The parliamentary opposition has called for the government to urgently address the implications of Thursday's court ruling that ousted the FSC from its temporary management of SSL.
In a statement Thursday afternoon, Opposition Spokesman on Finance Julian Robinson said he is concerned that control of SSL has now been handed over to a private sector insolvency practitioner who was appointed by the same individuals who were managing SSL during the period of the alleged fraud racket.
Mr. Robinson expressed deep concern over the court's decision, emphasising the potential negative impact on investor confidence both locally and internationally.
He said the decision to place SSL back under the control of a private sector insolvency practitioner, who was appointed by the same individuals responsible for its mismanagement, raises serious questions about the effectiveness of the country's regulatory system.
Mr. Robinson underscored the need for immediate government intervention to reassure investors and safeguard the integrity of Jamaica's financial markets.
He said the government needs to act quickly to address this situation as the ruling sends a troubling signal to financial markets and investors regarding the capacity of Jamaica's regulatory framework to handle crises within the financial sector.
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