(CMR) Stocks and Securities Limited (SSL), the company at the center of a major fraud investigation in Jamaica, was prevented from liquidating its assets after the Financial Services Commission got a court order.
Jamaica's finance minister Dr. Nigel Clarke said on or about January 16, SSL applied to the Companies Office of Jamaica for a members’ voluntary wind-up. This was after news broke of a major fraud at the company. The court order blocks SSL, its trustee, and its directors from applying for voluntary liquidation.
SSL is also prevented from interfering with the probe into the defrauding of dozens of accounts, including Usain Bolt, of approximately $3 billion.
The firm is also ordered to comply with the directions of the FSC and temporary manager Ken Tomlinson and those under his direction.
The FSC is also seeking to stop SSL directors from reorganizing the company or its operations, whether it be in any document form or organization of its members or the assets and liabilities, the Gleaner reported.