Prime Minister Andrew Holness has reiterated that the Government will not bail out any private institutions.

His statement comes following news that the Government will be footing the cost of operations at embattled investment firm Stocks and Securities Limited (SSL). 

Speaking on Taking Stock with Kalilah Reynolds, the Prime Minister said the move is temporary and is only to facilitate the thorough completion of the multibillion-dollar fraud investigation.

SSL has been the centre of a months-long investigation after a former Wealth Advisor confessed to stealing millions of dollars from clients, including Olympian Usain Bolt.

The Financial Investigations Division (FID) has been working with international partners to unravel the schemes at the investment company.

Employees at the company, who have been assisting investigators recently pulled a sick-out, refusing to work because they were not paid for August.

Finance Minister, Dr Nigel Clarke, said the Government had to step in to preserve the investigation. 

SSL currently has 22 employees and their total monthly wage bill is $9.5 million, plus there’s another $5 million in other operating expenses and other one-off legal fees. 

Holness said that the Finance Minister made the best decision with the options that were available to him.

“The Government of Jamaica will not be in any way taking on any debt from any private institution that has failed. We’re not going to bail out any private institution,” he said.

“But the public is also asking that this matter be thoroughly investigated and the Government made a commitment to thoroughly investigate the matter,” he added.

“It is one of those conundrums because in order for the matter to be thoroughly investigated… the truth is that we need the staff of SSL to keep the computer systems up and running and we need the staff of SSL to maintain the records,” he said. 

The Prime Minister noted that the support of SSL is not indefinite and he expects that will last for up to three months.