Opposition seeks answers on FBI involvement in SSL probe

Opposition Spokesman on Finance Julian Robinson is questioning whether the Federal Bureau of Investigation (FBI) is involved in the probe of the fraud at Stocks and Securities Limited (SSL), as had been announced by Finance Minister Dr Nigel Clarke.

Robinson points out that head of the Counter-Terrorism and Organised Crime Division (CTOC), Assistant Commissioner of Police Anthony McLaughlin, stated on Friday, that local law enforcement had the capacity to conduct the investigation and did not need the assistance of the FBI at this time.

McLaughlin had stated that the FBI would be brought in if needed.

However, Robinson said in a media release on Sunday that "This is in stark contrast to the prior public statement by the minister of finance, that the FBI were to be engaged in the investigation of the SSL debacle." 

He said Jamaica needs to know what the true position is and called for Clarke to state whether the FBI is in fact involved in the investigation.

Financial Investigations Division, which is leading the probe, said that it still cannot quantify the overall fraud but confirmed prior reports that Jamaican athletics star Usain Bolt had been fleeced of approximately US$12.7 million or nearly J$2 billion.

The fraud is believed to be at least J$3 billion.

In the meantime, Robinson is also demanding the following:

1. A release of all examination reports done by the Financial Services Commission (FSC) in relation to SSL, to include minutes of FSC Board meetings and reports from FSC management to the Board.
 
2. A special audit of the FSC by the Auditor General's Department to determine appropriateness of actions of the regulatory entity and whether it had the resources and technical expertise to carry out its functions.

3. Confirmation that international forensic expertise has now been engaged in relation to the massive fraud at SSL, and disclosure of their terms of reference.

Robinson also wants the Ministry of Finance to conduct an audit of all government agencies and public bodies to ensure adherence to guidelines regarding the investment of public funds in financial institutions.

He noted that this issue was highlighted two years ago when the Airports Authority of Jamaica made an investment in First Rock.

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