Carlos Hill Disagrees with Receiver on State of Cash Plus

Cash Plus Boss, Carlos Hill has taken issue with Receiver. The report was released under the letter head “Friends of Cash Plus”. In Summary Carlos Hill says

  • The report has inaccurate data
  • The inaccuracies tarnishes the reputation of Cash Plus and its affiliates
  • The move to appoint a receiver was premature as the company was arranging an injection of cash to repay lenders
  • On June 12, the Cash Plus will seek an injunction preventing the “company’s assets from being sold or transferred without the approval of the Supreme Court”

The release is published by Heather Little White and Associates. There are some questions that Carlos Hill and Friends need to answer. Did he not say on television that Cash Plus had invited this receiver? He did not seem perturbed or annoyed about it or was he being coerced?

A news story in the Jamaica Gleaner of March 30, 2008 reports, “However, in a paid statement in today’s Gleaner, the company states that it was unable to meet its deadline because of the lack of banking facilities available to it. It claims that the court has already given approval for the appointment of a temporary manager and says it will commence disbursements to its lenders on April 14.”

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David P. Rowe Defended Cash Plus?

Here are a series of quotes from a article entitled “Audley Shaw and crabs in a barrel”  by Professor David P. Rowe in the Sunday Herald, November 2007. David Rowe appeared to more than defend Cash Plus, now he is suing Cash Plus for J$117 million dollars

“I understand that Bear Stearns and Cash Plus are about to do a US$1 billion hotel development at Drax Hall. It is a pity that some elements of the Jamaican financial community are behaving like crabs in a barrel in order to sabotage Cash Plus’ obvious success.”

“Media reports suggest that Cash Plus is a major player in the Jamaican economy. Cash Plus, based on media reports has opened negotiations to purchase the Hilton hotel, one of the largest Kingston hotels, in Jamaica, Drax Hall Estate and other huge assets including Mainland International.”

“Cash Plus is also involved in real estate development in the country. Cash Plus is tantamount to the concept of corporate success in modern Jamaica. Of course, as all capitalists know, Cash Plus has had to take great risks in building its empire.”

“The other Jamaican economy is the US dollar economy in which all Jamaicans thirstily participate. This part of the economy is totally unregulated, but forms a basis for significant day-to-day Jamaican transactions. Law firms, beauticians and car dealers all take US dollars in preference to the local currency, and the Bank of Jamaica and the threatening Financial Services Commission (FSC), have no capacity or power to regulate US dollar transactions.”

 “Obviously enterprising American financial establishments will benefit from Cash Plus’ endeavors, while the Jamaican financial institutions, like crabs in a barrel, spread rumours rather than take productive risks.”

See Full Article…

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Cash Plus sued by David Rowe for JMD $117 Million

Cash Plus has been hit by another lawsuit. This time is by USA based Lawyer and Sunday Herald Contributor David Rowe in the tune of JMD $117 Million

The observer reports the said, “During November 2006 and January 2007, Rowe said, he was provided with written loan agreements with respect to the loans.”  This suggests that he should have made back his principal unless he was rolling(compounding)

The article further states, “Subsequent to January 2007, loaned “further sums” to the defendant but that he received no written loan agreement.” This is very interesting. How does a Professor of Law lend an institution money and not receive a contract or written agreement?

The article continues, “According to Rowe’s affidavit, subsequent to January 2007 the monies on the account were converted to US dollars, creating a US dollar loan arrangement and a new interest rate of 13 per cent per month added to the outstanding balance.”

He is suing for the recovery of interest and principal.

Source: http://www.jamaicaobserver.com/news/html/20080523T020000-0500_135945_OBS_MORE_WORRIES_FOR_CASH_PLUS_BOSS.asp