Finance Minister says every effort being made to sell assets and recover receivables to refund affected clients of fraud-hit SSL
Every effort is being made to sell assets and recover receivables to refund affected clients of fraud-hit Stocks and Securities Limited (SSL).
The monies would also be used to cover expenses incurred over the course of the fraud investigation.
Speaking last evening (September 1) during a Twitter Spaces Forum, Finance Minister Dr Nigel Clarke noted that the temporary manager has been tasked with using all legal means to pursue monetization of SSL’s assets.
Dr Clarke said only a court order can declare the money irrecoverable.
The Minister, however, pointed out that during formal bankruptcy proceedings, it is not yet known if repaying the Government would be a priority.
The Government, through the Financial Services Commission has taken over the management of SSL, and with SSL strapped for money, part of the expenses to be incurred by the Government is payment of staff salaries and legal fees.
Dr Clarke cautioned that it is possible that nothing could turn up, even after the pursuit of the assets.