Court order issued against members of Stocks and Securities Limited barring them from winding up the entity
A court order has been issued against the members of Stocks and Securities Limited (SSL) barring them from winding up the entity.
The order was sought and obtained by the Financial Services Commission (FSC) yesterday (January 25) in the wake of reports that attempts were being made to dissolve SSL.
The investment firm is at the centre of an investigation into claims of fraudulent activity after reports surfaced recently that funds from the accounts of several clients went missing.
A statement from the Finance Ministry said consequent on an attempt made to undertake a members’ voluntary winding up of SSL, the FSC in undertaking its statuary role, obtained court orders to restrain SSL, the purported trustee of SSL and directors of SSL.
They have been restrained from disposing of, dealing with assets and liabilities in SSL’s name or its clients’ names, withdrawing, transferring or otherwise dissipating any funds from accounts in its name wherever held.
They have also been blocked from interfering with the acts of servants or agents of the FSC and the temporary manager and should comply or otherwise cooperate with the Directors of the FSC and the temporary manager and any servant of agent of the temporary manager.
They are further prevented from winding up or dissolving the company and liquidating the assets of SSL.
Additionally, they are not allowed to reorganize the company or its operations whether it be in any document form or organization of its members or the assets and liabilities.
The defendants listed in the court order are SSL, Caydion Campbell, Hugh Croskery, Laurence Adamson, and Peter Knibb.
In explaining the matter, Finance Minster Dr Nigel Clarke said that on or about January 16, SSL applied to the Companies Office for a members’ voluntary winding up.
He said prior to this, the FSC had put the company under temporary management, using its powers under the Act.
Dr Clarke said to effect its temporary management, the FSC went to court to prevent SSL from going through the process of winding up itself.