Directors, Trustee Blocked From Winding Up SSL

The Finance Minister on Wednesday confirmed in a statement that an effort was reportedly being made by Stocks and Securities (SSL) to wind up operations amid an unprecedented fraud matter. Cvm Live was reliably informed that on or about January 16, the same day that the Financial Services Commission (FSC) appointed and named its temporary manager at the SSL, the company appointed a trustee Caydion Campbell and proceeded to file for bankruptcy.

The Minister however notes that the monitoring and oversight body, the FSC in its statutory role obtained court orders to block any such actions. On Wednesday the Supreme Court ordered that the purported trustee, and directors to include, Jeffery Cobham, Hugh Croskery, Peter Knibb, Mark Croskery, Caydion Campbell and Sarah Meany be blocked from disposing of or dealing with assets and liabilities in SSL’s name or its clients’.

It further bars them or their proxies from withdrawing, transferring or dissipating any funds from accounts in its name wherever held. The court order also restrains SSL and the above-mentioned, from winding up or dissolving the company and liquidating the assets. 

Additionally, the order prevents SSL and its trustees and directors from interfering with the FSC’s team or their work. This includes the work of the recently appointed temporary manager, and to comply with the orders of the FSC whether from its agents or the temporary manager. 

The order further blocks the defendants from reorganizing SSL or its operations, whether in document form or by organization of its members or the assets and liabilities. Cvm Live spoke with Financial Analyst Dennis Chung on what this insolvency move would mean for those who invested with SSL if allowed. And as for Usain Bolt, what would that mean for his ultimatum?

Mr. Chung says he is uncertain whether appointing a trustee at the time when the FSC had already appointed a temporary manager was legal, noting the FSC’s move would have had more prominence.

Watch the full report here:

Reporter: Neika Lewis