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JM | Jan 24, 2023

GOJ bonds brokered through SSL are safe, says NHF

/ Our Today

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The NHF has sought to assure the public that its investment in Government of Jamaica (GOJ) bonds, brokered through embattled investment house Stocks and Securities Ltd (SSL), are “safe and in good standing”.

The NHF investment account was among five public bodies accounts yesterday revealed by Finance and the Public Service Minister Dr Nigel Clarke as being held at SSL, which has been at the centre of an alleged $3-billion fraud scandal.

“NHF is advising that SSL was one of the brokers when NHF participated in the National Debt Exchange in 2013 where GOJ bonds were purchased.”

National Health Fund

In a statement this afternoon (January 24), the NHF said it wished to update the public regarding its account with SSL.

“NHF is advising that SSL was one of the brokers when NHF participated in the National Debt Exchange (NDX) in 2013 where GOJ bonds were purchased,” the Fund said.

“The JAMCLEAR- CSD, BOJ has issued a Securities Portfolio Statement to NHF this afternoon confirming proof of NHF’s ownership of GOJ bonds valuing $740,563,020 as at January 24, 2023.”

OTHER PUBLIC BODIES

The NHF’s holdings were by the far the largest of the five public bodies identified by Clarke.

The other public bodies were the National Housing Trust, with $238.8 million; the National Insurance Fund, $8.4 million; Jamaica Agricultural Society, $8.9 million; and the Jamaica Banana Catastrophe Fund, with $98,000.

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