alleged $3-billion fraud had been publicised.
At least 40 clients including sports legend Usain Bolt have been impacted by the alleged fraud that the authorities say has stretched back at least a decade.
Bolt says he has lost almost J$2 billion (US$12.7m).
Ex-employee Jean-Ann Panton was today charged with several offences over the alleged fraud.
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