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The Financial Services Commission (FSC), has indicated that Stocks and Securities Limited (SSL) is set to pay out more than US$30 million ($4.7 billion) to its clients who have been waiting more than one year to collect on their investments.
On Monday, FSC said based on the latest information provided by the SSL trustees, the company is advanced in its plans to make a payout to its clients.
The FSC said the payout will be primarily from the proceeds of the sale of SSL’s international securities client portfolio, which is approximately valued at US$30 million.
According to the regulatory agency, it continues its active regulation of SSL with a focus on ensuring that the company strictly adheres to the requirements set forth in the Securities Act.