Olint releases Encashment Policy

Olint TCI has not release the encashment policy. Below is a copy of the alleged policy dated May 22, 2008. All clubs are to sign and return the form by May 31, 2008. Failure to do so will see their account closed.

Dear Club Member:

Encashment Policy – Effective June 1, 2008

As of June 1, 2008, the policy outlined below will be applicable in respect of all requests for encashment (“Encashment Requests”) submitted by members of the club (“Club Members”):

(i) The Club reserves the right to modify the policy relating to encashments from time to time. Any future changes to the policy relating to encashments will be posted on the Club’s web site at https://overseaslocket.com. Club Members will be given e-mail notification of the posting on the Club’s web site.

(ii) All Encashment Requests MUST be submitted online at https://www.overseaslocket.com. Encashment Requests received by any other method will not be processed or acknowledged.

(iii) Encashment Requests may be made between the 1st and the 15th of any calendar month (the “Encashment Period”). Where the 15th day of the month is a public holiday, Encashment Requests must be received on the last Business Day prior to the 15th day of the month. A Business Day is any day which is not a Saturday or a Sunday and which is not a public holiday.

Where an Encashment Request is made after the 15th day of any calendar month, such Encashment Request will be processed for payment as an Encashment Request received in the Encashment Period of the following month. For example, if an Encashment Request is received on June 16th 2008 (after the June Encashment Period) such request will be treated as having been received during the July 1- 15th period and will be processed during the July Encashment Period and the amounts encashed (such amounts being in accordance with the policy set out herein) (the “Encashment Proceeds”) will be paid accordingly.

(iv) For each account, the maximum number of Encashment Requests which may be made in any one Encashment Period (or in any one calendar month) is one (1).

(v) As at June 1, 2008, the maximum number of accounts on which a Club Member may be named as account holder (whether singly or jointly with other/(s)) will be three

(3). A Club Member may make encashments from a maximum of three (3) accounts bearing the name of that Club Member as account holder (whether singly or jointly with other/(s)) in any one Encashment Period (or in any one calendar month).

In cases where a Club Member has already made three (3) Encashment Requests in any one Encashment Period, additional requests received in the same Encashment Period, will be treated as having been received in the Encashment Period of the following month and will be processed accordingly.

Where prior to June 1, 2008, a Club Member was named as the holder of more than three (3) accounts (whether singly or jointly with other/(s)), no action will be taken by the Club to reduce the number of accounts so held at this time, however, such Club Member will be restricted to making Encashment Requests from three (3) accounts only in any one calendar month and the policies in relation to Encashment Requests stated herein will be applicable to all accounts held.

(vi) If in any one Encashment Period, the Club receives Encashment Requests which in the aggregate represent more than twenty-five percent (25%) of the combined value of the Fund, Management may in its sole discretion reduce, on a pro rata basis, each Encashment Request for the relevant period so that no more than twenty-five percent

(25%) of the value of the Fund will be encashed in any one Encashment Period (the “25% Limit”). The unsatisfied balance of any Encashment Requests in excess of the 25% Limit will remain invested in the Club. The unsatisfied balance of Encashment Proceeds as specified in the original Encashment Request shall be satisfied in priority to any Encashment Requests received in relation to subsequent Encashment Periods, until the original Encashment Requests shall have been satisfied in full; PROVIDED THAT encashments on any subsequent Encashment Periods shall always be subject to Management’s discretion to reduce each Encashment Request on a pro rata basis as aforesaid.

(vii) Satisfaction of Encashment Requests will be subject to the Club’s ability to access funds from its accounts held with its bankers and or brokers from time to time.

(viii) The Club reserves the right to refuse to satisfy Encashment Requests where the Club believes or has been advised that such refusal is necessary or appropriate to ensure compliance by the Club with any applicable anti-money laundering or other laws or regulations to which the Club is subject.

(ix) The Club reserves the right to terminate the membership of any Club Member for any reason. Where club membership is terminated, all accounts of the Club Member will be closed as at the date on which notice of closure is received. The Club Member will be paid the value of each account closed in accordance with the payment schedule set out in paragraphs (x), (xi), (xii) and (xiii).

(x) Encashment Requests will be categorized and designated as follows:

a. Standard Encashment Request – an Encashment Request in an amount of USD500 – USD500,000;

b. Elevated Encashment Request – an Encashment Request in an amount of USD500,001 – USD1,000,000; and

c. Grand Request – an Encashment Request which is in excess of USD1,000,000.

