Morning Bites: 5 things to know for Tuesday; SSL fraud insurance; Clovis Toon; Breaking News and more

Morning Bites: 5 things to know for Tuesday, January 24, 2023 SSL’s 'meagre US$1 million fraud insurance' It is looking like a long and difficult road for [investors in Stocks and Securities Limited (SSL)]( who are hoping to recover the monies they have been defrauded. It has emerged that with a fraud estimated at billions of dollars, SSL had fraud insurance valued at a meagre US$1 million (J$155 million) at the time it reported the fraud to the Financial Services Commission (FSC) earlier this month. Finance Minister Dr Nigel Clarke, [speaking during a special policy address]( on regulation of the financial sector on Monday, said that is what he has been told although he is yet to verify the information. Clarke pointed out that the fraud involved clients being given fictitious statements about their balances while the actual sums in the accounts differed from what was on SSL’s system. Public bodies invest hundreds of millions with SSL As the [massive fraud at Stocks and Securities Limited (SSL) continues to unravel]( it has emerged that several public bodies have hundreds of millions of dollars invested with the scandal-hit organisation. Finance Minister Dr Nigel Clarke says the National Health Fund (NHF) has a balance of approximately $740 million; the National Housing Trust (NHT) has a balance of $238 million; the National Insurance Fund (NIF) has a balance of $8.4 million; the Jamaica Agricultural Society has a balance of just under $9 million; and the Jamaica Banana Industry Catastrophe Fund has a balance of $98,285. “This is the information that has been provided to me by the temporary manager of SSL,” Clarke told reporters on Monday. He said there was no indication the investments were in jeopardy. Summation of Klansman trial continues Chief Justice Bryan Sykes will [continue his summation in the Klansman gang trial]( today. At the end of the summation, 27 alleged gangsters who are being tried under the anti-gang law will know their fate. On Monday, Sykes told the court that the defendants, several of whom are facing firearms charges, cannot be sentenced under the new Firearms Act that took effect last November as it was not in place prior to the start of the trial in September 2021. Sykes has indicated that he will consider the secret cell phone recordings that were made by a former gangster turned state witness, even while acknowledging that mistakes can be made in voice recognition. The secret recordings were made by the former gangster after he downloaded a call record application on three cell phones. The Chief Justice said the court must also consider inconsistencies, omissions and discrepancies that were pointed out by the defence. Throughout the trial, defence attorneys consistently attacked the evidence of the two former gangsters who appeared as star witnesses for the prosecution, describing it as unreliable, untrue and not credible. Sykes pointed out that omissions from the witnesses could create doubt, influence their credibility, and question the reliability of the evidence that was given. However, he said such omissions are not uncommon in criminal trials. Advertisement Ukraine closer to receiving German-made Leopard tanks Ukraine is [closer to receiving more powerful military hardware]( as Poland says it will ask Berlin for permission to send German-built Leopard tanks across its border with Ukraine which is locked in a yearlong battle with Russia. It is all but certain that Kyiv will receive the tanks following doubt over the weekend as the Warsaw Government has indicated that it will supply the heavy equipment regardless of the position Germany takes. Germany has hesitated to approve sending tanks to Ukraine. However, Polish officials took heart from remarks Sunday by German Foreign Minister Annalena Baerbock that Berlin wouldn’t seek to stop Poland from providing Leopard 2 battle tanks. Polish Prime Minister Mateusz Morawiecki said that Poland is building a coalition of nations ready to send Leopard 2 battle tanks to Ukraine. Poland needs the consent of Germany, which builds the tanks, to send them to a non-NATO country. Ukraine has insisted that tanks – and especially the Leopards – are vital to its war effort. Both sides’ battlefield positions are mostly deadlocked during winter, with new ground offensives expected in the spring. Football: Everton searches for new manager Everton are again in the market for a new manager. After a run of eight Premier League games without a win, Frank Lampard [was sacked on Monday]( leaving the Toffees looking for a seventh permanent manager since the start of the 2016 season. But who next? Are the problems deeper than the manager? And what next for Lampard? Former Leeds United boss Marcelo Bielsa is on the shortlist to replace Lampard with Moshiri known to be a fan of the 67-year-old. However it is unknown if the Argentine would take on a job mid-season. Sean Dyche, who has been out of work since being sacked by Burnley last April, is likely to be discussed. Ex-Southampton boss Ralph Hasenhuttl was discussed by the Everton board when Lampard was appointed and is available after being sacked by the Saints in November. They all feature in the top five with the bookmakers, alongside former Everton players Wayne Rooney, who is in charge of MLS club DC United, and Duncan Ferguson, who has had two brief spells as caretaker manager. Bielsa is reportedly the favourite. Former Everton captain Alan Stubbs told BBC Radio 5 Live he thinks Rooney would fancy the job and "he is certainly one name that could unite the friction and animosity between the board and fans". Ex-Toffees forward Kevin Campbell said he thought Dyche's style of football "would suit Everton and the fans", adding that the "next appointment is going to be really important". ICYMI: WHILE YOU WERE SLEEPING WATCH: Gov't leaving 'no stone unturned' in SSL fraud probe - Clarke Minister of Finance, Dr Nigel Clarke, has warned that the [Government is leaving no stone unturned]( in its investigation into the multibillion-dollar fraud scandal at investment company Stocks and Securities Limited (SSL). ‘Nothing to do with me’: Former SSL boss Mark Croskery distances himself from fraud scandal Mark Croskery, the former chief executive officer of Stocks and Securities Limited (SSL), has [distanced himself from the multibillion-dollar fraud]( that has engulfed the entity, stating that any issues concerning the company have nothing to do with him. Mob charges school compound in search of driver accused of mowing down elderly woman Students and teachers at Belmont Academy in Westmoreland were reportedly left traumatised on Monday after an [angry mob charged onto the school compound]( in search a driver who they accused of mowing down an elderly woman in the community. CLOVIS TOON TODAY IN HISTORY Larry Nassar sentenced for molesting girls On [January 24]( 2018, former US Olympic team doctor Larry Nassar, found guilty of molesting over 150 girls, is sentenced up to 175 years in prison. For more stories, visit our website at www.jamaicaobserver.com or [sign up for our e-paper](. [Twitter]( [Facebook]( [Website]( Copyright © 2023 Jamaica Observer, All rights reserved. Our mailing address is: 40 - 42 1/2 Beechwood Avenue Kingston 5 Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](.