Dear Editor,

It is very troubling that with the massive fraud at Stocks & Securities Limited (SSL), which is under investigation, security seemed loose enough that the property was broken into and at least five laptops stolen and possibly other items critical to the investigation.

We heard recently that the fraud involved over 200 accounts and amounted to USD$30 million, and it is understood that the investigation has crossed international borders. A few months ago we learnt that the Government was spending over $15 million monthly for payroll and to keep SSL operating during the investigation, although the company is no longer viable financially. The priority should’ve been securing everything related to SSL to ensure that the investigation was not for one second compromised so that those found guilty could be brought to justice as soon as possible.

While some staff who understand the systems and procedures are essential to the operations and investigation, given the magnitude of the fraud and the suspicion that some insiders may have pertinent information and/or were involved, one would expect only a skeleton staff to continue under strict management, which ought to be independent with specialised skills in audit and controls.

Greater emphasis should’ve been placed on securing the property of SSL to ensure that documents, systems, and computers are not destroyed or stolen. And why would a chief financial officer leave his laptop in the office overnight anyway? If security of data on laptops is an issue which requires them to remain on site, the laptops should’ve been secured in a fireproof vault with efficient backups, and the entire property should have around-the-clock security given what is at stake.

It was initially stated that the Federal Bureau of Investigation (FBI) would be involved, is this still the case? It seems unreal that the FBI would be involved, if the property was not properly secured.

The robbery does not auger well for investigative processes, justice, and the recovery of stolen funds. It is a major embarrassment to the Government and locals involved in the case.

Corruption seems to have infiltrated our core to the extent that nothing is really shocking anymore. White-collar crimes involving high-ranking professionals have become too frequent, and what is worse is that most tend to get away with it, while those who are caught still find ways to beat the system.

P Chin

chin_p@yahoo.com