Minister of Finance and the Public Service Dr Nigel Clarke is asking Jamaicans to “continue to exercise patience” with the ongoing investigations into the multi-billion-dollar Stocks and Securities Limited (SSL) fraud case.

The finance minister sought to assure members of the public that the Government of Jamaica, through the Financial Investigation Division and other agencies, is working with multinational forensic audit firm KROLL Associates UK to uncover the multi-year, multilayered fraud case that came to light in January 2023. It is alleged that fraudulent transactions at SSL date as far back as 2010.

While noting that the revelation was “a punch to the gut for all Jamaicans”, Clarke said: “The magnitude of the fraud, its duration and the fact that the victims included several elderly Jamaicans, as well a beloved icon, shocked the nation. I shared and still share those emotions.”

The beloved icon to which Clarke refers is Jamaican sprint legend Usain Bolt who, it was estimated, lost approximately US$12 million due to the incidences of fraud. Reports of the loss sent shockwaves throughout the world.

According to Clarke, the Government has taken the policy stance to leave no stone unturned, get international help, and follow the evidence wherever it may lead.

“I have repeated this policy mandate several times, including in my 2023 and 2024 budget presentations and in statements issued to the press and uploaded to my social media accounts,” he noted.

“Consistent with this policy, in January 2023, within days of the allegations of the fraud, I wrote to the Foreign Commonwealth and Development Office of the British High Commission and requested their assistance in identifying international forensic auditors who could assist with an investigation. They kindly obliged and the GOJ, through the Financial Investigations Division (“FID”), engaged KROLL Associates UK (KROLL), a multinational firm of forensic auditors who have considerable global experience,” the minister continued.

Clarke further underscored the importance of engaging with an international firm without any connections in Jamaica and one with deep expertise because of the complexity of the SSL case — the volume of transactions, the number of accounts, and the period of the fraud.

Since then the KROLL team has collaborated with the FID and the Financial Services Commission (FSC), using technology, data analytics and forensic expertise to produce a comprehensive and independent report of its findings. The report was delivered to the FID in November 2023.

In September 2023, the FID informed Jamaicans in a press release of its plans to expand the “scope and size of the probe”.

As a result of the collaboration with KROLL, the FID was able to again report to Jamaicans in December 2023, also by press release, that “there are over 200 affected accounts and a staggering amount exceeding US$30 million [$4.7 billion] attributable to fraud and other irregularities related to clients’ funds”. This was up from the estimated 40 affected accounts and $2 billion initially reported in January 2023″.

Clarke stated: “The GOJ’s engagement of KROLL has therefore greatly assisted the investigation process in identifying other fraudulent schemes and affected accounts at SSL.”

In December 2023, FID reported that it submitted findings in the SSL investigation to the Office of the Director of Public Prosecutions (ODPP) for a ruling. At the time the FID stated that “prosecutors …are reviewing the evidential material with a view to discerning the possible charges.”

Since that time, Clarke said, the FID and ODPP have met multiple times, including within the last month to review the comprehensive and voluminous SSL investigative file. The ODPP has recommended, among other things, that the FID collects three further statements.  That process, he further revealed, is already underway.

“I understand the frustration and the desire for tangible results. I share these feelings too,” Clarke related. “However, I ask the public to reflect on the fact that there can be no better demonstration of transparency in this matter than our decision to procure the services of an international forensics audit firm to support an independent and thorough investigation as we have done.”

In this regard, he pointed out that it was unprecedented that an investigation into 200 affected accounts and with a timeline of the fraud that spanned more than a decade was completed efficiently by December 2023, and a file submitted to the ODPP, after beginning in January of that year.

Commenting on where the case is currently, Clarke said, “Finally, we must remember that the ODPP is a constitutionally independent office with great expertise and experience. I appeal with the public to continue to exercise patience as the independent constitutional authority carries out a diligent and meticulous review of the SSL investigative file so that culpable persons may be held to account.”