Embattled investment firm Cash Plus Limited has finally
released its unaudited financial statements.
In a four page spread in Sunday's Gleaner, Cash Plus outlined the company's statements as of September 31 this year.
The spread shows the position of all three of subsidiaries of the entity, Cash Plus Limited, Cash Plus Development Limited and the Cash Plus Group Limited.
The publication comes three days after the ultimatum issued by the Financial Services Commission (FSC) demanding the details about the organisations assets, including how and where they are held, expired on December 20.
The FSC had also demanded balance sheets and profit and loss accounts.
But on Thursday December 20, the embattled investment club had not disclosed the information demanded by the FSC.
The entity responded to the FSC with a strongly worded letter which reiterated its view that the Commission had no jurisdiction over the entity and therefore no right to make demands.
Cash Plus has resisted attempts at regulation by the FSC, arguing that they are private members clubs and outside the ambit of the regulator.
The FSC has indicated that its aggressive stance against Cash Plus was driven by recent media stories that its CEO, Carlos Hill, served jail time in the United States for investment fraud.
It says this in addition to the difficulties faced by some clients in making withdrawals; the dishonouring of Cash Plus cheques; and the closure by some banks of the accounts held by Cash Plus and its subsidiaries warrants the disclosure.
In a four page spread in Sunday's Gleaner, Cash Plus outlined the company's statements as of September 31 this year.
The spread shows the position of all three of subsidiaries of the entity, Cash Plus Limited, Cash Plus Development Limited and the Cash Plus Group Limited.
The publication comes three days after the ultimatum issued by the Financial Services Commission (FSC) demanding the details about the organisations assets, including how and where they are held, expired on December 20.
The FSC had also demanded balance sheets and profit and loss accounts.
But on Thursday December 20, the embattled investment club had not disclosed the information demanded by the FSC.
The entity responded to the FSC with a strongly worded letter which reiterated its view that the Commission had no jurisdiction over the entity and therefore no right to make demands.
Cash Plus has resisted attempts at regulation by the FSC, arguing that they are private members clubs and outside the ambit of the regulator.
The FSC has indicated that its aggressive stance against Cash Plus was driven by recent media stories that its CEO, Carlos Hill, served jail time in the United States for investment fraud.
It says this in addition to the difficulties faced by some clients in making withdrawals; the dishonouring of Cash Plus cheques; and the closure by some banks of the accounts held by Cash Plus and its subsidiaries warrants the disclosure.
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