Home / News / World /  Millions of dollars disappear from Usain Bolt’s investment account

Usain Bolt's substantial investment at Stocks and Securities Limited (SSL) in Jamaica seems to be lost. Now, there are concerns that the Jamaican legend won't be able to retrieve the money.

SSL has 10 days to pay the $12.7 million (J$2 billion) that the Jamaican sprinting champion claimed was in his account through October 2022. In a letter sent to SSL on January 16, Bolt's lawyer Linton Gordon threatened legal action if the money owed to Bolt was not returned within ten days.

Bolt had J$2 billion in his account on October 31, 2022 while the amount became J$1.8 million (S$12,000) on January 11, 2023.

The eight-time Olympic gold winner’s investments are now being investigated by the Jamaican financial authorities. SSL, according to a statement from Jamaica's Financial Services Commission (FSC), has been under "enhanced oversight" while the investigation is being carried out.

The 100-metre world record holder, one of the greatest athletes of all time, has invested in the company for over 10 years, according to Bolt's manager Nugent Walker, who spoke to the Jamaica Gleaner newspaper. Now, Bolt’s entire portfolio is being reviewed, he said while mentioning that Bolt had earlier noticed discrepancies with his account. 

As per the FSC, it is "aware of reports of allegations of fraud" that SSL has been facing. "The FSC has issued Directions to SSL. These Directions which were dispatched to the company on Thursday January 12, 2023 are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight," the FSC said in a statement.

As per Jamaica Observer, the size of the fraud necessitated the involvement of multiple people, and the authorities are investigating that possibility. Bolt opened the account in 2012 and never made a withdrawal. A source revealed to the publication that, although the employee suspected of being involved in the fraud was still working for the company as of January 11, SSL was aware of it since August.

Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and social media. Before working with digital news publications, he worked as a freelance content writer.
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