Antigua Breaking News

Top Trusted News Source in Antigua

Search
Previous slide
Next slide

  • Home
  • Regional News
  • Bolt bombshell: Retirement funds wiped out; sprinter fears he won’t recover money

Bolt bombshell: Retirement funds wiped out; sprinter fears he won’t recover money

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

Jamaican sprint legend Usain Bolt is staring at a wipeout of his heavy investment at Stocks and Securities Limited (SSL) and is now fearing that the monies, which he had hoped to access in his later years, will likely not be recovered.

Jamaica Observer source said the information was delivered to Bolt’s management team last week just before the company went public about a massive fraud that sources say amounts to more than $1.2 billion.

Bolt is among more than 30 people whose investments at SSL are believed to have been fleeced by a wealth advisor.

Last Thursday SSL issued a statement saying that it had “become aware of fraudulent activity by a former employee of the company”.

The company said that following initial internal investigations it “referred the matter to the relevant law enforcement authorities to facilitate a thorough and complete examination of all aspects of the matter”. Added the company, “To ensure this, we have taken steps to secure those assets and strengthened internal protocols to detect suspicious activity in the shortest time possible.” The company also said it would “continue to liaise and cooperate fully with law enforcement throughout this investigation and ensure that the responsible party faces the full consequence of the law”.

At the weekend the Observer source said SSL was aware of the fraud since August; however, the employee suspected of involvement was still employed to the company up to last Wednesday.

Be part of the conversation.

Let us know what you think by adding a comment below. Click here to start now!

That was the same day that Bolt’s team met with SSL representatives after requesting a meeting last December following the Olympian’s yearly review of his financial portfolio, at which he point he had noticed the discrepancy.

After Bolt’s team brought the matter to the attention of SSL, the company revealed that it had been doing an investigation into other matters to which the employee allegedly “confessed”, but until then the company was not aware that Bolt had also been affected.

Bolt, the source said, opened the account in 2012 and never made a withdrawal. He is said to have invested just under US$10 million. However, the source stated that only US$2,000 remains in the account.

The source also suggested that the magnitude of the fraud involved more than one person and the authorities are looking at that possibility. Efforts by the Observer over the weekend to confirm this information with the company were not successful.

Late last Thursday the Financial Services Commission (FSC) said it has issued directions to SSL barring it from engaging in sales or trading of assets without the permission of the FSC.

“These directions are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight,” the regulator said.

“In the case of SSL, this enhanced oversight reflects the need for the FSC to have a full view of the integrity of the transactions being conducted, including the movement of funds and of securities into and out of SSL.”

The FSC also said it will continue its investigations into matters related to SSL.

SOURCE: Jamaica Observer

Make a donation to help support ABN, via PayPal: [email protected]. Follow Antigua Breaking News on Twitter @ABNAntigua and Instgram @AntiguaBreakingNews and on Facebook. Send us a message on WhatsApp at 1-868-704-9864 or email us at [email protected] 

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

Join the Conversation!

Comments are closed.

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]