Entries from January 2008
NCB to continue submissions in Cash Plus case today
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Paul Henry
Tuesday, January 29, 2008 |
LAWYERS representing National Commercial Bank (NCB) are returning to court today to continue submissions before Justice Marva McIntosh in chambers, in an effort to persuade the court to grant the bank permission to close the remaining nine accounts belonging to the informal investment club, Cash Plus Limited.
The lawyers, who began their submissions last Thursday, completed a second day of arguments on Friday.
Cash Plus had taken NCB to court after the bank informed it late last year of its intention to close the entity’s 26 accounts. An outstanding financial statement and the fact that Cash Plus was on December 29 served with cease and desist orders by the Financial Services Commission (FSC) were among the reasons advanced by the bank for wanting to close the accounts. (more…)
Categories: Cash Plus · FSC · Forex · investors
Cash Plus concedes
Alternative investment scheme now wants to register with FSC |
PAUL HENRY, Observer staff reporter henryp@jamaicaobserver.com
Thursday, January 24, 2008 |
EMBATTLED alternative investment player Cash Plus Limited yesterday ended its running legal battle with the Financial Services Commission (FSC) and announced it would seek to register with the regulatory body.
The announcement came at the expected start of the highly anticipated case brought by Cash Plus, seeking a declaration in the Supreme Court that its operations did not amount to securities trading, which would require it to be regulated by the state-run FSC.
The about-turn by Cash Plus’ legal team appeared to take the court by surprise but the company said it had drawn comfort from the pending legislative changes the government has ordered, presumably to make room for non-traditional financial entities.
(more…)
Categories: Cash Plus · FSC · Forex · investors · wealth
Cash Plus fails in bid to appeal Supreme Court order
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Paul Henry
Tuesday, January 22, 2008 |
CASH Plus Limited on Friday failed in its effort to secure leave to appeal the “onerous” conditions imposed by the Supreme Court Wednesday which granted the alternative investment player a stay of the cease and desist orders served on it by the Financial Services Commission (FSC) last December.
Cash Plus had on Wednesday sought the stay of the orders, which the FSC issued on December 29. The FSC said then that the cease and desist orders were necessary as Cash Plus had been trading in securities without the required licence.
(more…)
Categories: Cash Plus · Forex · investors · wealth
Cash Plus members take protest to NCB in Half-Way-Tree
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| Saturday, January 19, 2008 |
MORE than a dozen members of the informal investment scheme, Cash Plus Limited, yesterday staged a demonstration in front of the National Commercial Bank (NCB) branch in Half-Way Tree, apparently after the bank refused to honour their cheques.
According to an eyewitness, the approximately 15 demonstrators took to the street after they turned up at the bank to encash cheques and were turned away.
A female vendor said that after the bank refused to honour the cheques the noisy group went outside and chanted angry words against the bank.
They left several placards at the entrance of the building following the protest.
“A who run the country – Lee Chin or Bruce. Mama P, we miss you!” one of the placards read, while another screamed, “No investors to Jamaica. The Pirates are here …”
The Court of Appeal had on Thursday given permission for the bank to close 17 accounts in the name of the Cash Plus Group. Nine accounts in the name of the group were, however, allowed to remain open.
Categories: Cash Plus · FSC · Forex · NCB · investors · wealth
