Carlos back to court on July 30

Carlos Hill was again given bail and he, his brother, Bertam and Peter Wilson are to return to court on July 30.

Email: Fake or Genuine? (Your Views)

Today is Nationwide is silent on the E-MAIL purportedly written by David Smith. The silence of Cliff Hughes on the e-mail has left many questions. Many tuned in to Nationwide locally and internationally to hear the continuation of the story and have been left disappointed.

This E-MAIL is critical to solving the puzzle in many person’s mind, as its legitmacy will put to rest many question in the minds of supporters and detractors. The second e-mail read, refers to a video that is of interest to many persons and as persons want to know what is on that video. It is rumoured that that video should have be a confession of sorts but it was shelved.

One thing should be kept in mind, David Smith is the one that has not paid most of his members in the last 7 months.

What do you think? Did Cliff get it wrong or was David Smith lying? Was the e-mail real or was it bogus?

OLINT Assembles Lawyers

Radio Jamaica is reporting that OLINT has assembled a team of high power lawyers to deal with matter currently happening in TCI. Here is a quote from the report.

Mr. Smith has retained eminent Queens Counsel Lord Anthony Gifford to represent Olint and its principals in the Turks and Caicos Islands as investigations deepen into his financial activities.

Lord Anthony is already handling the appeal against a ruling of the Financial Services Commission

With all the problems that OLINT has been facing, it is clear that there are going to need the best legal advice at hand.

Source: Olint head assembles legal eagles (RJR)

Related: David’s war – Olint boss readies team for legal showdown

NCB said there was no $200M

In a Radio Jamaica is now reporting that NCB says there is no $200M wire it is aware off. 

The Gleaner newspaper on Wednesday reported that a prominent Jamaican bank had reported the suspicious activity to the authorities and an investigation followed.

However, in a statement, NCB said it was not aware of any attempt to send such a wire transfer.

NCB said it has also become aware of several rumours circulating regarding OLINT’s accounts

Dave Garcia from NCB, on Nationwide, said they were not aware of any wire of $200M to Olint’s accounts so they could file alert/report to any authority. Garcia says to refuse funds for deposit would be in breach of the Court order to keep the accounts open.

This is a most unusual step but it is clear that given rumours circulated NCB has decided to respond.


Carlos Hill back in Court

About three months ago, all the excitement centered around the arrest of Cash Plus boss  Carlos Hill. His brother and the CFO of Cash Plus was also arrested. After some delay they were charged.  Today July 17, 2008, amidst the collapse and troubles of OLINT, Carlos Hill will be back in court to answer to fraud charges.

The charges:

Carlos Hill

  • 4 counts for fraudelent conversion
  • 4 counts of obtaining money by false present
  • 1 conspiracy to defraud

Bertram Hill and Peter Wilson

  • 1 conspiracy to defraud

Carlos Hill is also to return to court next Monday July 21, 2008 when the court will try to hear the following.

The cases involved can be categorised  in this way

  1. Objection to appointment of Cash Plus Receiver: Cash Plus is arguing that the receiver was improperly appointed as the the person who applied for company to going into receivership does not have the authority
  2. Lawsuits to recover Deposits: There are at least 4 lawsuits from persons suing Cash Plus and Carlos Hill to recover their “investments”. This includes lawsuits brought on behalf of David P. Rowe and businessman Haber
  3. Bank seeking guidance on Client confidentiality: BNS is asking for the court’s guidance as the Cash Plus Receiver/Manager has requested information from the bank on some clients.
  4. Receiver for Carlos Hill’s Assets: Carlos Hill’s personal assets are now under control of a receiver based on a action brought by an investor.
FSC got the court to issued a Cash Plus a Cease and Desist Order in December 2007 which was later altered at the end of March 2008 to allow Cash Plus to pay their clients. However, Cash Plus failed to pay and was placed into receivership.
Earlier today we heard that the Court had given the go ahead to have Cash Plus wound up on the request of the PLCA. We also heard that investors will know in 3 weeks, how much and possibly when they will be paid

Cash Plus Group to be wound up

RJR is reporting that Cash Plus Group Limited is to be wound up. This is the result of an action brought by the Edward Seaga led Premier League Clubs Association(PLCA). It is understood that the PLCA went to court on  June 12 and asked the court to have Cash Plus Group Limited wound up so that they could recover money owed to them.

The PLCA had earlier threaten to sue Cash Plus, but it appears Edward Seaga no stranger to liquidation followed legal advice and they opted to take this route. It appears that on June 27, the Supreme Court granted the request.

There is more to come in this is and you can be sure this ruling will be appealed.

3 Weeks to know

In the meanwhile Cash Plus Limited investors are to know in three weeks if they will be able to get back any money. the court as order the receiver to make the report public by August 8, 2008. It will outline the assets and liabilities.