Eight-time Olympic gold medalist, Usain Bolt is threatening to sue a Jamaican private investment firm over disappearance of more than £10 million from his account.
According to his lawyers, a check on his balance earlier this month revealed he had been left with barely £9,700 after what they described as a potential act of fraud.
It has been reported in Jamaica that the retired sprinter, whose earnings per season were estimated to top £20 million when he was active, has given the firm a 10-day deadline to return the money.
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Linton P Gordon, a lawyer for Bolt, said: ‘‘The account was part of Bolt’s retirement and lifetime savings.
‘‘It’s distressing news for anyone, and certainly in the case of Mr Bolt, who established this account as part of his private pension.’
He added: ‘‘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.’’
It is claimed that a number of clients for Stocks & Securities Limited have reported missing funds. The firm says Jamaica’s Financial Services Commission is investigating.
Jamaica’s finance minister, Nigel Clarke, called the situation alarming but noted it was unusual.
‘It is tempting to doubt our financial institutions, but I would ask that we don’t paint an entire hard-working industry with the brush of a few very dishonest individuals,’ he said.
Bolt’s lawyers sent the letter on Monday, the same day that Jamaica’s Financial Services Commission announced it was appointing a special auditor to look into fraud allegations at Stocks & Securities Limited, which is based in the capital of Kingston.
On Tuesday, financial authorities said they were assuming temporary management of the private investment firm. It is allowed to keep operating but needs approval from the government for any transactions.
Bolt, who retired in 2017, holds the world records for the 100 meters, 200 meters and 4×100 meters. His net worth is estimated to be $90 million, according to Celebrity Net Worth.
At the height of his career, in 2015 and 2016, the six-foot-four sprinter was thought to be earning over $31million per year, Sportskeeda reports.
Bolt, who is the brand ambassador of PUMA and was roughly compensated $10 million annually during his running days.
Despite retiring five years ago, the sports apparel brand still pays the 36-year-old about $4 million per year for wearing its clothing.
