By Clinton McGregor
Finance Minister Dr. Nigel Clarke says he has followed through with his promise to call in the US Federal Bureau of Investigation to investigate the massive fraud at Stocks and Securities Limited (SSL).
Speaking at the Jamaica Stock Exchange Conference on Wednesday evening, Dr. Clarke said has written to the US Justice Department seeking the assistance of forensic auditors to help unravel the 13-year fraud.
Dr. Clarke insisted the Jamaican government was not "looking for handouts" and was "prepared to pay for those resources with our own budgetary resources".
The Finance Minister again made it clear that those involved in the multi-million US dollar fraud at SSL will be held to account. He said all legal means will be used to bring about successful forfeiture proceedings.
Dr. Clarke was addressing the conference hours after government lawyers obtained an injunction from the Supreme Court blocking a move by SSL, its trustee and directors from winding up the entity.
The injunction is to remain in place until February 17.
Dr. Clarke reiterated that the authorities will use the SSL saga as a catalyst to introduce tougher and more "fit for purpose" regulatory oversight to protect the financial sector against future crises.
He noted that as the government continues to pursue a prudent fiscal path, this will benefit the financial services sector and lead to growth.
This growth, he said, will extend to the securities sector, inevitably increasing its value over the next decade to exceed its current $1.45 trillion.
