SSL In Trouble? The Silence Is Definitely Not Good!

So far, this seems to be the only information out there (press release below)… well online at least. But in the minds, hearts and private conversations of a whole lot of hopeful, doubtful, pessimistic and skeptical investors, a lot of questions are being asked about this latest development. The truth is, for the Financial Services Commission to be sent to your office, even for a cup of tea is not a good sign.

Up to late Tuesday night, while the news  of the audit was settling in, Stocks and Securities Ltd (SSL) had not yet issued a statement, giving people enough time to continue speculating.  We will have the rest of Tuesday and maybe even Wednesday to do that if something isn’t said quickly.

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This is what RJR News has reported;

The Financial Services Commission (FSC) on Tuesday  dispatched a team of auditors to the offices of securities dealer, Stocks and Securities Limited (SSL) –  a move that normally indicates trouble in an institution.

However, the regulator has moved to assure at least some investors, that their monies are safe.

According to the FSC,  its move to go into the offices of SSL is to “effectively assess the state of affairs” of the company. The FSC sought to assure former clients of SSL, who were transferred to JN Fund Managers in July that “the action taken on SSL, will in no way impact them.”

But, the FSC seemed to suggest, that “a small number of select sophisticated investors, holding bonds issued by SSL”, will be impacted although it gave no further details on the matter or how much money is at stake.

Source: RJR News