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King's Counsel Caroline Hay, who represents SSL's appointed trustee Caydion Campbell
The Supreme Court has ruled that government regulator Financial Services Commission no longer has control of embattled investment firm, Stocks and Securities Limited (SSL).
The written ruling, handed down Friday by Justice David Batts, determined that SSL's appointed trustee, Caydion Campbell, has full control of the fraud-hit firm, under the supervision of the court.
The morning's judgement represents a big blow to the Financial Services Commission's efforts to cauterise the situation at SSL.
The FSC sued SSL and Mr. Campbell last year, claiming that his appointment was in breach of directives and an attempt to frustrate the investigation of the multibillion-dollar fraud.
But the court's ruling indicates that Mr. Campbell's appointment was valid.
The Supreme Court says there is to be a stay of all pending or other proceedings against SSL and no suit action or other proceedings including criminal proceedings, shall be proceeded with or commenced against SSL unless the court's permission is obtained.
The FSC, which regulates investment houses, also argued that SSL's solvency declaration was flawed because it did not accurately represent the company's financial status and did not account for the fraud reported at the agency on January 10, 2023.
SSL directors appointed Mr. Campbell as trustee on January 16, 2023 to pursue a reorganisation of the company through voluntary winding up under the Companies Act.
The FSC filed a lawsuit on January 25, 2023, after becoming aware of the move.
It took temporary management of SSL on January 17, 2023.
King's Counsel Caroline Hay, the attorney representing Caydion Campbell, said the ruling now puts her client in a position to properly carry out his role as the appointed trustee.
"Mr. Campbell is now in a position to go into the entity. Reports have to be given to him to know exactly what has happened in the course of a year and a half that he's been prevented from doing his work. And he will take the steps that the Companies Act requires him to take to call in creditor claims. So all I can say to [affected clients] is that the process that the Companies Act set out, that should have started last year January, can now continue," she said Friday on Radio Jamaica's Hotline, with host Emily Shields.
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