Supreme Court to hear FSC application regarding winding up fraud hit SSL in November
The application brought by the government-run Financial Services Commission (FSC), to wind up the fraud-hit investment firm Stocks and Securities Limited (SSL) is to be heard at the supreme court in November.
Last week, Justice David Batts ruled that the matter should be heard in open court so that creditors and other members of the public can observe the proceedings.
The FSC is contending that SSL is insolvent and does not have money to pay its debts.
The claim is based on a finding by the temporary manager Kenneth Tomlinson who was appointed by the FSC in January, shortly after the discovery of an alleged multi-billion dollar fraud at SSL.
Olympic legend Usain Bolt is one of the 40 investors who have been affected by the alleged fraud involving more than $3 billion.
Former SSL client relationship manager Jean-Ann Panton is charged in connection with the fraud and is in custody pending trial.
Mr. Bolt and another investor Jean Forde have filed separate lawsuits in the Supreme Court against SSL and Panton.