Cash Plus Update #6

Cash Plus has issued another update. In this update they explain the role of the provsional liquidator.  It points out the date of appointments of the provisional liquidator for particular entities.

  • June 27, 2008, the provisional liquidator  appointed for Cash Plus Group(CPG)
  • July 18, 2008, the provisional liquidator appointed for Cash Plus Limited(CPL)

This update also explains that CPG holds roughly 50% of the real assets while  CPL gathered the bulk of funds from lenders and was the main source of funding for CPG’s buying spree.

Following is important information & Frequently Asked Questions about the Receivership/Management status at Cash Plus

Provisional Liquidator Appointed for Cash Plus Limited

Effective July 18, 2008. The Supreme Court of Judicature in Jamaica has appointed, Mr. L. Monty Kandekore, trustee in bankruptcy as the Provisional Liquidator of Cash Plus Limited. This is in addition to Mr Kandekore’ appointment on June 27, 2008 as Provisional Liquidator of Cash Plus Group Limited (CPG)

As Provisional Liquidator of the two entities, Mr Kandekore will be responsible for liquidating their assets. CPG holds approximately 50% of the estimated (real) assets. While CPL collected the bulk of lenders funds and was the major source of funding CPG’s acquisitions and investments.

Q. What is the difference between the Court-Appointed Liquidator of Cash plus Group and Cash Plus Limited and the Court-Appointed Co-receiver/Manager?

The Supreme Court appointed the Provisional Liquidator arising from application made by a creditor of CPG and a lender of CPL to wind-up the entities. As Liquidator Mr.Kandekore will be responsible for disposing of assets of CPG and CPL in order to realize funding to pay towards any relevant claims that might be made against the entities.

By Contrast, the Court- appointed Co-receiver/Manager Kevin Bandoian installed on March 31, 2008 has a mandate to determine the existence and value of assets owned née Cash Plus Limited and affiliates as well as what is owed to creditors and lenders. He still has jurisdiction of the assets of the affiliates of Cash Plus Limited with the exception of Cash Plus Group, until the Court decides otherwise

Q. Will the recevicer/Manager announce how and when payments will be made creditors and lenders in light of these new developments

Only the provisional liquidator has the authority to dispose of CPG and CPL assets and it is expected that information regarding payments, if any, will be announced by him in due course. Further, the Receiver/Manager has been mandated by the Court to provided a final report by August 8, 2008

Cash Plus Lenders can request information on their individual accounts by writing to:

Cash Plus lenders can request information on their individual accounts by writing to: Cash Plus Limited (in liquidation), PO Box 606, General Post Office, Kingston or by sending an e-mail to



25 Responses

  1. i scanned through the post …what does it mean exactly anyone? Are they saying some money is there? Are they going to begin dissolving the assets if there are any?

    …kinda feeling dense right now..but then i didn’t read it properly anyways and i can’t bother

  2. Junkunno

    My 2 cent take on it is that the investors in C+ are in a slightly better postition than those in OLint.

  3. “Any relevant claims”

    Olint people need to note this. Sitting down thinking some group action is going to float your way and help get your money is one of the biggest fallacies around. Watch what happens with cash plus. Watch who gets paid first and all.

    Is not america with this class action suit rubbish. It is not like buying an ionic breeze from sharper image and some jewish name law firm writing to you that if you sign on the dotted line you can get back 9 of the 50 dollars you spent.

    Ja is a first come first serve basis and the line grows.

  4. @needy, you can be serious?
    “investors in C+ are in a slightly better postition than those in OLint.”

    explain why you think so?

  5. JohnDoe

    Carlos Hill has been dethroned and the recievership people are in. Carlos Hill has to concentrate on keeping out of prison so he can no longer chat a bag a shh…t. Also the plaintiffs bringing action include NPL (Seaga) and D Rowe (attorney whe sue nuff people) and the merchant downtown Duany?

    So the assets can be sold and thoose claims satisfied.

    Olint, DS although not really in charge has yet to be publicly dethroned. Plus not many hard assets (fixed) here. Smith also has a certain level of protection in a foreign land….this will be removed in time. Also Smith has a set of followers who because of their own insecurities and shame are kinda rolling over like quack-quack already. Thoose who take action like this though. Like the cash p-lus plaintiffs they do not need or want a crowd (obviously).

