x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Formulation of PRI, BDC Plan under district Capex Budget 2025-26 discussed | Amarnath Yatra symbol of unity, brotherhood: LG Sinha | Unfazed by terror threats, devotees flock to join Amarnath Yatra | 26,000 pilgrims pay obeisance in 2 days | Pilgrim from UP dies after falling unconscious | Proud to see our daughters breaking barriers, achieving success: LG Sinha | From separatism to mainstream: JeI leader vows to work within constitution | Man conspires with his wife to eliminate her lover | China used India-Pak conflict as 'live lab': Deputy Army Chief | CB presents chargesheet against notorious fraudsters | Govt Employees under UPS to get tax benefit akin to NPS: Finance Ministry | Come and see Kashmir: Shivraj Chouhan to people | Policeman injured in accidental firing | CUET-UG 2025 results announced | Day 3: Search for terrorists continues | New timings announced for courts | Brain Tracks Emotional Transitions Through Music | Disintegration of real life in the reel world, life getting tired in the race of show off | The Digital Revolution: 10 Years of Digital India and Beyond | Tribute To Valor Of Armed Forces | 367 vehicles involved in illegal mining seized by police | Mission YUVA not just an initiative but transformational opportunity: MD & CEO | SSP conducts PCPG meeting at Gandoh | Union Agriculture Secretary visits agricultural institutions, facilities in Kashmir | NFR recognizes track maintainer for timely action in detecting landslide in Lumding-Badarpur hill section | SSP holds crime/security review meeting | Sadhotra seeks strengthening of internet connectivity on Baltal, Pahalgam routes for smooth Amarnath Yatra | Kavinder meets Rajasthan CM in Jaipur; discusses J&K's transformation post Art 370 abrogation | Monsoon Ravages: 43 dead in Himachal Pradesh in 2 weeks, 37 missing | Resolution taken for purity, cleanliness of rivers | HC quashs FIR against then MS SMHS Hospital, Srinagar in corruption case | Naxalism confined to just 5-6 districts now: Rajnath Singh | NIA arrests key absconding accused in murder of Karnataka BJP leader | CJI Gavai assures 'complete transparency' in collegium system | 3-Day Induction Training for newly placed Headmasters of Jammu division concludes | Director Industries visits langar for Amaranth Yatris | Police arrests drug peddler | Despite challenges, mango growers deliver remarkable results using technology: CM Yogi | Drug peddlers nabbed by police, vehicle seized | Missing lady traced within 72 hours by Nowabad police | UP Govt ramps up export focus with third edition of Mega Trade Show | SMVDU NCC Cadets Excel at ATC in Udhampur | DIG Sarah Rizvi felicitates Sunny Mahajan | KSS celebrate Mata Sharika Jyanti with traditional religious fervor | Girdari Lal Dogra Memorial Degree College adopts villages under UBA | DBU celebrates Doctors' Day | GGM Science College unveils admission brochure for 2025-26 | GDC Ramnagar organises summer internship | CUJ approves Research guide ship for constituent colleges, dual degrees in syndicate | Back Issues  
 
news details
Usain Bolt fires business manager over Jamaica fraud case
1/28/2023 10:30:56 PM
agencies
NEW DELHI, Jan 28: Jamaican sprinter Usain Bolt told reporters Friday that he is baffled over how USD 12.7 million of his money has gone missing from a local private investment firm that authorities are investigating as part of a massive fraud that began more than a decade ago Bolt also said he has fired his business manager, adding that it was not an amicable split.
When asked if he was "broke," the retired star athlete laughed.
I'm not broke, but it's definitely put a damper on me," he said.
"It was for my future. Everybody knows I have three kids. I'm still looking out for my parents, and I still want to live very well."
Bolt's attorneys have said the athlete's account with Kingston-based Stocks and Securities Limited dwindled from nearly USD 12.8 million to some USD 12,000. They had given the company until Friday to return the money or face civil and criminal action.
It wasn't immediately clear whether any action had been taken as of late Friday. Attorney Linton P Gordon did not return a message seeking comment.
He told the Jamaica Observer newspaper that the public should anticipate the "expected and the unexpected" in the case.
"There is nothing to say at this stage, given what is happening," he was quoted as saying.
"We have met with persons, and we are dealing with certain matters."
Earlier this week, Jamaican Finance Minister Nigel Clarke announced that the director of the Financial Services Commission was stepping down and that the Bank of Jamaica would now be in charge of regulating the island's financial system.
He said several government agencies and elderly customers also were affected by the alleged fraud.
"It's always a sad situation. Definitely disappointed," Bolt said of the elderly who were affected.
"Everybody's confused. … I'm as confused as the public."
Jamaican authorities have requested help from the FBI and other unidentified international experts, adding that clients were given false statements regarding their balances as part of the alleged fraud. Officials have not yet said how many clients overall were affected and how much money in total is missing.
Earlier on Friday, Bolt spoke at a sponsored luncheon for an upcoming relay and referred to the alleged fraud.
"As you all know. I've been going through a tough week, a few tough weeks," he said, adding that he would continue to do everything he can to uplift his island.
"No matter what's going on right now, Jamaica is my country. That will never change," he said.
In an aside with reporters, he said: "I'm just trying to focus on my family and trying not to think too much about it because it's a difficult situation."
Stocks and Securities Limited did not return a message seeking comment Friday. The company contacted authorities earlier this month to alert them that a manager had apparently committed fraud.
Earlier this week, Jamaican Prime Minister Andrew Holness announced that his administration would not bail out the company.
"The government will not socialize any debt, and we will not socialise the failure of our banks," he said.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU