Cash Plus to appeal: Investment scheme dissatisfied with decision to close its accounts
published: Saturday | February 2, 2008
Barbara Gayle, Staff Reporter
Attorney-at-law Harold Brady, one of the lawyers representing Cash Plus Ltd, said that Cash Plus would be taking steps immediately to go to the Court of Appeal to get an order to stay the judge’s order to close its remaining accounts with the National Commercial Bank (NCB).
This, after Dave Garcia, a general manager at NCB, said: “The Cash Plus accounts will be closed today (yesterday) and whatever money is left in the accounts will be returned by manager’s cheque”. His comments came shortly after the court ruling. (more…)
Categories: Cash Plus · FSC · NCB · investors · money
NCB vs Cash Plus, who wins?
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Raulston Nembhard
Saturday, February 02, 2008 |
The saga of the regulation of alternative investment schemes continues apace. The government has seen the wisdom to proceed with dispatch in bringing these schemes within the ambit of the law.
The prognostications on this matter coming from Dr Omar Davies, the former minister of finance, leave a sour taste in one’s mouth. The previous government lived with these schemes for the better part of four years and the last thing that the present administration needs to hear is a lecture from Dr Davies about the regulation of these entities. These schemes developed under his watch. They were allowed to “run wid it” and now that we have arrived at this sorry state, the present government has the unenviable task to “correct it”. Enough, Dr Davies.
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Categories: Cash Plus · FSC · NCB · investors · money · wealth
Cash Plus loses battle in court
National Commercial Bank gets OK to close accounts |
BY Paul Henry Observer staff reporter henryp@jamaicaobserver.com
Saturday, February 02, 2008 |
Embattled alternative investment club Cash Plus yesterday lost its hard fought legal battle to keep its remaining seven accounts with the National Commercial Bank (NCB) open.
Justice Marva McIntosh ruled that Cash Plus was in breach of its contract with NCB by failing to provide “vital information” (its unaudited financial statement) relevant to the bank’s regulatory requirements.
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| A November 2007 Observer file photo of persons in attendance at a meeting of Cash Plus investors at the National Indoor Sports Centre in Kingston. |
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Categories: Cash Plus · FSC · Forex · investors
