Bolt's money moved out of SSL as soon as it went in

Jamaican track and field icon Usain Bolt pumped

US$6.5 million into the investment firm Stocks and Securities Limited (SSL) between 2012 and 2017, but almost as soon as the money was deposited it was moved out without his knowledge.

A Jamaica Observer probe has uncovered that Bolt invested US$6.2 million in SSL in 2012 through a limited liability company named Welljen, which is believed to be an amalgamation of the first names of his parents Wellesly and Jennifer Bolt.

Another US$900,000 was added to Bolt's account by 2017. But US$5.8 million was withdrawn from his account starting in 2012 through cheques and cash.

In addition, US$90,000, which was lodged in the account between 2019 and 2022, was quickly withdrawn.

"The money withdrawn would have included interest and dividend earned in addition to the nominal amount invested," said an Observer source on Sunday.

The source provided the Observer with the portfolio holdings and liabilities statement, bearing SSL's logo, allegedly sent to the Bolt team in September 2022, which showed fixed income of US$3,714.58 million, equities of US$7,415.06 million, and cash of US$918,000.01, and amounted to US$12,047.65 million in the company.

Lawyers representing Bolt had sent a letter to SSL demanding that US$12,758,181.74 – the reported balance in his account at October 31, 2022 – be repaid by January 27.

The Attorneys also claimed that only US$12,000 remained in the account.

When the ultimatum expired last Friday, one of Bolt's Attorneys, Linton Gordon, told the Observer that they were in talks with the Financial Services Commission (FSC), which has taken control of SSL, and it would be inappropriate to make any further comments at the time.

(Excerpt from Jamaica Observer)