People’s National Party (PNP) Spokesperson on Finance Julian Robinson has condemned what he calls false claims made recently by Jamaica Labour Party (JLP) Senator Abka Fitz-Henley at a party rally, in which he accused the former PNP administration of failing to act on warnings from the Financial Services Commission (FSC) regarding Stocks and Securities Limited (SSL) in 2013.

Senator Fitz-Henley’s assertion that the PNP “took no action” is a blatant lie, contradicted by documented facts.

According to Robinson, under the PNP government in 2013, then-Finance Minister Dr Peter Phillips and the FSC took immediate action, issuing a directive requiring SSL to suspend critical activities due to breaches of the Securities Act.

Robinson said, in contrast, the JLP administration, in 2017, discontinued proceedings to suspend SSL’s license after the entity claimed compliance. Robinson, citing a Jamaica Gleaner article on January 23, 2023, said the FSC lifted the 2013 restrictions based on SSL’s representations, as confirmed by Finance Minister Dr Nigel Clarke. This decision, he said, occurred under the JLP’s watch, and the massive fraud at SSL, uncovered in 2023, followed this lifting of restrictions.

“Senator Fitz-Henley’s reckless lies are an insult to the Jamaican people. The PNP acted decisively in 2013 to protect investors, while the JLP administration chose to trust SSL’s false assurances in 2017, paving the way for this catastrophic fraud. The Holness administration must answer why it lifted restrictions on SSL without proper verification, leaving Jamaicans vulnerable,” Robinson said.

The PNP is calling for transparency and accountability, asking if the Kroll Report has been released, even to the court-appointed liquidator to assist him in tracking down the assets of the insolvent SSL.

If not, the PNP said it is urging the immediate release of the Kroll Report, a forensic audit of SSL covering 2010 to 2023. The PNP said this report is critical to understanding the full scope of the fraud and the failures in oversight that allowed it to occur.

“The public has a right to know the truth,” Robinson emphasised. “The Holness administration must stop hiding behind excuses and release the Kroll Report without further delay.”