The Board of the embattled Stocks and Securities Limited (SSL) has broken its period of silence to refute what it deems as “damaging inaccuracies” that were spewed in the public domain during ongoing investigations.

In a seven-page document, the entity sought to provide clarity in relation to actions concerning wind-up operations and the misuse of client funds with those used for the running of daily operations.

Last week the Financial Services Commission (FSC) obtained an injunction barring the company by way of its trustee from winding up operations.

The entity, however, stated that no plans were made to wind up operations but to instead conduct an independent business review to determine the financial health of the company on January 16.

The statement also added that the trustee would have preserved the assets of the company while ensuring that the directives of the FSC are implemented.

A 2019 report from the FSC also unveiled that SSL was blatantly engaged in the mixing of clients’ funds with money used to cover its daily operations.

The entity vehemently denied this claim by noting that the company’s funds and that of clients were governed by different departments and system controls to ensure both streams do not mix and safeguard the integrity of the company.

In relation to sprint legend Usain Bolt’s misappropriated funds, SSL alluded that they were not made aware that Bolt was connected to WellJen and that they were only made aware of the fraud allegations on January 11, when a member of Bolt’s team visited their office to state that Jean Panton had visited offices of WellJen to confess and request assistance in repaying other clients that she had defrauded.

The Board also divulged that during a disciplinary hearing with the accused, the fraudulent activity involving WellJen was not mentioned nor was it listed among the 39 clients which she had defrauded.