    Also cash plus stuff was not frozen anywhere else until it was done so by Jamaica.

    Also DS is expected to spend more on lawyers to keep himself out of jail (obvious). Jail was never a problem for Carlos Hill as everybody knows he is a fish.

  6. @sirach, I am not sure David P. Rowe and the Haber fellow really any thing to do with this. It is the Premier League Clubs Association that is pulling the strings via the Liquidator or so it would appear.

  7. Well in truth the PLC came after the other 2 (to the best of my knowlege. Also PLC thing has less to do with $$$ more than the reputation of the person who closed the deal.

    People loose money all the time but if they loose reputation…especially in a professional capacity that cost over time dwarfs the nominal amount lost.

    you see even in the cases (and their are quite a few) against DS/Olint you will notice that most of these early people have more to loose in reputation than in money. Some people so friad abou the loss of professional reutation that they will hug up a loss of many millions.

    Also another set face charges and jail. Quite a few have run already developers who just can’t make payroll…to big time backers…to people who are known to have drawn more than they put in.

    Also the tax evaders doing some real fretting and their fretting is not without creedence.

    This thing deeper than most people can manage to understand. Even the people who run Olint. Trust me.

    And we don’t even mention the inquiry yet. How a man can be a belonger in such a short time when it normally takes seven years….and now the primier is under rape charge and corruption investigation (mainly about how he became so rich so quick)….then the pot a stir. DS quiet like a mouse and PB (the facilitator) start chat fast and Martinez start distance…

    you dig?

    The Game is coming back to the office.

    What u think?

  8. Yes PLCA came in after. However the others filed lawsuits to recover money, waste of time in my opinion.

    One the other hand, the PLCA went for the Jugular, liquidation of the Cash Plus Group of which Cash Plus Ltd was a part.

    Think about it.

  9. Ahhh..that follows the “reputation” argument. But some money will be paid to some creditors….but not necessarily thoose who don’t fight for it.

    Many people been saying recently “oh I have a ting in Olint but it small” implying that they intend to write it off as bad debt. But it is still a loss ebven if it is rainy day savings. in my opinion these people are into yardie culture of shhhhh…I don’t want nobody know my business BACCRA culture that dominates Jamaica.

    This is fine for now but I believe we will see some deeper psychological fallout from this group in the weeks and months to come. Back to school is traditionally a time of high stress for Jamaicans and the only real sweet time is christmas. Last Christmas was slow for members and this Christmas will be dead.

    With a general election comming before end of term you are almost viewing the perfect storm.

    If all the AIS’s were to pay tommorow that could help. But each Day…yes I said each Day …that passes see’s a marked increase in irriversable adverse effects on the lives of persons trapped in the AIS’s games.

    Mental disorders are prevalent on a per capita basis in this island nation. In fact more than one operator of an AIS is rumoured to have such a condition. And as I said CH is a fish which in my opinion represents a mental disorder in itself.

  10. Question for Gifford, Samuels-brown and Tavares-Finson.

    Your recent release from David Smith has him confessing to mismangement and the witholding of information that is of material concern to his creditors.

    Why then would David Smith or any of his representatives see fit to suggest that he be given more time (9 months)?

    In the nationwide interview Gifford clearly states that David Smith is aware of the mess he has caused his creditors to be in. I find this to be patently false. For if it were true and Smith did have any sort of caaring concience the first thing to do is remove the source of the mismanagement debacle…..David Smith himself.

  11. By the way John Doe people will also go for the “jugular” in the case of David Smith. in relative terms the pace of action against Smith and Olint is actually faster than the C+ CH event.

    Their seems to be some level of restraint in order to give Smith time to think or to at least be advised to take a course of action that is significantly meaningful and more importantly selfless.

    But at the pace of the initial developments to date we can expect much stronger pressure soon.

    Smith’s feeble attempts to present a case of total responsibility for the nightmare have failed. To try and “decoy” from the well documented involvement of his wife and brother has been more foolish than his other strategies in the past.

    Many so-called friends have jumped ship and many continue daily. It is only a matter of time that reason will dawn on WS and TS that a sinking ship offers no future and certainly no immunity.

