Robinson urges government action following court ruling on SSL
/ Our Today
administrator
Shadow Minister of Finance, Julian Robinson, is calling on the Government to urgently address the implications of Friday’s, May 31, court ruling which saw the Financial Services Commission (FSC) losing control of Stocks and Securities Limited (SSL).
Appointee Caydion Campbell, has been granted full control of the firm following a ruling by Supreme Court Justice David Batts.
Robinson in a statement on Friday expressed deep concern over the court’s decision, emphasizing the potential negative impact on investor confidence both locally and internationally.
“In Jamaica today, the statutory regulator of the financial services industry has been removed from managing a company at the center of a major fraud scandal. This decision to place SSL back under the control of a private sector insolvency practitioner, who was appointed by the same individuals responsible for its control and mismanagement prior to the FSC stepping in, raises serious questions about the effectiveness of our regulatory system,” he stated.
He underscored the need for immediate government intervention to reassure investors and safeguard the integrity of Jamaica’s financial markets.
“The Government needs to act quickly to address this situation. This ruling sends a troubling signal to financial markets and investors regarding the capacity of Jamaica’s regulatory framework to handle crises within the financial sector,” Robinson said.
“We need to know what steps will be taken to protect investors in Jamaica and ensure that our regulatory bodies are equipped to prevent and manage financial crises effectively. The public deserves clarity and assurance that their investments are secure and that robust mechanisms are in place to uphold the integrity of our financial sector,” he added.
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