The Government-owned Financial Services Commission (FSC) has lost its legal battle in the Supreme Court to keep control of fraud-hit Stocks and Securities Limited (SSL).

Justice David Batts today ruled that licensed trustee, Caydion Campbell is to take control of SSL and pursue the winding up of the company under the court’s supervision.

Justice Batts also ruled that no suit or proceeding should take place against SSL without court approval.

The FSC – a regulator for investment institutions – alleged that Campbell’s appointment on January 16 last year, breached directives issued to the company.

The FSC also claimed that SSL’s decision to declare solvency and seek a voluntary winding up also breached directives.

However, in today’s ruling, Justice Batts said Campbell’s appointment for the reorganization and winding up of the company was valid.

He said the FSC’s temporary management of the company must cease with immediate effect.

SSL is at the centre of a multi-billion dollar fraud of which sports legend Usain Bolt is one of the affected investors.