In keeping with what many of us have been saying as it relates to the possible recovery rate of investors who invested in the AIS, the observer is today reporting that CashPlus investors could recover as little as five cents on the dollar.
This is close to the figure which many of the “detractors” have been saying for sometime now, and as time progress that figure seems more likely now than ever before
One interesting comment was made in this article, and that was the fact the law in Jamaica says if you are engaged in a real estate deal, in which the buyer can no longer close the deal, the seller can keep no more than 10% of the sale price of the property.
This means that any payments that cashpus made in excess of 10% of the sale price should be refunded. I have seen or heard of no such mov by the receiver or the liquidator to make any such moves, thus allowing these “sellers” to make off with millions of dollars.
It once again shows how weak our justice system is in protecting Jamaicans.
Read he full report.