Churches call for Commission of Enquiry into Jamaica’s financial sector

The Jamaica Council of Churches (JCC) wants a Commission of Enquiry to be conducted into the financial sector “to determine the true nature of its operations, motivations and the extent to which corruption may have derailed its effectiveness as a contributor to nation-building”.

The JCC’s call comes in light of the massive $3 billion fraud that is still unfolding at investment firm, Stocks and Securities Limited (SSL).

READ:Bolt’s money moved out of SSL as fast as it went in

An estimated 40 investors have had their accounts severely depleted in a scam that investigators – the police Fraud Squad and the Financial Investigations Division – have said occurred over more than 10 years.

Among clients who have been defrauded are Olympian, Usain Bolt.

In a statement above the signature of its President, Rev Kenneth Richards, Archbishop of Kingston, the JCC said it has taken note of reports which have been widely disseminated in the media regarding alleged improprieties at a local financial institution.

“We note with sadness the reports that several citizens of our country, including our outstanding national treasure and icon, Ambassador Usain Bolt and members of the retired community have reportedly lost resources which were placed in the fiduciary care of this institution,” said Richards.

“We note also the significant response of the government, inclusive of a policy statement by the Minister of Finance and the Public Service and public statements by the prime minister,” Richards added.

He criticised the Financial Services Commission (FSC), while pointing to media reports which have highlighted that the Commission, “for several years failed to carry out the necessary and decisive actions as the regulator of the securities sector which it was mandated to do”.

Richards said it was with “great consternation” that the JCC notes “the deleterious impact that this situation may have on the morale of the nation, on brand Jamaica, and on the lives of vulnerable persons who often suffer first and hardest”.

“The erosion of trust and confidence regarding the international community is primarily because of the international profile of Ambassador Bolt, a fact which belies the inherent double standards of our approach to our ethical shortcomings,” he added.

The JCC suggested that the present debacle is part of the wider malaise of moral decay which pervades the Jamaican society.

“Greed and selfishness have become the path to success that too many Jamaicans have chosen to take. We feel compelled therefore to address this matter, not in a technical manner, but on the basis of the principles which we have affirmed and repeatedly asserted in our many previous pronouncements on governance,” it said.

And, the JCC said it is dismayed that for many years, the general ethos of accountability and probity in public and corporate office has been severely eroded.

“We see a dire need for the reiteration of ethical principles by the holders of public and corporate offices and those in whom fiduciary trust has been reposed. There is an urgent need for strong commitments from our public, corporate and business leaders to publicly embrace and professionally practice the highest ethical standards and ideals”.

About the ongoing investigations, the JCC said: “We await the fullest possible disclosure of these findings. Therefore, it is in this regard we call on the government to present its policy statement in the Parliament so that, among other concerns, the nation can benefit from the examination of the matter, especially since international law enforcement and investigative partners have been called on to assist”.