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FSC obtains court order to block wind up of SSL

Published:Wednesday | January 25, 2023 | 8:23 PM

The Financial Services Commission (FSC) has obtained a court order to block the directors of fraud-hit Stocks and Securities Limited (SSL) from winding up the company or liquidating its assets.

The injunction will remain in place until February 17, 2023.

The FSC has taken control of SSL amid a probe into a massive fraud involving almost $3 billion.

Minister of Finance Dr Nigel Clarke says the court action by the FSC was taken following an “attempt made to undertake a members' voluntary winding up of Stocks and Securities Limited”.

SSL, Caydion Campbell, Hugh Croskery, Laurence Adamson and Peter Knibb are named as defendants in the matter.

In a post on Twitter, Clarke said "on or about the 16th of January SSL applied to the Companies Office for a members' voluntary winding up." 

He noted that, prior to this, the FSC had put the company under temporary management using its powers under the Act.

Clarke explained that the FSC went to Court to prevent the company from going through the process of winding up itself to effect its temporary management.

In a media release, Clarke said the court order will stop SSL and its directors from:

  • disposing of, dealing with assets and liabilities in SSL's name or its clients' names, withdrawing, transferring or otherwise dissipating any funds from accounts in its name wherever held;
     
  • interfering with the acts of servants or agents of the FSC and Temporary Manager and to comply or otherwise cooperate with the directions of FSC and the Temporary Manager and any servant or agent of the Temporary Manager;
  • winding up or dissolving the company and liquidating the assets of SSL
     
  • reorganising the company or its operations whether it be in any document form or organisation of its members, or the assets and liabilities

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