SSL receives US$1 million insurance payout; no longer in need of Gov’t financial support

It is no longer necessary for the Government to provide support for the salaries of staff at fraud-hit Stocks and Securities Limited (SSL).

Finance Minister, Dr. Nigel Clarke made the disclosure this morning (September 19).

This he said is due to the settlement of an insurance claim made by the temporary manager of SSL in April of this year to SSL’s insurers in England.

The company is in receipt of US $1million.

Meantime, Dr. Clarke says starting Friday, SSL will begin the process of transferring Jamaican clients’ securities from SSL’s custody to other security dealers, selected by clients.

Jamaican cash balance in clients’ accounts will be also transferred to banks specified by clients.