SSL transfers over $11 billion to customers
Published:Friday | January 19, 2024 | 4:51 PM
Troubled investment firm Stocks and Securities Limited (SSL) today announced that it has transferred over $11 billion in client funds to other financial entities as part of its first phase of interim management activities.
Phase II involves the transfer of more funds in short order, provided it receives directions from other clients.
“Thus [far], all major steps have been taken by SSL to facilitate the transfer of cash and local securities,” stated SSL temporary manager Business Recovery Service Limited (BRSL) in an update to clients sent this afternoon.
Some 765 client accounts totalling $10.5 billion in local financial securities were transferred to other entities, it noted today, with an additional transfer of $564 million in cash related to 165 clients.
SSL said that it now relies clients to provide the required information to allow for more efficient and speedier completion of the necessary transfers.
The next phase involves transferring overseas securities but that's more difficult, the temporary manager indicated.
“This phase is regrettably taking additional time given the cross-border nature of these assets, which introduces some complexity to the transfer process. SSL is working assiduously to resolve the remaining issues in the shortest possible time,” stated the release.
Earlier this month, Olympian sprinter Usain Bolt expressed dismay at the apparent slow pace of the activities related to the reported $2 billion missing from his SSL account.
It marked the one-year anniversary since he first raised the issue that led to investigations.
On January 10, 2023, the Financial Services Commission (FSC) was alerted to discrepancies in the client accounts at SSL.
Subsequently, the FSC engaged law enforcement and took over the institution, assigning BRSL as the interim manager for SSL on January 17, 2023.
Following the appointment, the interim manager has, in coordination with the FSC, taken an active role in administering SSL. The remit includes protecting current accounts, aiding investigations, securing SSL's assets, and initiating a step-by-step process for transferring client assets to chosen brokers and financial entities.
This move was the result of comprehensive closed door negotiations with various securities dealers that started last February, aiming to find the most favourable way to relocate clients' accessible funds to alternate financial structures.
BRSL will give another update in 30 days, it stated.
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