FSC hands over control of SSL

SSL is back in the hands of, well, SSL.  Or at least the trustee they originally appointed before the regulator took over.  So what does this mean for investors who still haven’t gotten their money back?

Just when you thought the SSL saga couldn’t get any more twisty and turny, here comes another one.

The Supreme Court has ordered the Financial Services Commission (FSC) to hand over control of SSL back to Caydion Campbell.  He’s the Trustee that SSL had appointed when all of this started.

SSL has now been given permission to begin its winding-up process under court supervision. 

But technically, the FSC had already started to wind them up, meaning assets have been sold, and creditors were being paid. 

The FSC, which regulates the investment industry, took over temporary management of SSL in January of 2023.  They appointed Kenneth Tomlinson as temporary manager.

SSL had appointed Campbell on January 16, 2023, after the FSC had already taken over. Then allegations started swirling that they were trying to wind up and reorganise the company before proper investigations started.

This led SSL to release a seven-page statement denying that they were trying to wind up the company.  They claimed Campbell was only there to do an “independent business review” and check on the company’s finances.

The FSC sued SSL and Campbell for going against its directive. 

Well, here we are a year and a half later and the Supreme Court has ruled in favour of SSL and Campbell. 

So what happens now? Well, the court’s ruling was with immediate effect.  So the FSC should have already given control back to Campbell. As for what his next steps are, your guess is as good as mine.

Like I said, the winding up process has already started. SSL, under Tomlinson’s management, has reportedly refunded over 1,200 customers whose money was stuck in limbo during the investigation. 

Speaking of which, the investigation is all but done as the teams have turned over all their information to the Office of Public Prosecutions. 

It might get a little awkward if Campbell tries to go into the office though, because SSL actually moved out of their Hope Road head office. Their new address is at Tomlinson’s business place.

So what’s next? I don’t know, but the whole saga is exhausting. 

And that’s the bottom line.