A lawyer for Usain Bolt, one of the world's greatest sprinters, said on Wednesday that more than $12.7 million was missing from his account with Stocks & Securities Limited (SSL), a private investment company in Jamaica.
Bolt had $12.8 million in the account, which was part of his retirement savings, but it now reflects a balance of only $12,000, the lawyer said, according to a copy of a letter sent to SSL that was provided to AP.
Watch: Usain Bolt takes part in Expo 2020 Dubai run
“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny or a combination of both have been committed against our client,” Bolt’s lawyer said in the letter, which also demanded that the money be returned.
They threatened civil and criminal action if the money is not returned within 10 days.
The Jamaican sprinter, 36, has a net worth of $90 million, according to wealth-tracking platform Celebrity Net Worth.
At his peak, Bolt was one of the highest-paid athletes in the world after winning eight Olympic gold medals, the website said.
He also claimed 11 world titles and set world records in the 100-metre and 200-metre sprint events.
Bolt, who retired in 2017, is one of the highest-paid athletes in the world and earned $20 million to $30 million a year in the years leading up to the Olympics, Celebrity Net Worth said.
“We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available,” SSL said.
On January 12, the FSC said it was aware of allegations of fraud at the company. The regulator gave orders to allow SSL to operate under “enhanced oversight”.
The FSC also appointed a special auditor to look into fraud allegations against SSL on Monday.
However, on Tuesday, the FSC said it was assuming temporary management of SSL, which will be allowed to continue operating with approval from the government for any transactions.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Mohammed bin Zayed Majlis
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
