Jamaican 100m sprint World Record holder Usain Bolt. Photo/courtesy.
Usain Bolt is poised to recover a substantial portion of the US $13 million that vanished from his account at Stocks and Securities Limited (SSL), following a theft that shook the company.
Caribbean Life reported that SSL, which has been struggling with employee losses and facing the brink of collapse after the scandal, has announced plans to rebuild its tarnished reputation.
Bolt, the world record holder in the 100m and 200m, was first alerted to the disappearance of his funds by a former SSL employee, sparking the multiple Olympic champion to launch an investigation into the firm’s credibility.
In the wake of the debacle, SSL has faced intense scrutiny. Recently, the company disclosed its intention to reimburse over $30 million to more than 200 clients who have been awaiting compensation for more than a year. The Financial Services Commission (FSC) has instructed SSL to begin the repayment process without delay.
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“The commission assures all stakeholders that it is dedicated to maintaining transparency and accountability throughout this process and will provide further updates as necessary,” said FSC Executive Director Keron Burrell.
He added, “The FSC remains resolute in its mission to facilitate the fair treatment of SSL investors. This vigilant oversight is crucial to ensuring that SSL meets its obligations to clients in a timely and transparent manner, in alignment with the legal and regulatory framework established by the Securities Act.”
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