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

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