  12. Concerns…the listed response email for Cash Plus
    inquiries does not seem to work…hmmm?
    Does anyone have an email that i can correspond without kicking back my mail?

  13. If the Cayman fund is really true with direstors CB an JI and RD and others is true then why does DS release some info so we can start kicking some people in them salad. Until there is concrete proof of the antics we shall hold all the players as responsible.

  14. After we get the money from DS we will still seek the answers as to who and whom caused us the other priceless costs and the irreplacable time lost.

  15. I notice JR a vacation at olympics wid im family. I really geniuinely hope that brainiac not vacationinjg with my money.

  16. We will come to the truth. And those responsible will be expected to make things right. And the things that are priceless and can not be made right?….thoose responsible will have to repent.

  17. Olymipics today!

    Thanks investforlife for all you have done. Jamaicans will now forget the schemes. The politicians have gotten their money and are comfy in Bejing.

    Perhaps when Jamaicans are going to get what quack-quack get another time you can run a blogg.

    good luck

    BTW Why does someone who claims to have done nothing wrong hire a criminal lawyer?

    Why are three lawyers who live in Jamaica considered “international?”

    What is the success rate of Gifford?

    Just ask most of his clients…they are in Jail.

    What kind of clients do these people usually defend?

    Drug dealers.

    Good luck to the Jamaica team. Hope you bring back some Gold. the economy will need it.

    Wignall……DS can no more provide the full hundred than GBS.


  18. FORMER Cash Plus boss Carlos Hill must today make full disclosure of his global assets in the Supreme Court or face imprisonment for contempt of court.

    HILL… failed to comply with an April court order to disclose all his assets

    Today’s deadline was set last Wednesday after Hill failed to comply with an April court order to fully disclose his assets

  19. Cash Plus, ASD, OLINT, YTB .. and the list goes on. These are just a few companies that have recently been shut down due to their assets being frozen or seized by authorities.

    As unfortunate as this is , it forces us to reflect on our motives for investing in these companies. Is it purely greed or do we believe in the product.

    So what’s next. Should we throw in the towel? Give up? No more investing for me!! Or should we strive even more to build reputable companies that are transparent in their operations and are accountable both to themselves and their members/investors.

    I believe there are companies that are worthy of investing both time and money. Companies that provide Service, Integrity, Reliability and Vision.

    We just need to do our research and learn from our past mistakes.

  20. The address does not exist.

  21. We should all come to the realization that all investors who trusted C+ and Olint probably will not see a dime or penny of their money even if CH and DS are found guilty.
    Don’t quote me, I believe the law regarding criminal cases (if one is brought up against C+ or Olint) “if found guilty (CH or DS); the funds (ie all investors monies) that are involved with the investigation will belong to the prosecuting government”. It will be classified as “criminal money”; and will belong to whichever governments prosecutes the case.
    Almost makes you wonder why T.C. decided to take action at the time they did. I guess they beat the Jamaica Government to the punch; with slightly more success finding the truth/getting to the root of the scheme, prior to the jamaican government. Yeaaa for T.C. boooooo for Jamaica.

    I agree with the last post….learn from our mistakes….accept our mistakes….move on….and don’t stop investing. investing is one of the corner stones of building a strong future; for ourselves and our kids.

    good luck

  22. kevin

    You are not correct regarding the law in relation to criminal cases. Investor’s funds do not become the property of the government if a fraudster is convicted of defrauding them.

  23. kevin said “Almost makes you wonder why T.C. decided to take action at the time they did. I guess they beat the Jamaica Government to the punch; with slightly more success finding the truth/getting to the root of the scheme, prior to the jamaican government. Yeaaa for T.C. boooooo for Jamaica.”

    Strange comment. Jamaican government acted first. Olint was banned in March 2006. There cannot be any Olint investors who missed the message from the FSC both then and every month since then.

    The real question to ask is why did TCI government license the conman given the action by Jamaican authorities and his trail of lies which were evident as far back as 2006? Another question is why did they wait two years before beginning an investigation into his activities?

  24. why did they wait so long ..thats the question ..why
    because everyone was happy collecting their checques and have gain their accomplishment …

  25. I heard it came from Jamaica complaing to the British that a money Launderer is in TC moving big money to Jamaica

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