Labour minister calls in FID - Agency to review NIF investments

The Ministry of Labour and Social Security along with the National Insurance Board, which oversees investments at the National Insurance Fund (NIF), has taken note of reports in the public domain concerning transactions at the fund.

Arising from the recent acquisitions of some shares, the ministry said yesterday that it had referred the matter to the Financial Investigation Division (FID) to examine whether any breaches were committed.

Labour and Social Security Minister Shahine Robinson has instructed the management to provide full cooperation with the investigating authorities, the ministry disclosed in a statement. She has also directed the NIF board to take necessary steps to ensure the highest levels of probity.

"The ministry and the board wish to assure the public that we are committed to ensuring that the highest levels of accountability are adhered to at the NIF and that appropriate action will be taken following the conclusion of the referenced investigation," the statement said.

The NIF has been dealing in shares listed on the Jamaica Stock Exchange since 1995. This segment of the portfolio has yielded the highest returns over the last five years due largely to the increase in value of stocks held by the NIF.