Turks & Caicos police could seek further help in Olint case

Saturday, February 07, 2009
By the Jamaica Observer

Turks and Caicos Islands police have not ruled out getting assistance from other jurisdictions, apart from Jamaica, in their fraud case against Olint boss David Smith.

“That can be a possibility,” admitted Detective Sergeant Calvin Chase, press liaison officer of the Turks and Caicos Islands police, when the Observer asked last night whether the police investigation could take them to other countries.

Detective Sergeant Chase, however, declined to say more, pointing out that there was a gag order on the case.

Yesterday, in a news release, Chase said that Smith, who was arrested Thursday and granted $1-million bail, will be arraigned on Wednesday, August 5 in the Providenciales Magistrate’s Court.

Chase also outlined the charges against Smith as “two counts of uttering forged documents, four counts of false accounting and two counts of theft”.

The charges, Chase said, are in connection with investigations being conducted by officers from the Turks and Caicos Islands’ Financial Crime Unit into Smith’s foreign exchange trading club, Olint TCI.

Smith’s assets in the Turks and Çaicos – where Olint is now based after moving from Jamaica in the face of mounting pressure – were frozen in July 2008 by way of a court order as part of an investigation by the police there into allegations of financial crimes.

His bid to have the assets released was denied by the Turks and Çaicos Islands High Court just over three weeks ago.