FSC Loses Control of Fraud Hit SSL

The Financial Services Commission, FSC, has lost its bid to retain control of fraud hit brokerage house Stocks and Securities Limited, SSL.

That’s according to a ruling handed down by Justice David Batts in the Supreme Court on Friday. The ruling follows a hearing into the matter which began on February 26 and ended on May 10.

The FSC had installed Kenneth Tomlinson as temporary manager of SSL. The FSC tasked Thompson with winding up SSL.

But Justice Batts ruled that the SSL appointed trustee, Caydion Campbell, is the individual who should get on with the task of winding up and reorganising the entity.

Justice Batts also ruled that the winding up of SSL, which began on January 16, 2023, may resume subject to the supervision of the court.

Caydion Campbell has been ordered to return to court within 90 days to submit a report on the progress of the winding up operation.

It’s uncertain how today’s ruling by Justice Batts will impact the ongoing fraud investigation at SSL.