Carlos Hill declares $J111m in assets

Cash Plus boss, Carlos Obrian Hill, has declared J$111 million as his personal worldwide assets, which is far below the $4 billion outstanding to clients of the collapsed financial entity.

The declared sum excludes four motor vehicles, which were not assigned a dollar value. Hill’s total assets plus that declared for his companies, amount to $204 million. If this becomes available, investors would get only five cents of every dollar invested. The assets for which a dollar value was given comprised J$82.5 million and US$395,000.

http://www.sunheraldja.com/article/show/1457

Carlos Hill Declares and avoids Jail

FORMER Cash Plus boss Carlos Hill today made full disclosure of his global assets in the Supreme Court and as a result was spared jail time. He had been ordered to declare his assets from as far back as April 2008 as a result of an application brought to the courts by Cash Plus investor Haber.

The original order expired but was extended on at least 2 occasions. Today, Justice Brooks was satisfied with Mr. Hill’s declaration, however that Mr. Haber was not happy and filed an application with the Court of Appeal.

Carlos Hill must declare or be jailed

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

Source: http://www.jamaicaobserver.com/news/html/20080807T220000-0500_138816_OBS_D_DAY_FOR_HILL_TO_DISCLOSE_GLOBAL_ASSETS.asp

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 cpreceiver@cashplusltd.com

Related:

HCU Collapse in Trinidad

The Hindu Credit Union which collasped in Trinidad recently is being compared to the O(Zero) and Cash Minus collapse in Jamaica.

The overnight disappearance of the HCU empire is certainly reminiscent of Jamaica’s severe problems with OLINT Financial Corp and the March 2008 decision of the High Court of Jamaica to place Jamaica’s Cash Plus into receivership on the application of an employee.

HCU and Cash Plus also created subsidiaries in quick time without much attention being paid to the connection between the return on these investments and the returns promised to depositors and the liquidity required to meet depositors’ demands.

It appears that the entire caribbean region is suffering from various financial schemes which intially seemed to be “Godsend” only to fail and bring misery on its depositors/investors.

Full story

http://www.newsday.co.tt/businessday/0,83578.html

Bail conditions relaxed

The Cash Plus three, Carlos Hill, Bertram Hill and Peter Wilson, returned to court yesterday, July 30, 2008 to answer various charges. The case was again put off but news of the day was the decision of Judge to relax the bail conditions. The defence lawyers had argued that the bail conditions was onerous. 

Today the judge agreed and the bail conditions of Carlos Hill and Bertram hill have been relaxed. Bertram Hill is free to travel overseas must be return by the next mention date.

As for Carlos Hill, his attorney is quoted as saying, “Those conditions on our applications have been removed, so he is no longer required to report to the police station, the additional condition that he be at home at six o’clock has also been removed”.

According to Chuchill Neita, Carlos Hill is still making efforts to have investors paid and their the efforts have born some fruit.

After failing to pay investors interest and refund them their principals, Cash Plus went in to receivership in April 2008. The the Cash Plus Group was placed into liquidation at the end of June 2008.

They are to return to court on October 7, 2008

Source: 

The value of regulation and Disclosure Part 3

I have been following this particular company (Forex Liquidity LLC) for the last two – three months and has presented two reports thus far on the company.

The more I read today about Olint and all its affiliates, the more I am thinking that Forex Liquidity script was used by Olint in its operations, as there are some very actions taken by both companies that seems to be very similar.

I now present the latest report as presented by the reciever who was brought in to wind up the operations of the firm and try to get back funds from those that profited in this company.

As I have said in the first two articles, this company was registered with both the NFA and the CFTC, and it was the later who brought charges against the company and hence shutdown their operations before they could fleece more innocent people.

Supporters of Olint and the other AIS, seems to believe that there is some grandiose scheme on the part of the local regulatory body, the FSC to prevent real AIS from giving birth, while failing to realize that the intent is really to prevent these folks(AIS principals) from robbing their clients (the investors).

This report is the second report made by the receiver to the courts as it relates to the progress of his findings into the operations of the Forex Trading company.

Its a very long report but makes for good reading .


http://www.robbevans.com/pdf/forexlqreport02.pdf

PS . Just as I finished my piece I have received word that the receiver has completed his work on the company and has made some rather interesting proposals to the courts which have been approved.

I will present those in my final report on this company along with some commentary.

For those who have the time and would like to proceed you can find a copy of that particular document which was approved yesterday.( Yes we up to the time with the news 🙂 )

http://www.robbevans.com/pdf/forexlqnotice08.pdf