Jamaica’s finance minister has announced that the government must cover the salary and expenses of the employees at an embattled investment firm marred by fraud, including stealing millions of dollars from Olympic sprinter Usain Bolt.
Speaking on Radio Jamaica’s Hotline on Friday, Sept. 1, Nigel Clarke revealed that the monthly compensation for Stocks and Securities Limited (SSL)’s staff totals about $15 million JMD, or roughly $97,000.
“I will provide more comprehensive details to the public once they become available. However, we’re talking about 22 staff members, with a monthly payroll of $9.5 million. Additionally, there are operating expenses of approximately $5 million, along with some one-time expenses,” Clarke reportedly said.
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The announcement has sparked outrage among Jamaicans, with some questioning why taxpayers should be accountable for the debt tied to the fraud-plagued company.
“Them want the Jamaican people now to go back and pay this private company… mi want to know how long them going to take the Jamaican people for fool,” said Grammy-winning reggae artist Buju Banton in an Instagram video post on Monday, Sept. 4.
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The repayment is required by law, according to Clarke.
Jamaica’s Prime Minister Andrew Holness told reporters on Wednesday that the government is “not taking on any debt” and would not be “bailing out any private institutions that have failed,” but he added that in order to complete a thorough investigation into the fraud, investigators need SSL’s staff to “keep the computers running.”
Nearly seven months following the discovery of the scheme, the Financial Investigations Division has found that the number of impacted accounts is…
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