Jamaica's Supreme Court Agrees to Public Hearing on Shut Down of Stocks & Securities Limited
KINGSTON, Jamaica – The Supreme Court has agreed to entertain a public hearing of the application to shut down the Stocks & Securities Limited (SSL) firm in the interest of investors.
The Jamaica Gleaner reported that Justice David Batts made the order on Thursday during a hearing of the wind-up application filed in March by the Financial Services Commission (FSC), which is the government body that regulates the securities industry.
hursday’s hearing was held in camera, barring the public, including journalists, from attending.
Solvency-related matters are typically held in chambers, but Batts reportedly indicated that the SSL matter must be heard in open court so creditors of SSL and other members of the public may observe the proceedings.
The Gleaner learned that the Judge also ordered that the FSC’s application for the winding up of the SSL, be tried in November, but only after the outcome of a separate trial that same month in which the FSC is seeking to dislodge Caydion Campbell, an SSL-appointed trustee.
The FSC, which currently has temporary management of SSL, wants to close down the firm, arguing that it does not have enough money to pay its debts.
King’s Counsel Caroline Hay, who is representing Campbell, said she raised a preliminary objection, arguing that the FSC was abusing the court’s processes as it also sought permission to wind up SSL in two differently filed court cases.
FSC obtained an injunction blocking Campbell, who was appointed by the management of SSL on January 16, one day before the regulatory body took control of the firm, from managing SSL’s assets.
Earlier this month, Justice Batts, who is also the judge in the trusteeship case, set the trial of that matter for November 1 to 3. A pre-trial review will take place on October 2.
Justice Batts also ruled that the case involving the application filed in March, must await the outcome of the trusteeship case for which a pre-trial review is also set for October.
Early January, fraudulent activities on the accounts of close to 40 clients of SSL, amounting to approximately 3 billion Jamaica dollars (US$1=JA$ 156.25) was discovered and former employee Jean-Ann Panton, was charged with breaches of the Larceny Act, the Proceeds of Crime Act, the Forgery Act and the Cyber Crimes Act.
Jamaican, world renown sprint sensation and Olympian Usain Bolt was among victims of the SSL fraud and is said to have lost over 12.7 million US dollars.