PROVIDED that Encashment Requests received in any one calendar month for accounts bearing a common name as the holder (whether singly or jointly with other/(s)), will be aggregated for the purposes of determining the category of request. The total amount of the Encashment Request made in any one calendar month in respect of all accounts on which such common name appears as the holder (whether singly or jointly with other/(s)), will be used to determine the category of the Encashment Request and such Encashment Request will be treated accordingly.

(xi) Standard Encashment

Standard Encashment Requests will be settled during the last two (2) weeks of the month following the applicable Encashment Period for which an Encashment Request has been received. Accordingly, there will be a 30-45 day period between the applicable Encashment Period for which an Encashment Request has been received and receipt of the Encashment Proceeds. For example, a Standard Encashment Request made between June 1st and 15th will be settled between July 15th and July 31. PLEASE BE REMINDED THAT RESULTS OF  TRADING ACTIVITY ARE CALCULATED ON THE LAST DATE OF EACH CALENDAR MONTH (THE “CALCULATION DATE”) IN ARREARS.

ACCORDINGLY, WHERE ENCASHMENT REQUESTS ARE MADE, PAYMENT OF ENCASHMENT PROCEEDS WILL BE MADE AS AT THE LAST CALCULATION DATE PRECEDING THE DATE OF PAYMENT.

(xii) Elevated Encashment

Elevated Encashment Requests will be settled during the last two weeks of the second month following the applicable Encashment Period for which an Encashment Request has been received. Accordingly, there will be a 60-75 day period between the applicable Encashment  Period for which an Encashment Request has been received and receipt of the Encashment Proceeds. For example, an Elevated Encashment Request made between June 1st and 15th will be settled between August 15th and August 31st. PLEASE BE REMINDED THAT RESULTS OF TRADING ACTIVITY ARE CALCULATED ON THE LAST DATE OF EACH CALENDAR MONTH (THE “CALCULATION DATE”) IN ARREARS. ACCORDINGLY, WHERE ENCASHMENT REQUESTS ARE MADE, PAYMENT OF ENCASHMENT PROCEEDS WILL BE MADE AS AT THE LAST CALCULATION DATE PRECEDING THE DATE OF PAYMENT.

(xiii) Grand Encashment

Grand Encashment Requests will be settled during the last two weeks of the third month following the applicable Encashment Period for which an Encashment Request has been received. Accordingly, there will be a 90-105 day period between the applicable Encashment Period for which an Encashment Request has been received and receipt of the Encashment Proceeds. For example, a Grand Encashment Request made between June 1st and 15th will be  settled between September 15th and September 30th. PLEASE BE REMINDED THAT RESULTS OF TRADING ACTIVITY ARE CALCULATED ON THE LAST DATE OF EACH CALENDAR MONTH (THE “CALCULATION DATE”) IN ARREARS.

ACCORDINGLY, WHERE ENCASHMENT REQUESTS ARE MADE, PAYMENT OF ENCASHMENT PROCEEDS WILL BE MADE AS AT THE LAST CALCULATION DATE PRECEDING THE DATE OF PAYMENT.

(xiv) Emergencies

Management may in its sole discretion

(a) permit the processing of Encashment Requests at a time other than during an Encashment Period in relation to any one or more Club Member; or

(b) waive or modify notice periods which are specified herein in relation to any one or more Club Member;

(c) make arrangements for the payment of Encashment Proceeds within a shorter time than specified at (xi) (xii) and (xiii) above in relation to any one or more

Club Member

Where a Club Member experiences an emergency. An emergency situation includes but is not limited to death, hospitalization, or asset foreclosures. Where a Club Member advises that he /she has an emergency, such Club Member will be required to provide documentary evidence in support of emergency requests. Such requests will be considered on a case by case basis.

Where Management has approved an Encashment Request on an emergency basis, the Club will use its best efforts to pay Encashment Proceeds within five (5) Business Days of receipt of the request.

The Club has made banking arrangements to facilitate payment of Encashment Proceeds in the event that a Club Member has an emergency. These arrangements will be at a cost to the Club and so where Encashment Requests are satisfied on an emergency basis, an emergency encashment fee (the “Emergency Encashment Fee”) of 8% of the Encashment Proceeds will be charged to the Club Member and deducted from the Encashment Proceeds where Encashment Requests are satisfied on an emergency basis.

