Olint lawyers evade NCB account closure
From Jamaica Gleaner published: Saturday | April 19, 2008
Though the National Commercial Bank (NCB) yesterday got the green light from the Supreme Court to close the accounts of investment club Olint Corporation Ltd, the closure has been stalled by an order from a Court of Appeal judge.
Within minutes after Justice Roy Jones handed down his decision, attorneys-at-law Georgia Gibson-Henlin and Maurice Manning, who are representing Olint, took the issue to the Court of Appeal.
Justice Algernon Smith heard an application in chambers and granted an injunction which bars NCB from closing the accounts.
The injunction remains in effect until next week Tuesday when Olint’s lawyers will apply to have the injunction extended. Olint is also appealing the judge’s ruling.
Michael Hylton, QC, and attorney-at-law Dave Garcia, who are representing NCB, told The Gleaner yesterday that they would be opposing all applications for an extension of the injunction.
Anti-money-Laundering Policy
NCB had notified Olint in November last year that it was going to close its accounts because it had not complied with its request to supply certain documents which included audited financial statements. The request was made to satisfy NCB’s anti-money-laundering policy, Know Your Customer, and other local and international measures to protect the integrity of the banking system.
Olint went to the Supreme Court and got an injunction which barred NCB from closing the accounts until the matter was heard.
In presenting the case, Olint’s lawyers argued that NCB had “abused its position of dominance” in threatening to close its accounts. It has also accused the bank of discriminating against it.
Jones heard legal arguments in chambers from the parties last month and, in handing down his ruling yesterday, said, “The right of a bank to decide who to do business with cannot be seriously challenged.” The judge said further: “A bank’s knowledge of its customers and the source of funds placed on deposit with it is, after all, an important step towards transparency and affects its ability to establish compliance under the Proceeds of Crime Act 2007.”
Olint is appealing against a Supreme Court ruling in December last year which upheld a cease-and-desist order which was issued by the Financial Services Commission.
DS, Your tongue may appear to be tied
Your feet may appear to feel bound
Your eyes may feel like they have become dim
Your heart beating like its battered and bruised
Let, you be Strong with pure heart
If you find your self in hell! God shall be there!
If you flee to the mountain top!
God will be there to comfort and take you through!
Keep alive the spirit of knowledge
Wisdom and understanding within you
Let the spirits of poverty be broken in our Jamaica!
DS, get up, come on, and gather up your strength
Let mouth be open and say!
SSHHEE! SSHHEE! You Vultures of evil and whoredom!
SSSSHE! SSHHEE! You Spirits of Poverty
SSSHEE! SSHHEE! You life takers and extortionists
SSSHEE! SSSHHE!
SSSHHE! Money hoarders I fly ALL traps now!
SSSHEE! SSHHEE! You,
SSHHEE! Yes You, You with compasses to entrap and abort the mission
SSSHHEE! You, SSHHEE! You, Decoying Spirits!
But I tell you
Let the spirits of poverty be broken in our land!
Let ALL mouth be open and say
SSSHHHE! Spirit of whoredom and adulterers’
SSSSHHE! You, you, Rapers’ Satan you devils
SSSHHE! SSSHHE!
SSSHHE! For I must compete
Missions and fulfil DREAMS
God’s purpose for the poor of the land
To break the backs of poverty and let God’s people go!
Let Dreams and Missions position Jamaica as
The PLACE on earth
Without blood shed
Let Jamaica be the Place
Yes, let Jamaica be the Place
Without every kind of oppression and extortion and life takers
Let Jamaica the PLACE on earth
Where the poor will be rich
The sick become healed
The homeless buy themselves homes
The orphans and widows are loved and cherished
The Jamaica
The place, without
Closet slavery and whoredom
DS, Jamaica let the love of God surrounds you.
The race is before you, the battles in God’s hands”
Let the spirits of poverty be broken in our land
Come on Dreamers D-r-e-a-m!, again
Missionaries come on get on the battlefield
We must restore our people
God let the Glory be for you forever and Ever!
Copy right: JEE