The National Insurance Fund (NIF) board has called in the Financial Investigations Division (FID) and the police after uncovering what is believed to be a multimillion-dollar fraud involving the purchase and sale of stocks by some managers at the State agency.
According to a law enforcement source, the money amounts to at least $600 million. But a source with knowledge of the development yesterday told the Jamaica Observer that what has so far been discovered “is the tip of the iceberg”.
“It is unbelievable what is happening. We've never seen anything like this before,” said the source who requested anonymity and who confirmed that the matter has been turned over to the FID and the police.
According to the source, the board was livid when it became aware that the managers, using NIF money, bought $500 million worth of shares in a prominent local company without first taking the matter to the investment committee, the board, and the Ministry of Finance for approval.. more