Opposition calls on Gov’t to address implications of today’s court ruling that ousted FSC from its temporary management of fraud-hit SSL

The Opposition is calling on the Government to address the implications of today’s Supreme Court ruling that ousted the Financial Services Commission (FSC) from its temporary management of the fraud-hit Stocks and Securities Limited (SSL).

Control of the company has been handed over to licensed trustee, Caydion Campbell.

The Supreme Court also ruled that Campbell is to pursue the winding up of the company under its supervision.

The FSC – a regulator for investment institutions – had 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 David 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.

In a statement today, Opposition Spokesman on Finance, Julian Robinson expressed deep concern over the court’s decision, emphasizing the potential negative impact on investor confidence, both locally and internationally.

He argued that removing the statutory regulator of the financial services industry from managing a company at the centre of a major fraud scandal, raises serious questions about the effectiveness of the nation’s regulatory system.


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