Opposition calls for full disclosure of taxpayer costs in SSL fraud investigation

KINGSTON, Jamaica – The Opposition, People’s National Party (PNP), is urging the Government and, specifically, the Minister of Finance, to provide a comprehensive breakdown of the expenses incurred by taxpayers in the course of the investigation into the extensive fraud at Stocks and Securities Limited (SSL).

As reports confirm that the Government has assumed the responsibility for covering staff and administrative expenses at SSL, the Opposition says it is seeking transparency regarding any additional financial burdens carried by the Government throughout the ongoing investigation.

In a statement on Friday, Opposition Spokesman on Finance, Julian Robinson, asserted that, “We are seeking complete transparency regarding the total cost of the SSL investigation borne by taxpayers. In addition to staff salaries, we request information on the expenses associated with retaining the receiver/manager and their team, the fees incurred with the international forensic firm, Kroll Associates, and whether the Government is shouldering all these financial obligations.”

Considering SSL’s insolvency and the remote possibility of cost recovery by the Government, the public is entitled to a detailed account, as it is their tax dollars that underwrite these expenditures, the statement read.

Robinson added, “I call upon the Minister of Finance to provide a projection of the Government’s expected duration in covering these costs and whether the current Budget includes provisions to address these financial commitments.”

Seven months after a massive fraud was detected at SSL, investigators have uncovered that the number of affected accounts is almost double what was initially reported, increasing the size of the fraud by millions of US dollars.

The Financial Investigations Division (FID) investigation announced in a news release Thursday that its probe into the fraudulent activities at SSL have revealed that there are now approximately 70 affected accounts compared to the just over 40 reported in the initial phase of the investigation.