3 ELIJAH – SPIRITUAL ADVISOR My name is Elijah, I have been doing spiritual work for the past 14 years across the world. No voodoo! Spiritual work only! Readings, Baths, Sore Foot, Court Cases, Relationships and much more! Call ELIJAH at, 959-710-0671…… Lester Hinds/Gleaner Writer JAMAICAN EXPATRIATES with investments in their homeland have been cautious about liquidating their securities in the wake of the $3-billion Stocks and Securities Limited (SSL) fraud. MEMBERS OF the diaspora said, however, that they were awaiting specifics on the raft of reforms announced by Finance Minister Dr Nigel Clarke to tighten legislation and impose tougher penalties. David Mullings, chief executive officer of the United States-based Blue Mahoe Capital, which invests clients’ funds in both the public and private sectors, said many Jamaican investors have adopted“a wait-and-see attitude”. Mullings said, however, that reduced local appetite has been offset by new non-Jamaican investors who are seeking to tap opportunities here. He is not aware of any demand internationally for the withdrawal existing investments. “Confidence is the biggest concern,” said Mullings, who noted that some investors are seeking to use United States-based entities as go-betweens for business engagements in Jamaica. “That way, they are assured of recovery of funds should something go wrong.” Mullings said that while there is general confidence in the fundamentals of Jamaica’s financial system, investors are wary of a trend developing in the Caribbean. But such events are not unique to the region. The alleged billion-dollar scam involving former FTX CEO Sam Bankman-Fried is evidence that such risks cross many borders. Mullings said that Blue Mahoe has checks and balances in its system, adding that clients receive regular updates on their investments and may access their accounts at any time. “Jamaicans who went through the FINSAC experience, and now seeing what is happening at SSL, are more leery about the present happenings in the Jamaican financial sector,”he said, referencing the 1990s financial sector collapse in Jamaica. Sandra Graham, an Atlanta-based businesswoman with investments in Jamaica, told The Gleaner that she would not be pulling her investments but wants to see what actions the Government will take to shore up the industry and give comfort to expatriates. “I was shaken by the SSL news. It was very shocking the amount of money that went missing. It shook my confidence, but I still have confidence in the Jamaican financial sector,” she told The Gleaner. BETTER OVERSIGHT, SAFEGUARDS NEEDED Graham, who said that she has both private- and public-sector investments, has called for improved transparency. “I want to see better oversight and safeguards so that Jamaica is not seen as a country of scammers,” she said. Dozens of SSL account holders were allegedly fleeced of billions of dollars over a decade in a scheme reportedly perpetrated by a now-fired employee. But there have been damning disclosures of a culture of noncompliance and mismanagement at the brokerage house, with suggestions that SSL may have commingled clients’ funds with its own money to run its operations. State regulator, the Financial Services Commission (FSC), said it was aware of public concern arising from the disclosure of a letter dated April 3, 2020, to the Ministry of Finance and the Public Service accompanying the examination reports for six securities dealers, including SSL. But the FSC sought to clarify that the other entities referenced in the letter – JMMB Securities Limited, BPM Financial, NCB Capital Markets, NCB Capital Markets (Collective Investment Schemes), and Sygnus Capital Markets were adequately capitalised and above the benchmark capital adequacy ratio. Those entities present no concerns regarding their solvency, the regulator said. That declaration is in line with the assurance given by Finance and the Public Service Minister Dr Nigel Clarke that the SSL fraud saga was not reflective of larger contagion. Clarke has acknowledged that the scale of the alleged fraud was a “body blow” to Jamaica, but he emphasised that SSL represented two per cent of a $1.45-trillion sector. Steadman Shearer, who had an account in amajor bank in Jamaica, said that the last time he visited the island and went to check on his account, he was told that it had been closed. “My account does not exist anymore, and I was not informed about this. I only found out when I went on a trip to Jamaica and went to the bank to see about my account,” he told The Gleaner. Shearer, who has a fishing business in Jamaica, said that he is sceptical about the state of Jamaica’s financial services sector. Rupert Allan, who also has investments in Jamaica, said that he would be withdrawing his investments. Allan said that when he called to check on his investments after noticing apparent irregularities, he could not get clear answers from his financial institution. “I asked who was handling my investment and was given a name, but when I asked for a phone number to speak directly with that individual, after getting a runaround, I was told I could not be given the person’s phone