Overseas forensic auditors engaged to help with SSL fraud probe

The Government has engaged overseas forensic auditors as part of the multibillion-dollar fraud probe at investment firm Stocks and Securities Limited (SSL).

Minister of Finance Dr Nigel Clarke this afternoon announced that a memorandum of understanding was signed today with multinational risk and financial advisory firm Kroll Associates UK to provide forensic audit investigative services to the Financial Investigations Division (FID).

“Kroll will bring leading-edge technology that will support the FID in unravelling all aspects of this 13-year fraud and bringing co-conspirators and accomplices to justice," said Clarke.

He opened the Budget Debate in the House of Representatives.

Clarke disclosed that the British Government has offered to cover some of the initial costs associated with engaging the forensic auditors.

He lamented that the SSL matter is sore point for the country.

“It is as if Jamaica, driving up Spur Tree Hill, was able to avoid colliding with seven 18-wheeler trailers coming head-on in the opposite direction, only to experience a slow leak in one tyre, leading our vehicle to crash into a wall.”

Approximately $3 billion is believed to have been fleeced from dozens of SSL account holders, including retired sprinter Usain Bolt, who has lost $2 billion.

A former SSL wealth advisor is now before the court in relation to the case.

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