Joan Powell
A date has been set for the Supreme Court to hear an application by the Financial Service Commission, FSC, to wind up securities dealer Intertrade Finance Corporation.
The matter will be heard on June 21.
The decision to wind up the company was made after the FSC, which has temporary management, determined that Intertrade's liabilities exceed its assets and the company is unable to pay its debts.
Last February, the FSC suspended Intertrade's license and later took temporary control of the company after it began to exhibit signs of financial trouble.
A subsequent probe by the Commission showed the company was insolvent, with more than 3 point 6 billion dollars in liabilities and only 1 point 1 billion dollars in assets.
The police are trying to locate the company’s Chief Executive Officer, Joan Powell, who is wanted on fraud related charges.
All feeds