number. “How can that person be handling my funds and I cannot get a phone number to speak with that person?” he questioned. Allan said that the SSL saga has caused him to lose faith in the securities industry. He is demanding greater access to account information, including the authorisation protocols on transactions. Jamaican Garth Vickers, a financial adviser who manages investments in annuities and insurance, said that there are basic safeguards that can be implemented to assure investors. Among those listed interventions are the generating of automatic reports each month to clients, client access to the investment company’s quarterly and annual audited reports, the disclosure of funds under management at investment entities, and the filing of public quarterly reports. editorial@gleanerjm.com SSL crisis sparks investment concern in diaspora PRIMEMINISTER AndrewHolness signalled on Tuesday that Jamaica’s security forces could be part of a regional delegation to support efforts by the 15-member Caribbean Community (CARICOM) bloc to stabilise gang-ravaged Haiti. Holness told the House of Representatives that the descent into political and economic chaos of Jamaica’s neighbour was a source of worry for his administration and the entire region. “The Government of Jamaica and indeed the people of Jamaica, even with our own challenges and concerns, are deeply concerned about the humanitarian and security crisis being experienced by our Caribbean neighbour and sister nation Haiti. “The people of Haiti continue to have their human rights threatened by powerful gangs and militias which perpetrate heinous crimes including killings, kidnappings and acts of violence against women and children ... ,” said Holness in opening comments. He told the House of Representatives that the situation had escalated to dangerous proportions with the killing of several policemen recently. The prime minister reiterated the condemnation by CARICOM and extended condolences to the families of the fallen officers. He said the recent round of violence has left Haiti’s five million population facing acute hunger. Violent deaths and cholera-related fatalities continue to pose challenges to Haiti’s fragile health sector, which Holness said have triggered several emergency crises in a country that has been crippled by political instability for decades. Jamaica, he said, restated its preparedness to support a united international effort in response to the crisis, which deteriorated in the wake of the 2021 assassination of President Jovenel Moise. Holness said that he endorsed efforts being contemplated by the Organisation of American States (OAS) towards a solution. Outside of that collective, specific bilateral support has been discussed, including electoral reform, capacity building, and logistics. Jamaica is prepared to host Haitian representatives in that regard. “In addition, Jamaica would be willing to participate in a multinational security assistance deployment to Haiti under the appropriate jurisdictional parameters to support a return to a reasonable level of stability and peace which would be necessary ... for any democratic process to take root,” the prime minister told colleague lawmakers. “Both the Jamaica Constabulary Force and Jamaica Defence Force have been alerted to this possible course of support and they would have started to plan for such eventuality as part of their routine situational awareness and response readiness,” he stated. According to the prime minister, thousands of Haitian children, especially those living in gang-dominated areas, have yet to return to school, and there are increasing reports of minors being recruited by criminal organisations. Against that backdrop, Holness said Jamaica reaffirmed its commitment to working with CARICOM and bilateral partners such as Canada and the USA, as well as Latin American and African nations, towards achieving sustainable solutions in Haiti. In a press statement issued last Saturday, CARICOM said the bloc was deeply concerned about the severity of the challenges being faced by police in Haiti. “CARICOM strongly condemns the killing of police officers and expresses its condolences to the families of the officers who lost their lives in the line of duty. The anger and dismay of the police at the gruesome killings of their colleagues, 78 killed since July 2021 and 14 to date this January, are shared by all,” the secretariat said. The regional grouping, however, urged the security forces not to abandon their role of maintaining public order, cautioning that that action would further destabilise the country. PM Holness pledges help for Haiti Police, army could be part of international delegation Prime Minister Andrew Holness delivers a statement on Haiti’s security situation during Tuesday’s sitting of the House of Representatives. IAN ALLEN/ PHOTOGRAPHER Students walk past a burning barricade that was set up by members of the police protesting bad police governance in Port-au-Prince, Haiti, Thursday, January. 26, 2023. AP THE MONTHLY GLEANER | FEBRUARY 5 - MARCH 2, 2023 | www.jamaica-gleaner.com | NEWS
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