Cash Plus has not provided information to vary Cease and Desist Order, FSC says

Cash Plus has not provided information to vary Cease and Desist Order, FSC says

Saturday, March 29, 2008

THE Financial Services Commission (FSC) is advising the public that to date Cash Plus Ltd has not provided the FSC with the information that would allow for a variation of the Cease and Desist Order served on the alternative investment scheme.

Cash Plus had informed the FSC of its intention to pay to its investors all outstanding principal and interest (Total Indebtedness), with a view to closing the investors’ accounts.
In response, the FSC wrote to Cash Plus and informed them of the FSC’s willingness to vary the Cease and Desist Order to allow them to make payments to its investors.

The FSC also indicated in writing to Cash Plus, that it would grant the variation of the Cease and Desist Order after it provides the FSC with the following basic information:

(a) The total number of investors and the aggregate of the balances due to all investors;

(b) The methodology by which CPL will facilitate the settlement of the Total Indebtedness due to the investors and the closing of all investor accounts so that all investors are treated fairly; and

(c) The source of funds for the making of payments to the investors.

The FSC says that it has not received any of the above information from Cash Plus. Consequently, the Cease and Desist Order served on Cash Plus remains in full effect.
The FSC says it will continue to keep the public advised of any developments in this matter.