(xv) Confirmation of willingness to be bound by new encashment policy Club Members will be required to indicate that they are willing to be bound by the Encashment Policy noted herein by so indicating and affixing their signature to the foot of this letter where indicated. PLEASE NOTE THAT ALL ACCOUNT HOLDERS WHO ARE  NAMED ON AN ACCOUNT MUST SIGN AND THEIR SIGNATURES MUST BE WITNESSED BY A NOTARY PUBLIC, JUSTICE OF THE PEACE OR ATTORNEY – AT – LAW WHO MUST AFFIX HIS/HER STAMP AND OR SEAL. 

Please return a signed copy of this letter to us NO LATER THAN May 31st by e-mail at  encashpolicy@overseaslocket.com or by fax at (876)927-9175 THE ORIGINAL MUST  FOLLOW BY MAIL to the attention of your customer service provider Olint Corp Limited , 1c Braemar Avenue, Kingston 5, Jamaica.

Where Club Members indicate that they do not wish to be bound by the Encashment Policy set out herein OR do not respond on or before May 31st 2008, all their accounts will be closed as at May 31, 2008 and the Club Member will be paid the value of each account closed in accordance with the payment schedule set out herein in paragraphs (x), (xi), (xii) and (xiii). If you have any questions in relation to the above please direct same to our Call Centre. 

Yours faithfully,
OLINT TCI

Confirmation by Club member/(s) of acceptance of encashment policy as at June 1, 2008 I/We hereby agree that we consent to the implementation of and agree to be bound by the  new enchashment policy outlined by Olint TCI in its letter to Club Members dated May 22, 2008 and which policy takes effect on June 1, 2008.

 

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11 Responses

  1. Today is May 28, 2008.

    The first day in a series of important days that will determine whether or not Olint survives.

    BTW.
    The driver on the invest4life blog has thrown me off the bus, I wonder why.

    Anwyay I see a link to this site from the other “blog” and had to smile.
    Now it appears that the “invest4life” folks are coming here seeking the truth about Olint, but these were the very same one chasing me off the bus. 🙂

    It just goes to show the hypocrisy that exist over there.

    Anyway guys
    ‘ The truth cannot be supressed, it always floats to the surface”

    Just keep reading as here is where you will find the “truth” about these so called investment clubs.

    Jay

  2. Yes today is an important date… People who requested encashments from OLINT before May 1, 2008 should know when they can pickup their checks or get their money.

  3. I have tried to access the web site “http://overseaslocket.com”
    without success. Can someone please tell me what the problem is. Awaiting an urgent reply as am getting very frustrated.

  4. Will,
    That webpage does not work.

    Why are you trying to get their anyways, do you have an account with Olint.
    If you do not I suggest you stay away from them, at least until they have a transparent operation up and running.

    If you do have an account with them, I would suggest you try to get your money out.

    I am thinking your frustration stems from the fact that you have an account and cannot get access to it rather than trying to get in to open an account.

    Is it the former or the later.

  5. Will,
    I have included the webpage below, in the hope that your are actually trying to get your money out and not trying to join.

    In any event the webpage below can only be used if you have an existing account.

    https://overseaslocket.com/efund/main.html

  6. jay yu still alive .thought yu dead

  7. To Jay
    Where do u find the time to be so annoying ( oops! I mean ill informed).
    Do u have to work at it or are u just a natural??

    Penny ( i mean dollar) for your thoughts??

    JDollar

  8. Jdollar,

    Pennies you will get on the dollar when all these ponzis blows up, hey that is if you are lucky.

    The fact that those claiming to make a “kiiling” from forex trading has no assets, you actually may end with zero.

    Good luck with your “investing for losses”.

    🙂

  9. Government pensions are ‘ponzis’ as are banks in general, however Government’s can’t really go bankrupt.

  10. Jay
    some people are prepared to risk everything to gain something. You have taken on the job of FSC, and concerned big bank and have sufficiently sounded your warnings. I think your point has be sufficiently made, and we have certainly heard your generous and humanitarian appeals as you attempt to save us from ourselves. If you have good information, then pass it on instead of just surrendering to the orgy of gut feeling and scaremongering. AT least then, someone might begin to take some of what you say seriously.

  11. I think all should move to OLINT Payment to begin to roll. Since we are down to payment .

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