FSC gets court order to block winding up of SSL 

The Financial Services Commission (FSC) has obtained a court order to prevent the trustee and directors of investments company Stocks and Securities Limited (SSL) from winding up the company and liquidating its assets.

SSL is at the centre of a near $3 billion fraud investigation.

Finance Minister Dr Nigel Clarke said the FSC went to court after an “attempt to undertake a members’ voluntary winding up of Stocks and Securities Limited.”

He shared the update on the matter via his Twitter account on Wednesday evening.

“On or about January 16, SSL applied to the Companies Office for a members’ voluntary winding up. Prior to this, the FSC had put the company under Temporary Managemen using its powers under the [Financial Services Commission] Act,” Clarke tweeted.

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

Of note, in the case of a members’ voluntary winding up, the company must be solvent.

Clarke, in a media release, said the court order would 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